Who was sanctioned, and for what?

The FSRA (Financial Services Regulatory Authority, the financial regulator of Abu Dhabi Global Market, ADGM) accepted an enforceable undertaking from the wealth manager and robo-adviser after its investigation found that between January 2023 and March 2025 the firm held insufficient liquid assets for most of the period and insufficient capital resources at the end of 2023 and 2024, calculated its capital requirement for three quarters of 2024 on an understated expenditure figure, did not prepare its 2023 financial statements under IFRS and filed them late, had no office in ADGM since the end of 2023 and paid supervision fees late. The firm admitted the alleged contraventions and undertook, among other things, to appoint an independent director within 60 days, to close any capital shortfall, to re-establish its head office and registered office in ADGM and to report monthly on its capital and liquid assets for one year. The undertaking contains no financial penalty.

Authority / court

Financial Services Regulatory Authority (ADGM)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Section 235 FSMR 2015; PRU Rules 3.2.4(a), 3.7.2, 3.7.4(1); GEN Rules 4.5.1(1), 6.2.2, 6.6.2; FEES Rule 1.2.2

Action

Other

Status of proceedings

final

Sector

Financial services and insurance

Mitigating circumstances

Cooperation with the investigation; some of the contraventions (capital calculation and resources, IFRS accounts, office in ADGM) were already being remediated.

Checked against the official source on 3 Oct 2026 · Direct link

The FSRA (Financial Services Regulatory Authority, the financial regulator of Abu Dhabi Global Market, ADGM) fined the provider of virtual asset trading and custody 3,000,000 USD and cancelled its Financial Services Permission. Between December 2021 and May 2024 it had dealt in virtual assets that were not accepted and exceeded its asset cap of 1 million USD, let client money run through accounts of an unregulated ADGM special purpose vehicle and of its parent company without formal agreements, maintained seven initially undisclosed client relationships without proper risk assessment and due diligence, and gave the regulator false and misleading information about bank accounts, clients and assets. The regulator considered the contraventions deliberate or at least reckless and increased the fine by 20% because of the false information.

Authority / court

Financial Services Regulatory Authority (ADGM)

Area of law

Capital markets and financial supervision · Organisational requirements

Legal basis

Sections 17(1), 33, 214(4), 221 und 232 FSMR 2015; GEN Rules 2.2.1, 2.2.3, 2.2.9, 2.2.10, 2.2.11, 3.2.1, 3.3.1, 3.3.3, 3.3.7, 3.3.34, 8.1.2(6); COBS Rules 2.2.1, 14.2.1, 17.2.1; AML Rules 7.1.1, 7.1.2, 7.1.3, 8.3.1(1), 8.4.1

Action

Fine

Status of proceedings

final

Sector

Financial services and insurance

Mitigating circumstances

Cooperation from mid-December 2023 and voluntary cessation of trading from 11 December 2023 under an enforceable undertaking; no previous non-compliance of a similar nature. The aggravating factors outweighed these.

Liability of senior managers

Measures against individuals are not set out here.

Original amount 3,000,000 USD, converted at the ECB reference rate of 3 Apr 2025.

Checked against the official source on 3 Oct 2026 · Direct link