The Seychelles Financial Services Authority issued a public statement notifying that the Virtual Asset Service Providers application submitted by Gray Matter Labs Limited trading as Coinflare under the Virtual Asset Service Providers Act 2024 was refused, effective 14 October 2025. The firm was instructed to cease all operations immediately or migrate its services out of the jurisdiction. The authority also advised that Gray Matter Labs Limited opted to move its service offering outside of Seychelles and has successfully redomiciled.
Seychelles Financial Services Authority 2026-02-24
Seychelles Financial Services Authority refuses Coinflare’s virtual asset service provider application and orders cessation or migration of services
The Seychelles Financial Services Authority announced the refusal of Gray Matter Labs Limited's application under the Virtual Asset Service Providers Act 2024, effective 14 October 2025. The firm was instructed to cease operations or relocate, and it has successfully redomiciled outside Seychelles.