Lithuania Imposes $10M Fine on Crypto Company for Sanctions Violation

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Lithuania Imposes $10M Fine on Crypto Company for Sanctions Violation

The Lithuanian government has levied a fine of €9.3 million, equivalent to approximately $10.1 million, on a crypto company named Payeer for breaching sanctions and anti-money laundering regulations in the country.

According to a recent statement from Lithuania’s financial crimes authority, the Financial Crime Investigation Service (FNTT), Payeer continued to offer services to its Russian clientele despite Russia being on Lithuania’s sanctions list. The firm facilitated transactions for Russian banks, thus circumventing sanctions.

Payeer’s Operations and Violations

FNTT disclosed that a significant portion of Payeer’s customer base, totaling 213,000 users, is located in Russia. Despite efforts to conceal customer identities, authorities discovered that the company enabled transactions in Russian rubles for clients outside Lithuania.

Furthermore, the financial authorities revealed that the company provided both individuals and corporate entities registered in Russia with crypto ...


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Lithuania Imposes $10M Fine on Crypto Company for Sanctions Violation