Lithuania has fined crypto company Payeer a record 9.3 million euros ($10.1 million) for sanctions and money laundering violations involving Russian clients, Report informs referring to Bloomberg.
Payeer allowed Russian customers “to carry out transactions in Russian rubles by transferring them from European Union-sanctioned Russian banks,” the Financial Crimes Investigation Service said in a statement. Russian individuals and legal entities were “given the opportunity to receive cryptocurrency wallet, account management or storage services,” the service said.
The Baltic country, a member of the EU and the euro, established itself as a hub for financial technology startups over the past decade. But the authorities are now trying to cut the number of crypto firms through a new licensing plan to prevent digital assets from being abused to launder money or swindle investors.
Lithuania-registered Payeer was fined 8.24 million euros for violations of international sanctions and 1.06 million euros for violations of anti-money laundering laws.
The fine can be appealed.