Lithuania fines crypto firm Payeer $10.1 million for sanctions violations

BlockBeats news, July 10, according to Bloomberg, Lithuania has imposed a record fine of 9.3 million euros (about 10.1 million U.S. dollars) on the cryptocurrency company Payeer for violating sanctions and money laundering regulations against Russian customers. The bureau pointed out that Payeer allowed Russian customers to conduct ruble transactions by transferring funds from Russian banks sanctioned by the European Union, and provided Russian individuals and legal entities with the opportunity to receive cryptocurrency wallets, account management and storage services.

Payeer, registered in Lithuania, was fined 8.24 million euros for violating international sanctions and 1.06 million euros for violating anti-money laundering regulations.