Lithuania fined local crypto company Payeer a record 9.3 million euros for violating sanctions and money laundering by Russian clients. This was reported by Bloomberg.
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Payeer allowed Russian clients to “conduct transactions in Russian rubles, transferring them from Russian banks subject to EU sanctions. Russian individuals and legal entities were given the opportunity to receive cryptocurrency wallet, account management or storage services.”
The statement noted that Payeer was registered in Lithuania in 2022, but began providing services in 2023. After the Estonian regulator revoked the company's license, it was able to continue its activities in the neighboring country.
The investigation found that the company violated international law for more than 1.5 years. During this period, Payeer’s services were used by at least 213 thousand clients, and its revenue exceeded 164 million euros.
- Cryptocurrency Sanctions
