Lithuania Imposes Record €9.3 Million Fine on Crypto Company for Violating Sanctions Against Russia and Money Laundering
Lithuania has fined cryptocurrency company Payeer a record €9.3 million for violating European sanctions against Russia and for money laundering by Russian clients, Bloomberg reports.
Lithuania's Financial Crimes Investigation Service said Payeer allowed Russian customers to conduct transactions in roubles by transferring them from Russian banks subject to EU sanctions.
"Russian individuals and legal entities were able to get a cryptocurrency wallet, account management or cryptocurrency storage services," the ministry said.
As a result, the Lithuanian-registered Payeer company was fined €8.24 million for violating international sanctions and €1.06 million for violating anti-money laundering laws.
Lithuania is currently trying to reduce the number of crypto firms with a new licensing plan to prevent the misuse of digital assets for money laundering or investor fraud.
As a reminder, on 24 June, the EU Council adopted the 14th package of economic and individual restrictive measures against Russia, which for the first time since Russia's full-scale military invasion of Ukraine includes sanctions against Russian gas.