Payeer was fined approximately $10 million after it allegedly allowed transfers to sanctioned banks.
The Lithuanian Financial Crime Investigation Service (FNTT) imposed fines of 9.29 million euros (approximately $10 million) on crypto payment company Payeer, according to a July 7 announcement. The government agency claimed that Payeer violated Anti-Money Laundering regulations and allowed customers to transfer money to sanctioned banks.
According to the announcement, the fines were the largest ever imposed on a virtual asset service provider in the country.
Payeer is a crypto exchange and e-commerce payment service. According to its website, it allows users to exchange between euros, United States dollars and Russian rubles, as well as between different cryptocurrencies. It also allows withdrawals via debit cards and provides an API for merchants to accept cryptocurrencies as payment for goods and services.
