Lithuania has imposed a record fine of EUR9.3 million on the cryptocurrency platform Payeer for violating sanctions related to Russia and failing to adhere to anti-money laundering (AML) regulations.
According to Lithuania’s Financial Crimes Investigation Service (FNTT), Payeer facilitated transactions in Russian roubles involving EU-sanctioned Russian banks. The service also offered Russian individuals and entities access to crypto wallets, account management, and storage options.
Over the course of approximately 18 months, Payeer reportedly served at least 213,000 customers, generating revenue exceeding EUR164 million. The FNTT stated that the company intentionally failed to properly identify and verify its customers to avoid losing a substantial portion of its income.
Payeer, which established operations in Lithuania after losing its license in Estonia, has been fined EUR8.2 million for sanctions violations and an additional EUR1.1 million for related AML shortcomings.