Lithuania fined local cryptocurrency firm Payeer 9.3 million euros ($10.07 million) for sanctions violations. The Financial Crimes Investigation Service (FNTT) said Payeer, which has 213,000 mostly Russian customers, was penalized for facilitating money transfers to Russian banks. 🏦 Payeer allowed its customers to transfer Russian rubles by hiding their identities. Additionally, Payeer is reported to generate more than €164 million in revenue in 2023. This incident once again reveals the importance of regulations in cryptocurrency markets.