"Cryptocurrency company Payeer was fined 9.29 million euros ($10 million) by Lithuania's Financial Crimes Task Force (FNTT) for violating antitrust laws. FNTT said Payeer allowed customers to transfer money to sanctioned banks. 🏦
This is the largest fine ever imposed on a virtual service provider in the country. Payeer, registered and licensed in Estonia, continued to operate from its headquarters registered in Lithuania after the license was revoked.
FNTT claims that Payeer failed to adequately authenticate the identities of its customers and allowed transactions to be carried out through authorized Russian banks. According to FNTT, these transactions took place over 1.5 years. During this time, Payeer had no less than 213 thousand clients, and the company's revenue amounted to more than 164 million euros."