The Lithuanian Financial Crime Investigation Service (FNTT) has fined crypto payment company Payeer a total of 9.29 million euros (around $10 million) for violating Anti-Money Laundering regulations and enabling transfers to sanctioned banks. This marks the largest fine ever imposed on a virtual asset service provider in Lithuania. Payeer, a crypto exchange and e-commerce payment service, allows users to exchange various currencies and cryptocurrencies, withdraw funds via debit cards, and offers an API for merchants to accept crypto payments. FNTT's investigation revealed that Payeer failed to verify customer identities properly and facilitated transactions in Russian rubles through sanctioned banks for over 1.5 years. The company, originally licensed in Estonia, continued operations in Lithuania after losing its license. Payeer has the right to appeal the decision, but has not responded to requests for comment. This enforcement action reflects a broader trend of governments cracking down on crypto exchanges for AML compliance. Read more AI-generated news on: https://app.chaingpt.org/news