Payeer Slapped With a €9.3 Million (~$10M) Fine By

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the FNTTThe Financial Crime Investigation Service (FNTT) announced a two-part fine imposed on Payeer for violating international sanctions (€8.23M) and anti-money laundering laws (€1.06M). The report stated that investigations started in 2023, and found that Payeer allowed transactions in Rubles through Russian banks sanctioned by the European Union. Also Read: Jack Dorsey makes $21m commitment to Bitcoin and open source According to the Lithuanian agency’s report, Payeer failed to reveal the identities of its clients to ensure that services were not offered to sanctioned individuals, institutions, or countries. The FNTT asserted that the affected accounts had to be closed, the funds disposed of, and their associated economic resources suspended. Payeer went rogue for nearly 2 years The FNTT’s investigations established that Payeer’s illegal activities had been ongoing for more than 18 months. The agency revealed that Payeer had acquired approximately 213,000 customers, and the company’s revenue reached more than €164 million during this period. Lithuania issued a record fine of 9,3 million euros to the crypto exchange Payeer for violating the sanctions on Russia. It allowed Russians to transfer money to sanctioned Russian banks and

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