😱Demonstration of discipline: Lithuania🇱🇹 imposed a record fine on the cryptocurrency service Payeer for non-compliance with anti-Russian sanctions

😱Demonstration of discipline: Lithuania🇱🇹 imposed a record fine on the cryptocurrency service Payeer for non-compliance with anti-Russian sanctions

Lithuania's Financial Crime Investigation Service (FNTT9.3 million euros) has imposed a record fine of 9.3 million euros on the cryptocurrency service Payeer for allowing Russian clients to carry out transactions in rubles through Russian banks under European Union sanctions.

➡️ FNTT requirements: Payeer must close all existing accounts, block the ability of physical or corporate clients to manage their resources, and notify the FNTT about these actions.

➡️ Payeer failed to cooperate with the regulator and did not provide explanations, resulting in an initial fine of 8.236 million euros. An additional 1 million euros was added later for violating AML (Anti-Money Laundering) and KYC (Know Your Customer) laws.

➡️ During the 1.5 years of non-compliance, Payeer allegedly earned over 164 million euros in revenue, serving at least 213,000 clients.

➡️ Serve the masters well: it is possible that the Lithuanian regulatory framework for cryptocurrency companies will become even stricter with the upcoming adoption of the Markets in Crypto-Assets Regulation (MiCA). This will upset many representatives of the payment industry: in the last decade, Lithuania has become a hub for startups in the financial technology sector, with about 580 crypto firms registered in the republic.
#news #crypto_news #Europe #near_abroad #Russia #crypto

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