Lithuania Imposes Record Fine on Crypto Company Over Sanctions

Lithuania fined crypto company Payeer a record €9.3 million ($10.1 million) for sanctions and money laundering violations involving Russian clients.

Payeer allowed Russian customers “to carry out transactions in Russian rubles by transferring them from European Union-sanctioned Russian banks,” the Financial Crimes Investigation Service said in a statement on Tuesday. Russian individuals and legal entities were “given the opportunity to receive cryptocurrency wallet, account management or storage services,” the service said.

The Baltic country, a member of the EU and the euro, established itself as a hub for financial technology startups over the past decade. But the authorities are now ...