Latvia’s Financial Crime Investigation Service (FNTT) has fined crypto exchange Payeer $10 million for violating EU sanctions on Russia. Payeer allowed Russian customers to use its crypto wallet services, bypassing restrictions via sanctioned banks over 18 months.
Registered in Lithuania since October 2022, Payeer had a prior license revoked in Estonia. Additionally, Payeer faces a $1.15 million fine for breaching Latvian anti-money laundering (AML) protocols.
This crackdown is part of a broader EU effort to enforce sanctions and combat illegal activities in the crypto sector. The EU has intensified restrictions on Russian access to crypto services, targeting sectors like finance and trade. Recent investigations have revealed significant violations among crypto companies in Estonia and Latvia.
The EU’s actions reflect a growing commitment to regulatory compliance in the crypto industry, crucial for maintaining global financial integrity.
