Lithuania fines crypto firm EUR9.3m for Russia sanctions violations

[zasad@]

https://www.finextra.com/newsarticle/44437/lithuania-fines-crypto-firm-eur93m-for-russia-sanctions-violations

"Lithuania has fined crypto outfit Payeer a record EUR9.3 million for Russia-related sanction violations and money laundering failures.

Payeer allowed Russian customers to carry out transactions in Russian roubles to and from EU-sanctioned Russian banks, according to Lithuania's Financial Crimes Investigation Service (FNTT).

Russian individuals and legal entities were also offered the chance to receive crypto wallet, account management and storage services, says the FNTT.

Over a period of around 18 months, Payeer had at least 213,000 customers, and the company's revenue reached more than EUR164 million.

In a statement, the FNTT says "the identities of the company's customers were not properly determined and checked intentionally, in order not to lose a significant part of the income".

Payeer - which set up in Lithuania after its license in Estonia was revoked - has been fined EUR8.2 million for the sanctions violations and another EUR1.1 million for related AML failings."

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What I want to say by publishing this news... When there is profit, sanctions usually do not work

[Z-tight]

I believe the 'record' is based on the country that imposed the sanction, this is the largest they have ever imposed on a crypto service, because Binance settled with the DOJ, paying a sum as large as $4.3b for violating kyc laws and allowing customers from sanctioned zones to use their service, KuCoin was also charged for a similar offence.

Now we will wait and see if Payeer are going to appeal this decision or if they are going to accept the alleged wrongdoing and pay the fine.

[zasad@]

Now we will wait and see if Payeer are going to appeal this decision or if they are going to accept the alleged wrongdoing and pay the fine.

The company management will laugh at this fine and pay. If only you knew how such companies make huge money on such opportunities, allowing gambling and other similar companies to use their ecosystem..

[Z-tight]

Now we will wait and see if Payeer are going to appeal this decision or if they are going to accept the alleged wrongdoing and pay the fine.

The company management will laugh at this fine and pay. If only you knew how such companies make huge money on such opportunities, allowing gambling and other similar companies to use their ecosystem..

I guess so, there will be no need appealing if they know they are guilty, just the same way binance knew they were guity when the DOJ charged them, and they simply settled and paid $4.3b. However, after paying they'll have to fix things and comply with the sanctions, but i am sure they must have made so much money from it already.

[zasad@]

Now we will wait and see if Payeer are going to appeal this decision or if they are going to accept the alleged wrongdoing and pay the fine.

The company management will laugh at this fine and pay. If only you knew how such companies make huge money on such opportunities, allowing gambling and other similar companies to use their ecosystem..

I guess so, there will be no need appealing if they know they are guilty, just the same way binance knew they were guity when the DOJ charged them, and they simply settled and paid $4.3b. However, after paying they'll have to fix things and comply with the sanctions, but i am sure they must have made so much money from it already.

Binance made $10 billion on hamster haircuts and paid $4.3 billion in fines. It's a good deal. Now Binance's place will be taken by other influential companies that will do the same thing, only more carefully.

[Fiatless]

Now we will wait and see if Payeer are going to appeal this decision or if they are going to accept the alleged wrongdoing and pay the fine.

The company management will laugh at this fine and pay. If only you knew how such companies make huge money on such opportunities, allowing gambling and other similar companies to use their ecosystem..

If the fine is too much for them, they can move to another country just as they left Estonia after their license was revoked. Many countries will be willing to give them operational permits for less than what they will pay as a fine in Lithuania.

Binance made $10 billion on hamster haircuts and paid $4.3 billion in fines. It's a good deal. Now Binance's place will be taken by other influential companies that will do the same thing, only more carefully.

Binance is a big player and knows how to make a profit from the crypto community. So they are willing the pay fines to have access to the biggest crypto market, the US.

[zasad@]

Now we will wait and see if Payeer are going to appeal this decision or if they are going to accept the alleged wrongdoing and pay the fine.

The company management will laugh at this fine and pay. If only you knew how such companies make huge money on such opportunities, allowing gambling and other similar companies to use their ecosystem..

If the fine is too much for them, they can move to another country just as they left Estonia after their license was revoked. Many countries will be willing to give them operational permits for less than what they will pay as a fine in Lithuania.

Binance made $10 billion on hamster haircuts and paid $4.3 billion in fines. It's a good deal. Now Binance's place will be taken by other influential companies that will do the same thing, only more carefully.

Binance is a big player and knows how to make a profit from the crypto community. So they are willing the pay fines to have access to the biggest crypto market, the US.

I don't think a company can start a business in another country without paying a fine in Lithuania.

What is Binance's share of the US market now?
They took a bite of someone else's share of the pie, so they paid very large fines.
Maybe Binance will still operate in the US market, but it won't be the way they used to operate.