Cryptocurrency exchange Payeer has been fined $10 million for sanctions violations

The agency accused the platform of violating the European Union sanctions against Russia.

According to the official statement, for a year and a half, Payeer allowed Russian clients to purchase cryptocurrency for rubles, using banks that were under EU sanctions for transactions. Payeer was also accused that the platform deliberately neglected the process of confirming customers' identities.

In addition to an impressive $10 million fine for failing to comply with sanctions, the cryptocurrency exchange will pay $1.15 million for violating Latvia's anti-money laundering (AML) and terrorist financing protocols.

The crypto exchange Payeer was registered in Lithuania on October 20, 2022, but officially began operations on January 17, 2023. However, as it turned out, the firm previously provided services in Estonia, where it had its cryptocurrency license revoked.

Recall that in October 2022, the EU banned cryptocurrency companies from Europe from providing services to Russians as part of its eighth package of sanctions.