The Lithuanian Financial Crime Investigation Service (FNTT) has fined crypto firm Payeer nearly 9.3 million euros ($10 million) for violating international sanctions and anti-money laundering (AML) regulations.

Payeer was specifically fined 8.23 million euros for enabling transactions in Russian rubles with sanctioned Russian banks and clients.

Additionally, the firm received a 1.06 million euro fine for not reporting transactions exceeding 15,000 euros and for insufficient customer identity verification.

Registered in Lithuania since October 2022 and operational from January 2023, Payeer had 213,000 clients and over 164 million euros in revenue.

The FNTT stated that Payeer intentionally disregarded compliance to avoid revenue loss, and the company can appeal the fines.