New Crypto Firms Caught in AML Breach: Lithuanian Authorities Reveal Details

• Lithuanian Financial Intelligence Unit (FNTT) released a new list of companies that have violated anti-money laundering provisions.
• Penalties or official warnings were given to popular crypto firms in the country and financial companies believed to have breached the AML regulation.
• Companies have one month window to appeal the decision but penalties imposed and licenses withdrawn cannot be quashed.

Lithuanian Authorities Reveal Crypto Firms in AML Breach

The Lithuanian Financial Intelligence Unit (FNTT) recently released a list of companies that violated anti-money laundering provisions as of 2nd August 2023. The affected companies include both popular crypto firms in the country and financial companies believed to have breached the AML regulation.

Penalties or Official Warnings for Violators

As a regional financial hub, Lithuania has become a target for tax evasion and money laundering activities. To mitigate these issues, primary AML/CTF regulations provide guidelines for financial institutions that require collecting, evaluating, and submitting all information related to suspicious transactions with signs of money laundering or fraud to the Financial Crimes Investigation Service (FCIS). Virtual currency service providers who do not adhere to these obligations are penalized or given an official warning. On the newly released list of firms heavily featuring crypto industry players, Spectro Finance and Bitgron received warnings while BXChange, Kaiser Exchange International, Entara, Stirdena, Hodleris, and Katren CD will need to pay up to 1.1 million Euros in fines.

Potential for Appeal

Companies found guilty of violating AML regulations can appeal their decisions in Vilnius Regional Administrative Court within one month of receipt. However, appealing does not cancel out any penalties imposed or licenses withdrawn unless proven otherwise by an appeals court judge.

Stay Informed on Regulatory Developments

Regulatory developments surrounding cryptocurrencies continue evolve rapidly around the world especially in the UK where authorities are cracking down on influencers promoting cryptos on social media as detailed here: UK Goes After Crypto ‘Finfluencers:’ FCA Cracks Down on Promotions There is also potential regulatory clarity emerging from Cardano’s Blockchain Regulatory Certainty Act which could soon end its regulatory conundrum as discussed here: Cardano and Blockchain Regulatory Certainty Act: A Step Towards Clarity? For more information on latest cryptocurrency news subscribe our DailyCoin newsletter at [insert link].


The Lithuanian Financial Intellience Unit has named new violators of Anti Money Laundering laws with each company receiving either an official warning or fine along with one month window period for appeals against their decision if needed. Cryptocurrency service providers were heavily featured on this list including names such as Spectro Finance and Bitgron who received warnings while other such as BXChange had fines up to 1 million euros imposed upon them due to violations made against primary AML/CTF regulations set by Lithuania authorities