The crypto-friendly bank Revolut has been heavily fined 3.5 million euros by the Lithuanian regulatory authority for failing to control money laundering
According to the Financial Times, crypto-friendly banking institution Revolut was fined 3.5 million euros in Lithuania for failing to control money laundering. It is reported that this is the highest regulatory penalty imposed by Lithuanian regulators on Revolut due to "violations and deficiencies" in its processes.
Revolut has previously decided to go public through an IPO in the United States, with a potential valuation of $45 billion. Meanwhile, this neobank continues to expand its business in the digital asset field. Its cryptocurrency-focused trading platform, Revolut X, launched earlier this year in the UK and has now expanded into 30 European markets.
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