Revolut Faces €3.5 Million Fine in Lithuania Over Money Laundering Controls

According to PANews, Revolut, a bank known for its crypto-friendly approach, has been fined €3.5 million in Lithuania due to failures in its money laundering controls. The Lithuanian regulatory authorities imposed the maximum penalty on Revolut, citing 'violations and deficiencies' in the company's processes. Revolut has previously announced plans for an IPO in the United States, with an estimated valuation of $45 billion. The bank continues to expand its operations in the digital asset sector, having launched its crypto-focused trading platform, Revolut X, earlier this year in the United Kingdom. The platform has since been rolled out to 30 European markets.