Foxpay
Vilnius, Lithuania
The Bank of Lithuania revoked Foxpay's EMI license on November 22, 2024, after investigations revealed the institution had laundered approximately €17 million during 2023-2024. The action also cited bribery of AML compliance officers and other criminal conduct. This was part of Lithuania's broader crackdown on fintech and electronic money institutions, where since 2022 six institutions lost licenses due to serious AML and terrorist financing prevention failures. Over 20 market participants were fined more than €4 million collectively during this period.
Verified from source: The Bank of Lithuania revoked Foxpay's Electronic Money Institution (EMI) license on November 22. The investigation established that suspects had laundered EUR 17 million between 2023 and 2024, paid over EUR 100,000 in bribes to AML officers, and misappropriated ownership of foreign cryptocurrency mining equipment worth EUR 24 million.
- Demonstrates that European regulators are willing to revoke EMI licenses for severe AML failures in fintech-bank partnerships
- Signals heightened scrutiny of AML compliance in BaaS-adjacent payment and electronic money institutions across the EU
- Reinforces the importance of robust AML officer independence and oversight in fintech compliance programs
- NewsFintech Baltic