Bangladesh, Aug. 30 -- The Lithuanian financial watchdog has once again placed the spotlight on one of the countrys most controversial cryptocurrency ventures. On August 29, the Bank of Lithuania announced a €130,000 ($151,525) fine against Pervesk UAB, a payments company deeply linked to the failed Bankera cryptocurrency project, for “significant shortcomings” in its anti–money laundering (AML) and counter-terrorist financing (CTF) controls.

The fine marks another chapter in a years-long saga surrounding Bankera, a crypto initiative that raised over €100 million from investors in 2017–2018 through an initial coin offering (ICO), only to collapse under allegations of mismanagement and misuse of investo...