Bangladesh, Nov. 7 -- The Reserve Bank of Vanuatu has revoked the international banking license of Pacific Private Bank (PPB), following revelations that the institution had been used to channel tens of millions of euros raised from investors in a cryptocurrency venture into private accounts and luxury properties. The decision marks a rare but significant regulatory response to a cross-border financial scandal involving cryptocurrency, offshore banking, and alleged self-dealing by the founders of Lithuanian fintech firm Bankera.

The move came after an April investigation by the Organized Crime and Corruption Reporting Project (OCCRP) and Lithuanian news outlet 15min exposed how Bankeras founders – Lithuanian businessmen Mantas Mock...