Category: Estonian FIU

Flagged Estonian crypto payment processorsN
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April 23, 2021

New – List of scam-facilitating Estonian crypto payment processors

Digital currencies are the future in one way or another. For a few months now, online payment pioneer PayPal has also been accepting bitcoins and other cryptocurrencies. Estonia is currently the epicenter of European crypto payment processors. As of mid-2020, the Estonian FIU had issued more than 3,000 licenses (report here). Unfortunately, many of them are used to facilitate scams and illegal payment services. We have drafted a list of Estonian crypto payment companies that have come to our attention in scams.
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PayTechno GroupU
Categories
April 23, 2021

Update PayTechno – Beneficial owner from Israel, another platform, and Bulgarian offices

We are really excited to be able to rely on our loyal whistleblowers. Therefore, we have received some important information in response to our Request 4 Information (R4I). Based on KYC data, we can establish that scam-facilitating PayTechno OÜ is controlled by Israeli Asaf Izhak Rubin as its beneficial owner. Besides, we have received information about the high-risk payment Gateway ironically branded as "The Best Gateway" offering payment gateway services for high-risk online merchants. The office of the group seems to be in Sofia, Bulgaria.
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Estonian Private Finance with Igor Korzuv and scamsI
Categories
September 1, 2020

Igor Korzuv and the Estonian crypto license factory Private Finance

The 27-year-old Estonian Igor Korzuv is a busy man. He is currently a board member in five crypto payment processors. His appointments are likely to have less to do with his experience as a financial manager or crypto professional than with the fact that he works for the Estonian company builder Private Finance. Apparently, the Estonian FIU as the competent regulatory authority has no problem with this approach. And has no problem that some of these companies are involved in scams.
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Estonian FIU and its improper dealing with crypto licensesS
Categories
August 18, 2020

Stop it! The Estonian FIU and its improper dealing with crypto payment processors

Estonia has just over 1.3 million inhabitants and is said to have issued more than 3,000 crypto licenses by June 2020. According to the latest yearbook of the Estonian FIU, the authority issued 667 new licenses for crypto exchanges and 638 licenses for online wallet services in 2019. One can imagine how important cryptocurrencies and crypto licenses are for this small Baltic country. Lawyers and specialized consulting companies and their employees live off them. The FIU is obviously completely overstrained with this regulatory tsunami and should immediately order a stop to new licenses.
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