Category: High-risk payment processors

Gamdom and its payment facilitatorsR
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February 6, 2024

Review: Crypto Casino Gamdom And Involved Payment Facilitators!

We continue our reviews of the high-risk segment of online casinos and gambling providers and their payment facilitators with the crypto casino Gamdom. This is operated by Curacao licensed Smeins Hosting B.V. and also offers its products to customers in EEA jurisdictions. Gamdom has issued its own cryptocurrency, Gamdom Coins, which is traded on the Binance BNB Chain and can be purchased via PayOp with credit/debit card. Here is our review.
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Online Casino operator NewEra and its payment faciliatorsO
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February 5, 2024

Offshore Casino & Gambling Operator NewEra And Its Payment Facilitators!

The NewEra Group is another online casino and gambling operator that operates with a license in Curacao and a payment agent in Cyprus. Although NewEra does not have a license in Europe or North America, it attracts customers and their deposits from these regulatory regimes. Revolut, Binance Pay and MiFinity appear to be the most important payment facilitators. Binance Pay is offered at all NewEra casinos.
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letter from law firm Simmons Simmons regarding payment institution VoltO
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February 3, 2024

Open Letter to FCA in the Volt Case: It Is Not Them, It Is Only Their Technology!

Below is the letter from the UK lawyers of the FCA-regulated payment institution Volt. FinTelegram has mentioned that Volt (and many others) acts as a payment processor for online casinos and gambling. According to the UK law firm Simmons & Simmons, this is defamatory. Volt would only provide the technical infrastructure and, therefore, have no KYC/AML obligation. This is an interesting perspective that the FCA should look into. Here is the letter from the lawyers.
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FCA-regulated payment institution VoltF
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February 2, 2024

FinTelegram Responds to Legal Threats Over Mentioning Volt As Payment Processor!

FinTelegram recently received legal correspondence from the lawyers of the FCA-regulated payment institution Volt concerning an article that identifies Volt as a payment processor for online casinos and gambling platforms. In their letter dated February 1, 2024, Volt's legal team disputed the claims made in the article, labeling them as false information, and requested the removal of Volt's name from the publication. Furthermore, they have threatened legal action.
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Payment processors and the online casino and gambling industryU
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January 31, 2024

Uncovering the Shadow: How Payment Processors Unwittingly Fuel Illegal Online Gambling Operations

We've uncovered a concerning trend in our recent analysis of the online casinos and gambling sector, particularly focusing on the high-risk aspects of these activities and their associated payment processors. Many payment processors, including those regulated by financial authorities, seem to be unknowingly engaging in unauthorized and, consequently, illegal online gambling operations. FinCrime Observer published an interesting report about this scene and its payment processors.
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the strange approach of high-risk processor UnlimitL
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January 31, 2024

Let’s Discuss The Unusual Approach of High-Risk Payment Processor Unlimit!

Unlimint EU Ltd d/b/a Unlimit is an e-money institution regulated by the Bank of Cyprus and headquartered in Limassol. Unlimit is one of the payment facilitators of 22Betgo, an online casino and gambling platform operated by TechSolutions Group N.V. with a license in Curacao. The SEPA transfers of 22Betgo players are processed via Unlimit. Our review found a strange development we would like to discuss.
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January 29, 2024

No Surprise: FCA-Regulated eMerchantPay Lost Auditor Over Accounting And Governance Issues!

eMerchantPay is certainly no stranger to the scene of high-risk payment processors and scam facilitators. Gal Barak's collapsed cybercrime organization has already laundered money through it. The FCA-regulated eMerchantpay Ltd, via its eZeeWallet scheme, is a prominent payment facilitator in the online casino segment. The company's auditor resigned in 2023 due to doubts about accounting and governance.
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Request 4 Information regarding high-risk payment processor MiFinityH
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January 29, 2024

High-Risk Payment Processor MiFinity With Reputational Issues!

FinTelegram is seeking information on MiFinity, a financial services provider involved in the online casino, gambling, and sports betting sectors. MiFinity UK Limited and MiFinity Malta Limited are authorized by the UK Financial Conduct Authority (FCA) and the Malta Financial Services Authority (MFSA) respectively as E-Money Institutions (EMI). We have found the EMI as a payment facilitator at online casinos and sports betting platforms and would like to know more.
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Dama Group and its crypto payment schemeA
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January 28, 2024

Attention: Offshore Casino Operator BitStarza Facilitated by Crypto Payment Processors MoonPay and Changelly!

FinTelegram has pointed out several times that offshore operators of online gambling, casino, and sports betting sites, such as the Dama Group, are increasingly relying on crypto to accept deposits from their clients without having a regulatory permit. In doing so, they use companies they set up in Cyprus as payment agents. The most popular payment facilitators for crypto payments include MoonPay and Changelly. Both facilitate Dama Group's BitStarz.
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Request 4 Information regarding crypto payment processor MoonPayA
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January 28, 2024

Attention: Please Let Us Learn More About MoonPay And Its Compliance Issues!

The crypto payment scheme MoonPay was established in 2019 by Victor Faramond and Ivan Soto-Wright. The company offers a comprehensive solution for converting fiat currencies to cryptocurrencies and vice versa, supporting various payment methods, including debit/credit cards, local bank transfers, and mobile payment options. MoonPay operates in over 160 countries and seems to have compliance issues.
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German fintech Unzer in troublesF
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January 12, 2024

FinTech in Troubles: Unzer’s Financial Turbulence and Restructuring Efforts

In a startling revelation for the fintech sector, Berlin-based payment service provider Unzer, previously known as Heidelpay, reported a staggering loss of €381 million in 2022. This figure notably surpasses the company's turnover, highlighting deep-rooted financial challenges. According to the recently published annual report, turnover amounted to just under €200 million, around 30% below the target figure the company set itself.
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Open Letter to Alchemy Pay regarding L7 DEX MLM Crypto SchemeO
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December 19, 2023

Open Letter To Alchemy Pay Regarding The L7 DEX Crypto MLM Scheme!

This is an open letter to Alchemy Pay which we discovered to be the payment processor and crypto card issuer behind the L7 DEX crypto MLM scheme. Alchemy Pay is registered in Lithuania as a Virtual Asset Service Provider. In our letter we request Alchemy Pay to influence its client L7 DEX to provide all legally and regulatory required information about the operators on their website.
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