Fintech | FinTelegram News

Category: Fintech

June 21, 2024

Revolut: PayRate42 Explains the Reasons for the Still Missing UK Banking License.

FinTelegram recently reported that Revolut, the leading UK fintech, was allegedly valued at $40 billion. An impressive number, especially before the background of the still missing UK banking license. Revolut remains entangled in its prolonged quest for a UK banking license. Revolut's struggle to secure this license highlights deeper operational and regulatory challenges. Cyberfinance rating agency PayRate42 explains the situation.

June 21, 2024

FinTech Pioneer Revolut Targets $40 Billion Valuation in Employee Share Sale Despite Missing Bank License!

According to a recent Financial Times report, the UK fintech giant Revolut is aiming for a valuation exceeding $40 billion in an upcoming share sale, according to insiders. This move would solidify its status as Europe’s most valuable startup. The high rating is somewhat surprising given the fact that the UK regulators have so far refused to grant Revolut the requested banking license. Its competitors, Monzo and Starling, have secured banking licensesw a few years ago already.

June 20, 2024

Whistleblower Request: Secretive Lithuanian Crypto Exchange Criptomy and the Continent Pay Network!

Criptomy is a Lithuanian crypto exchange. Established in 2022 with a capital of €125,000, the company lists Mariana Achim as its sole director. Our web traffic analysis reveals a significant Italian connection and unusual traffic patterns. Criptomy has also been identified as a payment agent for the illegal online casino and gambling platform Atlantis Slots. Further information about Criptomy's involvement and operations is needed to assess compliance and regulatory adherence.

June 20, 2024

Review: Illegal Online Casino Atlantis Slots Facilitated by Continent Pay!

Atlantis Slots, operated by Pennytech Holding B.V. operates with a non-valid gambling license from Curacao. In our review, we found that Atlantis Slots is engaging in illegal operations within the European Economic Area (EEA). Despite its lack of regulatory permission in these regions, Atlantis Slots continues to offer online casino and gambling services, facilitated by payment processors Continent Pay, Neosurf, Binance Pay, Sofort and CASHlib.

June 19, 2024

PayRate42 Flags Georgian Payment Processor OMNO for Critical Review!

In a recent development, PayRate42, a prominent cyberfinance rating agency, announced that it has critically reviewed the Georgian payment processor OMNO and included it in its Red Compliance and Red Risk lists. Despite its diverse range of payment solutions, this review underscores significant concerns about OMNO's transparency and regulatory compliance. FinTelegram’s recent analysis identified OMNO as part of a network of high-risk payment domains.

June 19, 2024

Whistleblower Request for Information on Gateway-Provider.com and Associated Payment Domains!

In recent years, the segment of high-risk payment processors has gained significant importance, driven by the explosive growth of the crypto sector. High-risk merchants and illegal businesses are increasingly utilizing crypto payment options. Our research is therefore centered on the high-risk payment segment. In the analysis of global high-risk payment traffic, we identified the domain Gateway-Provider.com as a key player. The domain operators are unknown, thus we ask for whistleblower support.

June 17, 2024

Whistleblower Information Requested: ContinentPay and Its Alleged Connections to Gery Shalon

Continent Pay, a/k/a ContintentPay, a high-risk payment processor, has come under the investigative lens of PayRate42 due to its purported connections with Gery Shalon, a notorious cybercriminal. It is alleged that Shalon controls Continent Pay through MARKET PROMO Sp. z o.o., a company based in Poland. A few days ago, a whistleblower request was also made on FinTelegram due to the high level of interest in this case.

June 16, 2024

Whistleblower Request: Investigating ContinentPay and Its Alleged Connections to Gery Shalon

We are seeking whistleblower information on the high-risk payment processor Continent Pay, which is reportedly controlled by Gery Shalon, also known as Garri Shalelashvili. He is an Israeli national originally from Georgia and is considered one of the world's most notorious cybercriminals. He gained infamy for orchestrating cyberattacks on the U.S. financial sector, including the largest theft of customer data from a U.S. financial institution in 2014, which affected over 100 million people.

High-risk payment processors

June 14, 2024

The 10 Worst Rated High-Risk Payment Processors According to PayRate42

Navigating the high-risk payment sector can be challenging for merchants and payment processors alike. This space, encompassing industries such as online gambling, e-cigarettes, and online dating, is notorious for being prone to fraud and financial instability. In such an environment, the transparency and insights provided by cyber rating agencies like PayRate42 are invaluable. Recently, PayRate42 released its "10 Worst-Rated High-Risk Payment Processors."

June 10, 2024

Whistleblower Request: The Cyprus-Russian Entity of Interest MGL Wallet and its Mysterious Domain!

The Cyprus-based E-Money Institution MGL Wallet seems to be part of the MY.GAMES Group, which was a prominent branch of the Russian tech giant VK Group until Sept 2022, when it was sold to Alex Chachava, a Russian national residing in Cyprus, for $642 million. Although, this transaction may have been a reaction of the Western sanctions against Russia, the MY.GAMES Group maintains its Russian connections. The MGL Wallet is an entity of interest on the OpenSanctions list and for FinTelegram.

June 6, 2024

MoonPay Lays Off 10% of Staff Amid Crypto Bull Run Due to Past Over-Investments!

Crypto payments processor MoonPay has laid off 10% of its workforce, citing high-cost structures and lower-than-expected operating margins. This decision comes despite the company’s claim of being financially sound with “years of runway” ahead. However, the cyber rating agency PayRate42 confirmed MoonPay's Orange Risk and Orange Compliance ratings, stating that layoffs in a bull cycle suggest a forward-looking management team.

June 6, 2024

Crypto Takeover: Robinhood to Acquire Bitstamp!

It is the first major acquisition in the crypto sector in 2024. The California-based fintech Robinhood has agreed to acquire the global crypto exchange Bitstamp. This acquisition is set to expand Robinhood’s reach, bringing Bitstamp’s services to retail and institutional customers. Founded in 2011, Bitstamp operates in Luxembourg, the UK, Slovenia, Singapore, and the US. The acquisition, anticipated to close in the first half of 2025, is subject to customary closing conditions and regulatory approvals.

The Unraveling of Rabidi and the Rise of the SoftSwiss Network: Our Updated Forensic Report

A few months ago, FinTelegram released a first forensic report on the bankruptcy of Rabidi N.V., a Curacao-registered online casino operator with hundreds of millions in revenues — and no traceable assets by the time of its collapse in May 2024. That report already raised serious questions about the opaque structures behind Rabidi’s operations and its successor, Liernin Enterprises Ltd.

DeFi Decoded: Smart Contracts – The Code Behind the DeFi Revolution

Smart contracts are the invisible architects of decentralized finance. These self-executing lines of code run everything from token swaps to lending platforms without middlemen. But while they offer autonomy, they also introduce new risks—bugs, exploits, and irreversible mistakes. In this fourth installment of our FinTelegram DeFi Series, we explain what smart contracts are.

CFTC

Despite New Crypto Friendlyness: No Settlement Between U.S. CFTC And KuCoin?

A planned settlement between the U.S.CFTC and crypto exchange KuCoin is now in limbo due to a reported policy shift within the CFTC. This change is attributed to the Trump administration’s new approach, which deprioritizes enforcement actions against crypto companies. As a result, a CFTC attorney said that it is "unlikely that such authorization will be granted in the near term" regarding the settlement approval.

SEC’s New Era: Paul Atkins Sworn In—Will Crypto Finally Get the Regulatory Clarity It Deserves?

The U.S. Securities and Exchange Commission (SEC) has entered a new chapter with the swearing-in of Paul S. Atkins as its 34th Chairman, a move widely anticipated to mark a dramatic pivot in how the agency approaches crypto and DeFi regulation. For years, the financial industry—especially the burgeoning digital asset sector—has bristled under the SEC’s “Regulation by Enforcement” strategy.

Crypto Mogul Changpeng Zhao – Fallen, Rich, and Rising Again?

As spring 2025 blooms and Easter’s themes of rebirth fill the air, Changpeng Zhao emerges as one of the most controversial figures of startup mythology: a man who fell spectacularly, paid a price—then rose again, wealthier and louder than ever. Once the almighty architect of Binance, CZ now resides in Dubai with a net worth that Forbes estimates at $63 billion.