CyberRating Agency PayRate42 Announced Downgrading of PayDo to Orange Compliance!

PayDo review update
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PayRate42, the leading rating authority for payment processors in the CyberFinance domain, announced the downgrading of high-risk payment processor PayDo to Orange Compliance due to looming compliance issues. PayDo operates under Ecommerce Technologies Ltd, regulated by the FCA, and PayDo Canada Ltd., registered with FinTRAC. FinTelegram recently exposed PayDo and PayOP as payment facilitators for unauthorized online casinos and gambling schemes.

Online Casino Payment Facilitator

Despite its stringent regulation under the FCA, PayDo has come under scrutiny for its association with the offshore crypto online gaming platform Gamdom. This collaboration has been flagged for potential compliance violations, primarily due to Gamdom’s lack of regulatory clearance within the European Economic Area (EEA). PayDo, alongside its partner PayOp, has been identified as instrumental in processing payments for Gamdom, raising questions about the legality and ethicality of such partnerships.

This arrangement with Gamdom is particularly concerning for several reasons. Firstly, it involves facilitating payments for online gaming activities aimed at players in jurisdictions where these operations are not approved.

Read our Gamdom Review here on FinTelegram.

Moreover, the structure of transactions—where players purchase Gamdom Coin through PayOp and PayDo to play on the platform—complicates the enforcement of chargeback claims. This complexity introduces a potential risk for players, especially in the crypto environment where such claims are notoriously difficult to process. This issue is exacerbated in the online gaming sector, known for its sensitivity and the high stakes of consumer protection.

The downgrade to an ORANGE rating by PayRate42 reflects serious concerns regarding PayDo’s engagement in unauthorized activities with offshore crypto online gaming platforms.

Whistle42 forum to discuss payment processors in the online casino industry

Join The Forum

Together with the whistleblower platform Whistle42, we have opened a forum for discussion about the role of payment processors in the high-risk segment of online casinos and gambling. You can contribute your knowledge there at any time by posting and replying to existing posts. We would be delighted to do so.

Read more about the Payment Processor Forum here.

Share Information

If you have any information about PayDo, PayOp, or other high-risk payment processors and their activities, please let us know via our whistleblowing system, Whistle42.

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