Anything is possible in Cyprus. Especially when it comes to cyber finance and illegal gambling and financial platforms. Cyprus was the global hub for illegal and fraudulent binary options. Providers of crypto services have also found a home there. The island is also home to the Dream Hill real estate company, which now offers the purchase of apartments via cryptocurrencies. The partner for this is CryptoProcessing. Here is the most important thing in Telegram style.
Key Points:
- Cyprus-based real estate developer Dream Hill now supports cryptocurrency payments.
- CryptoProcessing, operated by CoinsPaid facilitates these transactions.
- CryptoProcessing is massively involved in high-risk sectors, including illegal online casinos, as revealed by FinTelegram.
- CryptoProcessing claims to process over €800 million in crypto monthly.
Short Narrative:
Dream Hill, a Cyprus-based real estate firm, has partnered with CryptoProcessing by CoinsPaid to enable cryptocurrency payments for property purchases. CryptoProcessing is a sister scheme of CoinsPaid, both run under the leadership of Ukrainian CEO Max Krupyshev and the Austrian Alexander Horst Riedinger. These schemes are operated via companies based in Estonia, Lithuania, and Poland, with Krupyshev holding his shares through Cyprus-based Skylock Investments Ltd.
As reported by FinTelegram, CryptoProcessing has been heavily involved in facilitating payments for illegal online casinos, raising significant concerns about its operations. Due to its involvement in the high-risk and illegal gambling sectors, the cyber rating agency PayRate42 has placed CryptoProcessing on its Orange Compliance list.
Go to the CryptoProcessing profile on PayRate42.
Background Information:
CoinsPaid and CryptoProcessing are operated through legal entities with “Dream” in their names, including Dream Finance OÜ in Estonia, Dream Finance UAB in Lithuania, and Dream Payments Sp. z o.o. in Poland. Interestingly, the Cyprus-based real estate firm involved in this partnership is named Dream Hill, suggesting a potential connection between these entities.
While it is not yet confirmed whether the owners of CryptoProcessing and CoinsPaid are also behind Dream Hill, the naming similarities raise questions about possible links between the companies. This is supported by the fact that the address of Krupyshev’s Skylock Investments Ltd is the same as that of Dream Hill Ltd: on the 3rd floor of the Magnum Business Center in Limassol. Savvas Savva‘s Revera Corporate Services Ltd (website) is also located there. He is also a director of Dream Hill. Additionally, 2Plus Audit Ltd (website), another company of Savva, is located in 3rd floor of the business center. It’s a small world, indeed.
Or maybe it’s only a coincidence. Further investigation is needed to determine if there is a shared ownership structure or a deeper relationship between the real estate and payment processing operations.
Compliance Insight:
The press release states that the first crypto transactions with apartments have already been made and that the necessary AML/KYC checks have been applied. Hopefully, with more care than CryptoProcessing takes with its customers in the illegal casino operator segment.
The first transactions have already taken place. After all necessary AML checks on the buyer and the seller, CryptoProcessing facilitated the transaction, accepting cryptocurrency from their accounts and delivering Dream Hill with a usual EUR transfer to their bank account (Source: press release)
For payment processors, particularly those dealing with high-risk sectors like CryptoProcessing, adhering to proper Anti-Money Laundering (AML) and Know Your Customer (KYC) policies is critical. Failure to do so opens the door to the facilitation of illegal activities, including money laundering and the movement of illicit funds. Real estate firms and other businesses using crypto payment processors must ensure their partners comply with global AML/KYC standards to protect themselves from regulatory scrutiny and legal repercussions.
Blow the Whistle:
FinTelegram urges insiders with knowledge of CoinsPaid, CryptoProcessing, and their key figures, such as Max Krupyshev and Alexander Horst Riedinger, to come forward. We seek detailed information regarding their operations, involvement in illegal businesses, and activities in the high-risk payment processing sector. Any information could help expose the risks posed by these schemes.
