Compliance Analysis Date: December 15, 2025
This report provides a compliance analysis of DEPASIFY S.L., a “Crypto-as-a-Service” provider registered in Spain. Our investigation reveals that despite its status as a regulated Virtual Asset Service Provider (VASP), Depasify’s infrastructure serves as a critical backend for anonymous payment gateways that facilitate illegal online gambling transactions across the European Union.
1. Corporate and Regulatory Profile
DEPASIFY S.L. operates as a financial technology company offering fiat-to-crypto exchange, custody, and payment gateway infrastructure via a single API.
- Legal Entity: DEPASIFY S.L.
- Registration: Registered in the Mercantile Registry of Valencia, Spain (NIF: B-67823831).
- Regulatory Status: Registered as a Virtual Asset Service Provider (VASP) with the Bank of Spain under code D705. This registration obligates the company to adhere to stringent Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) regulations as mandated by the EU’s 5th Anti-Money Laundering Directive (AMLD5).
2. Leadership and Management
Public records and professional networking sites identify the following key individuals associated with the company:
- Alberto Martín Mazaira: Listed as a Founder of Depasify.
- Daniel Terrasa: Listed as an experienced FinTech Leader at the company.
- Manuel Roche del Fraile: Holds the position of Compliance Officer & MLRO, and is ICA certified.
3. The High-Risk Payment Network
Our investigation into the offshore casino Winning.io first flagged Depasify’s connection to high-risk payment processing. Further traffic intelligence analysis (Similarweb, November 2025) of the subdomain backoffice.depasify.com—which appears to be a merchant backend portal—confirms a symbiotic relationship with “notorious” anonymous payment gateways.
gate.commercebooth.io: Used by Winning.io to process Google Pay deposits via the UK shell company OPEN WAY LTD.api-payrequest.com: A generic payment link creator that facilitates transactions for various online services.pay.paidpays.com: Another anonymous gateway identified in the payment flow for Winning.io’s Apple Pay deposits.
Key Traffic Data (Nov. 2025):
Referral Traffic: Over 81% of traffic to backoffice.depasify.com originated from gate.commercebooth.io and api-payrequest.com.
- Outgoing Traffic: 100% of outgoing traffic from
backoffice.depasify.comwas directed back to these two gateways.
This data establishes a clear and undeniable link: these high-risk payment gateways are key clients of Depasify’s “Crypto-as-a-Service” infrastructure. Depasify provides the rails that allow these gateways to convert fiat from sources like Google Pay into crypto, which is then used to fund offshore gambling accounts.
4. Compliance Risk Assessment
The evidence presents a severe compliance paradox. While DEPASIFY S.L. is a regulated entity under the Bank of Spain, its primary business activity, based on traffic analysis, appears to be the provision of critical payment infrastructure to high-risk, anonymous gateways processing transactions for illegal online casinos.
This raises critical questions about Depasify’s client due diligence and Know-Your-Business (KYB) processes. A regulated VASP is expected to understand the nature of its clients’ business and monitor for illicit activity. The high-volume traffic from gateways with no transparent ownership and a clear connection to the illegal gambling sector strongly suggests that Depasify is either willfully blind to its clients’ activities or is actively complicit in facilitating them.
The presence of a certified Compliance Officer & MLRO makes this situation even more concerning, as the company cannot plausibly claim ignorance of its AML obligations.
5. The Initial Funding
Alberto Martin Mazeira raises E22m for Depasify to build a digital assets banking platform
In January 2024, Depasify successfully raised €2.2 million in a seed funding round. The round was led by prominent venture capital firms JME Ventures and GoHub Ventures (a corporate venture fund based in Valencia), with additional participation from Wayra (Telefónica’s innovation hub), Actyus, and Lanai Partners.
This substantial capital injection was earmarked for “massive international expansion” and team growth, signaling strong institutional backing for the company’s “Crypto-as-a-Service” vision.
6. Corporate Structure & The “Depa” Transition
Rebranding & Legal Complexity:
Recent corporate communications and LinkedIn activity indicate that Depasify is actively transitioning to, or operating under, the abbreviated brand “Depa” (or “Depa Finance“).
- Alberto Martín Mazaira, the founder and CEO of Depasify, now lists his role on LinkedIn under the “Depa” brand, explicitly linking the two entities.
- Strategic Shift to Stablecoins: While Depasify was originally marketed as a broad digital asset infrastructure for banks, the Depa brand appears to focus heavily on stablecoin payment rails for B2B cross-border transactions. Marketing materials for “Depa Finance” emphasize replacing “costly correspondent banking with stablecoin rails” and enabling compliant fiat-to-crypto flows for fintechs and Web3 companies.
The New Legal Entities
Depasify is currently undergoing a significant corporate restructuring and rebranding to “Depa” (or Depa Finance). While the regulated Spanish entity DEPASIFY S.L. remains the core VASP for European operations, the new brand structure introduces a complex web of legal entities across multiple jurisdictions, including Canada and the United States.
- Hodl the Lab Holding S.L.: This Spanish holding company (Tax ID: B21844014) is now listed as the copyright owner of the Depa Finance website and the parent entity for the group.
- Plenifi Payments Ltd (Canada): Services for non-US and potentially non-EEA clients are now contracted through this Canadian entity, which is registered as a Money Services Business (MSB) with FINTRAC. This off-shoring of liability to Canada is a common tactic used by high-risk payment processors to arbitrage regulatory oversight.
- Depa US, Inc.: A US-based entity designated for American residents.
Compliance Implication:
The rebranding to “Depa” and the specific pivot toward stablecoin settlements for B2B clients aligns with the observed traffic patterns. High-risk payment gateways often use stablecoins (like USDT or USDC) to settle funds to offshore merchants (casinos) to avoid the scrutiny of traditional SWIFT networks. The fact that a VASP backed by major Spanish investors is potentially providing the “stablecoin rails” for anonymous gateways adds a significant layer of reputational risk to its shareholders.
Summary Data: Depasify & Depa Ecosystem
| Category | Details |
|---|---|
| Primary Brand | Depasify (transitioning to Depa / Depa Finance) |
| Key Domains | depasify.com, depa.finance, backoffice.depasify.com |
| Spanish VASP Entity | DEPASIFY S.L. – Reg. No: B-67823831 (Valencia) – VASP Code: D705 (Bank of Spain) |
| Holding Company | Hodl the Lab Holding S.L. – Tax ID: B21844014 (Valencia) – Role: IP Owner & Parent Entity |
| Intl. Operating Entity | Plenifi Payments Ltd – Jurisdiction: Canada – Role: MSB for non-US/non-EEA clients |
| US Entity | Depa US, Inc. (United States) |
| Key Executives | – Alberto Martín Mazaira (Founder & CEO) – Daniel Terrasa (FinTech Leader) – Manuel Roche del Fraile (Compliance Officer & MLRO) |
| Investors | – JME Ventures (Lead) – GoHub Ventures (Lead) – Wayra (Telefónica) – Actyus / Lanai Partners |
| High-Risk Connections | – gate.commercebooth.io (Anonymous Gateway)– api-payrequest.com (Payment Link Generator)– Winning.io (Illegal Offshore Casino) |
📢 Whistleblower Call to Action
Do you have information regarding the relationship between Depasify S.L. and Plenifi Payments Ltd? Are you an insider aware of how Depa Finance screens its “high-risk” clients?
Help us expose the shadow banking of offshore gambling.
Submit your data anonymously via our whistleblower platform:
