1. Executive Summary
The recent disappearance of Magua Pay Inc. and its associated brand Black Rabbit raises serious concerns regarding the financial network behind high-risk payment processing, unauthorized financial services, and fraud facilitation.
Magua Pay, registered in Canada as a Money Services Business (MSB), has long been identified as a facilitator of illegal gambling and broker scams, including BBanc, StoxInvest, and GrandCapital. While the Magua Pay website now displays a message stating it is “under construction,” the Black Rabbit website has vanished completely.
At the center of this network is Moriel Carmi, an Israeli financier with Russian origins and a history of involvement in questionable financial operations. Carmi has multiple financial interests across the UK, Estonia, Poland, and Canada, including TomPay Ltd, Banxe Ltd, and Neuronext OÜ—all of which are now under scrutiny.
Key Findings:
✔ Magua Pay’s disappearance suggests regulatory pressure or an attempt to evade scrutiny.
✔ The network behind Magua Pay leads directly to Cyprus, a known hub for cyber-finance operations.
✔ TomPay Ltd, an FCA-regulated e-money institution controlled by the Israeli citizen Moriel Carmi (previously Mark Weinstein), has reported significant financial losses.
✔ TomPay’s connections to Estonian and Polish crypto service providers suggest a broader financial laundering infrastructure.
✔ In 2023 und 2024, Moriel Carmi was deemed “not fit and proper” by the Astana Financial Services Authority (AFSA) in Kazakhstan due to false statements and contradictions.
Given these developments, we are issuing a high-risk compliance alert and requesting further whistleblower information on TomPay and its network.
2. Magua Pay and the High-Risk Payment Processing Network
Magua Pay was a key payment processor facilitating illicit transactions for unregulated brokers and illegal gambling platforms. FinTelegram has tracked Magua Pay’s operations and uncovered its deep entanglement with multiple high-risk financial entities spanning Canada, Cyprus, Estonia, the UK, and Poland.
Magua Pay’s Known Fraudulent Clients:
| Scam Broker | Regulatory Warnings | Connection to Magua Pay |
|---|---|---|
| BBanc | CNMV, FCA, FINMA | Processed payments via Black Rabbit |
| StoxInvest | FCA, OSC, AMF | Used Magua Pay as a payment processor |
| GrandCapital | FSCA, FMA, BaFin | Connected to Magua Pay transactions |
Due to these operations, cyber-finance rating agency RatEx42 placed Magua Pay’s brand Black Rabbit on the “Red Compliance” list, marking it as a severe financial risk.
Magua Pay’s sudden disappearance suggests one of the following scenarios:
✔ Regulatory crackdown or financial instability within its operational network.
✔ Attempted restructuring or cover-up of illicit activities.
✔ Potential operational migration to another jurisdiction to avoid enforcement actions.
3. The Role of TomPay Ltd and Its Expanding Financial Network
3.1 TomPay’s Background and Financial Health
TomPay Ltd is a UK-based e-money institution regulated by the FCA since 2021 (Ref. No. 931509). The company has reported consistent financial losses, with over £1.1 million lost in 2022 and 2023.
TomPay’s Key Financial Events:
✔ Increased share capital thrice in 2024, most recently in December 2024, raising total capital to GBP 1,676,300 as of March 2025.
✔ Financial statements indicate links to Polish Neuronext Sp. z o.o., Estonian Neuronext OÜ, and UK-registered Banxe Ltd.
TomPay’s Connections to Crypto Services & Payment Processors
TomPay’s ecosystem includes:
✔ Banxe Ltd (www.banxe.com): Claims to handle its FIAT financial services as a distribution partner of TomPay.
✔ Neuronext Sp. z o.o. (www.neuronext.pl): Provides crypto services from Warsaw, Poland; controlled by Carmi.
✔ Neuronext OÜ (Estonia): Previously held a crypto license, but it was archived in November 2023. Its website is now “under construction.”
4. Links to Other High-Risk Financial Entities
SmartPayments OÜ and the Estonian Connection
SmartPayments OÜ (formerly Z Payments OÜ and ExFrame OÜ) was another crypto payments processor linked to the network.
Key Details:
✔ Held an Estonian crypto license until November 2022.
✔ Owned by Dmitri Orlov and Dmytro Kostin.
✔ Kostin also owns SMTM Holding OÜ, the parent company of Magua Pay Inc.
These links further establish the interconnected nature of this financial network, with Estonia, Poland, and Cyprus acting as critical operational hubs.
5. The Background of Moriel Carmi (Mark Weinstein)
Key Facts About Carmi:
✔ Born 1961 in the USSR as Mark Mikhailovich Weinstein (a.k.a. Marc Mikhailovich Vaynshtein).
✔ Emigrated to Israel in 2008, changed his name to Moriel Carmi.
✔ Long-term resident of France, with a residency permit issued in 2019.
✔ Founded multiple fintech firms across Europe, including Banxe Ltd and TomPay Ltd.
✔ Former owner of JSCB Russobank, which lost its license in 2018 due to money laundering violations.
✔ Rejected by the Astana Financial Services Authority (AFSA) in 2023 as “not fit and proper” to operate financial services.
6. Regulatory Scrutiny
In 2023, the AFSA denied Banxa Asia Ltd’s application for a crypto license, citing Carmi’s false and contradictory statements. Judge Sir Jack Beatson dismissed his appeal, raising further concerns about his financial integrity.
AFSA flagged Banxe Ltd (UK), Neuronext OÜ (Estonia), and TomPay Ltd (UK) as part of Carmi’s financial network, noting that these entities were involved in high-risk financial activities. Neuronext OÜ’s Estonian crypto license was revoked, and its Polish subsidiary Neuronext Sp. z o.o. is currently under regulatory scrutiny.
Download the AFSA Court Decision here.
🚨 Potential Legal & Regulatory Risks:
✔ The AFSA ruling may have triggered further regulatory scrutiny on Carmi’s financial network.
✔ The sudden disappearance of Magua Pay suggests potential legal pressure or asset restructuring.
✔ Authorities in the UK, Canada, and Estonia should investigate TomPay, Banxe, and related entities.
Given the findings of the Astana Financial Services Authority (AFSA) and the ruling by Sir Jack Beatson, a UK judge serving as a part-time Justice at the Astana International Financial Centre (AIFC) Court, serious questions arise regarding whether the UK Financial Conduct Authority (FCA) should re-evaluate the regulatory status of Moriel Carmi and his e-money institution, TomPay Ltd.
The AFSA’s determination that Carmi is not fit and proper to operate a financial services business due to misrepresentations, regulatory omissions, and ties to high-risk financial entities raises legitimate concerns about TomPay’s operations under FCA oversight. Given that TomPay has reported significant financial losses, is linked to banned crypto entities, and operates within a network of high-risk financial processors, it is imperative that the FCA conducts a comprehensive reassessment of Carmi’s fitness to hold an e-money institution license in the UK.
7. Table of Key Individuals & Companies
| Name/Company | Role | Jurisdiction |
|---|---|---|
| Moriel Carmi (prev Mark Weinstein aka Mark Vaynshtein) | Beneficial Owner | Israel, UK, France |
| Alexandra Weinstein | Director Neuronext OÜ and Neuronext sp.o.o. | United States Estonia, Poland |
| Dmitri Orlov | Director, SmartPayments OÜ | Estonia |
| Dmytro Kostin | Owner, SMTM Holding OÜ, Smartpayments OÜ | Estonia |
| Magua Pay Inc. | Disappeared Payment Processor d/b/a Magua Pay and Black Rabbit | Canada, Cyprus |
| Black Rabbit | Trading name of Magua Pay Inc. | |
| TomPay Ltd | FCA-Regulated E-Money Institution | UK (FCA register entry) |
| Banxe Ltd | Unregulated Payment Processor | UK (Companies House) |
| Banxe Asia Ltd | Subsidiary of Banxe Ltd | |
| Neuronext Sp. z o.o. | Crypto Services | Poland (Company Data) |
| Neuronext OÜ | Crypto Services | Estonia (Company Data) |
| SMTM Holding OÜ | Holding company (website) | Estonia (Company Data) |
| SmartPayments OÜ | Crypto Payment Processor (prev. Z Payments OÜ and ExFrame OÜ) | Estonia (Company Data) |
8. Call for Whistleblower Information
🚨 We are seeking additional information on:
✔ TomPay Ltd’s financial transactions and payment flows
✔ The operational status of Banxe and Neuronext
✔ Magua Pay’s true headquarters in Cyprus
Submit tips securely via Whistle42. Your anonymity is guaranteed. Magua Pay’s disappearance is not the end—it is a sign of deeper issues. FinTelegram will continue investigating this financial network and update this report accordingly.
