FinTelegram recently received legal correspondence from the lawyers of the FCA-regulated payment institution Volt concerning an article that identifies Volt as a payment processor for online casinos and gambling platforms. In their letter dated February 1, 2024, Volt‘s legal team disputed the claims made in the article, labeling them as false information, and requested the removal of Volt‘s name from the publication. Furthermore, they have threatened legal action.
The most important payment processors for online casinos and gambling providers include Jeton, MiFinity, eZeeWallet, Payop, Sofort (Klarna), Unlimit, Coinspaid, MoonPay, Changelly, Rapid, Skrill and Volt.
FinTelegram article
We would like to clarify that our assertions regarding Volt‘s involvement in the online casino and gambling sector are based on thorough research and evidence. We have not accused Volt of anything but stated that they are a popular payment facilitator for this high-risk segment. Our investigations have repeatedly identified Volt as a significant payment processor within this industry.
Specifically, Volt has been linked to the Dama Group and its Cypriot payment agents, Friolion and Strukin, which operate without a license to serve players from Germany, Austria, and other EU member states. Despite this, our reviews have demonstrated that it is possible for residents of various regulatory regimes to register on Dama platforms, make deposits using Volt‘s services, and engage in gambling activities.
The operation of online casinos and gambling services without a regulatory permit, as is the case with the Dama Group, is deemed illegal. Our legal advisors have affirmed that the Curacao license held by the Dama Group does not meet the regulatory requirements for operating such platforms in the UK or the majority of EU countries. This practice, unfortunately, appears to be prevalent in the industry.
As an FCA-registered payment institution (Reference Number 925349), Volt Technologies Holdings Limited d/b/a Volt bears the responsibility of conducting Know Your Customer (KYC) and Anti-Money Laundering (AML) transaction monitoring to ensure compliance with regulatory standards. Our article is supported by screenshots and evidence that clearly show Volt‘s role as a payment processor for the Dama Group, validating the accuracy of the information presented.
Given these circumstances, we find no basis for the removal of Volt‘s name from our article or for the legal threats posed against us. We stand by the accuracy of our publication and are prepared to defend our findings in court if necessary.
FinTelegram remains committed to providing our readers with factual, evidence-based reporting, especially on matters concerning financial transactions and compliance within the online gambling industry. We invite Volt and their legal representatives to engage in dialogue with us should they have further concerns or require additional clarification.
