High-Risk Payment Processor Payeer, Its Russian Clients, And An Excellent Trust Level!

High-risk payment processor Payeer and its corporate structure
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We have been following the activities of the high-risk payment processor Payeer for several years now. Payeer is operated through Payeer OÜ, which holds an Estonian crypto license, and Paycorp Limited, registered in Vanuatu by the VFSC. Most recently, we discovered Payeer as a payment processor at many Russian high-risk merchants such as Express Wallet, Taxi Money, or Golden Farm. In recent months, an average of 25% of website visitors came from Russia.

Key data

Trading namePayeer
Business activityhigh-risk payment processor, crypto exchange,
merchant service prodiver
Legal entitiesPayeer OÜ (Estonia)
PayCorp Limited (Vanuatu)
Fincana OÜ (old)
Related individualsAnton Stjopotškin, Estonia (UBO)
Joseph Olatilewa Jaiyeola, Estonia
Liubov Svezhentseva (old
Dmitri Allikas (old)
Stanislav Lattu (old)
JurisdictionsEstonia, Vanuatu, Russia
RegulatorsFIU Estonia
PayRate42 ratingOrange Compliance (Payeer profile)
Related scamsCapital Letter, FXTradePremiums, Deal Trade
Optimus Markets, Spintop Capital
and counting

The Short Narrative

Shortly after our March 2021 report on Payeer was published, the company swapped its Estonian legal entity. Fincana OÜ, which until then had been listed as a co-operator alongside Paycporp Limited on Vanuatu, was swapped for Payeer OÜ, which has been licensed by the FIU since March 2021. The client agreement states that crypto services are provided by the Estonian entity while payment services (merchant services) are provided by the Vanuatu entity Paycorp Limited.

Changing Control

Until June 2022, the Russian Liubov Svezhentseva has been registered as a director alongside the Estonian Dmitri Allikas. On 3 June 2022, Svezhentseva was replaced by the Estonian Anton Stjopotškin as the ultimate beneficial owner (UBO) following FinTelegram reports.

Similarweb statisctics for Payeer in December 2022
Similarweb for Payeer (Dec 2022)

Website Traffic Analysis & Trust Level

According to the latest Similarweb statistics ( 26 Dec 2022), visitors from Russia, Belarus, and Ukraine accounted for almost 48% of Payeer website traffic in December 2022. Over the last 28 days before 26 Dec 2022, the website received 3.71 million visits with an average duration of more than 5 minutes. Payeer is ranked #15.335 in the Global Websites ranking and #180 in the Russian finance sector. These are impressive numbers.

Payeer users seem to be happy. On Trustpilot, Payeer holds an impressive 4.8-star rating with a corresponding “Excellent” trust level from more than 3,000 reviews. The website states that the payment processor has almost 1/000 accounts (14 March 2022).

The Russian Clients

Payeer is one of the payment processors for Russian Express Wallet
Payeer on Express Wallet

Most Russian-speaking traffic comes from high-risk merchants in the financial and gaming sectors. Payeer is one of the payment processors, for example, in the huge earning platforms Ad Asd, Express Wallet, or Taxi Money. The online gaming platform Golden Farm is also one of Payeer’s clients. These platforms are visited by millions of Russians every month.

According to Similarweb, around 20% of Payeer‘s referral traffic comes from the Russian earning and investment platforms Dynamic Corporation and SOCPUBLIC.

Share information

If you have any information about Payeer, its partners, and operators, please let us know via our whistleblower system, Whistle42.

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