FinTelegram Financial Intelligence Unit – March 2025
1. Executive Summary
This report presents a comprehensive and objective profile of Moriel Carmi, a Russian-born Israeli financier previously known as Mark Mikhailovich Weinstein, who has emerged at the center of a growing network of high-risk payment processors and crypto service providers. Following a landmark ruling by the Astana International Financial Centre (AIFC) Court in Kazakhstan, questions now arise about Carmi’s regulatory fitness within the UK, where he operates the FCA-regulated e-money institution TomPay Ltd.
This report also profiles the presiding judge in the case, Sir Jack Beatson, a highly respected former UK Court of Appeal judge. The findings in his ruling underscore serious concerns that now warrant scrutiny by the UK’s Financial Conduct Authority (FCA).
2. From Mark Weinstein to Moriel Carmi: A Profile in Transformation
Early Career in Russia
Born in 1961 in the USSR, Carmi began his financial career under the name Mark Mikhailovich Weinstein (also spelled Vaynshtein). In 1993, he co-founded JSCB Russobank in Russia, where he held a 40% stake and served for many years as Chairman of the Supervisory Board.
However, Russobank’s trajectory ended in scandal. In December 2018, the Central Bank of Russia (CBR) revoked its license, citing repeated violations of anti-money laundering (AML) laws and dubious financial transactions. Russian press reports linked Carmi to behind-the-scenes efforts to influence CBR officials, including contact with disgraced FSB officer Colonel Kirill Cherkalin, who was later convicted of corruption and extortion.
Migration to Israel and Rebranding
Between 2008 and 2010, Weinstein emigrated to Israel and changed his name to Moriel Carmi. He later resettled in France, where he currently resides on a long-term residence permit issued in March 2019.
Since his relocation to Europe, Carmi has launched or acquired several fintech and payment processing firms in the UK, Estonia, Poland, Canada, and elsewhere.
3. The AIFC Court Decision: Carmi vs. AFSA
In 2023, Carmi applied through his company Banxe Asia Ltd for a cryptocurrency services license from the Astana Financial Services Authority (AFSA). AFSA denied the application, citing serious concerns about Carmi’s integrity, transparency, and regulatory history.
Carmi appealed the decision, which was reviewed by the Court of First Instance of the AIFC. The case was presided over by Sir Jack Beatson, a distinguished UK judge, who now serves in a part-time judicial capacity in Kazakhstan.
Download the AFSA Court Decision here.
Profile: Sir Jack Beatson
- Former Justice of the Court of Appeal (England and Wales)
- Renowned for his scholarly contributions to administrative and commercial law
- Appointed to the AIFC Court to ensure international best practices and integrity in Kazakhstan’s financial dispute resolution
Sir Jack’s ruling in January 2024 affirmed the AFSA’s decision, concluding that Carmi was “not fit and proper” to hold a financial services license. The ruling was based on:
- Failure to disclose his active involvement in Russobank post-2010
- False or misleading statements about his regulatory history
- Questionable affiliations with individuals implicated in criminal corruption cases
- Omissions regarding dual identity and financial activities under multiple names
The judgment represents a rigorous assessment under international standards, and the findings are of material relevance to other regulators.
4. Carmi’s UK-Registered Operation: TomPay Ltd
Carmi is the beneficial owner of TomPay Ltd, an FCA-authorized e-money institution (reference no. 931509), headquartered in Brighton, UK.
Concerns about TomPay:
- In 2022 and 2023, TomPay recorded cumulative losses exceeding £1.1 million
- The company underwent three capital increases in 2024, indicating financial instability or ongoing funding requirements
- TomPay’s 2023 filings reveal links to:
- Neuronext Sp. z o.o. (Poland) – Crypto services provider
- Neuronext OÜ (Estonia) – Formerly licensed, now defunct
- Banxe Ltd (UK) – Unregulated payment processor and affiliate
- Banxe markets itself as a distribution partner of TomPay for fiat services
- Crypto services are routed via the now defunct or questionable Neuronext entities
5. A Network in Retreat: Vanishing Websites and Archived Licenses
Several companies associated with Carmi have either lost their regulatory licenses or removed their digital presence:
| 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) |
These developments mirror patterns seen in exposed cyber-finance and laundering schemes, where shell companies vanish or are replaced after scrutiny intensifies.
6. Should the FCA Now Intervene?
The AFSA’s decision, supported by a UK Court of Appeal judge, raises direct concerns about Carmi’s role in operating an FCA-regulated institution. If Kazakhstan’s regulator and judiciary found him unfit, it is legitimate to question why Carmi continues to operate within the UK financial system under FCA oversight.
The FCA has a duty to consider:
- The credibility of Sir Jack Beatson’s ruling
- The broader risk network connected to TomPay Ltd
- Carmi’s personal and regulatory track record
- The disappearance of associated high-risk processors (e.g., Magua Pay, Black Rabbit)
FinTelegram, therefore, raises the hypothesis that TomPay Ltd’s FCA status must be reassessed in light of the AIFC Court judgment and other public domain evidence.
7. Table of Entities & Individuals Mentioned
| Name / Company | Role / Relevance | Jurisdiction |
|---|---|---|
| Moriel Carmi (fka Mark Weinstein) | Central figure, financier, owner of TomPay, Banxe, Neuronext | Israel, France, UK |
| Sir Jack Beatson | AIFC Court Judge, former UK Court of Appeal | UK / Kazakhstan |
| TomPay Ltd | FCA-regulated e-money institution | UK |
| Banxe Ltd | Unregulated PSP, TomPay partner | UK |
| Neuronext Sp. z o.o. | Crypto provider, controlled by Carmi | Poland |
| Neuronext OÜ | Defunct Estonian crypto entity | Estonia |
| Magua Pay Inc. | Canadian MSB, website now defunct | Canada / Cyprus |
| Black Rabbit | Scam brand of Magua Pay | Disappeared |
| SmartPayments OÜ | Defunct Estonian crypto PSP | Estonia |
| Dmitri Orlov | Director, SmartPayments | Estonia |
| Dmytro Kostin | Owner, SMTM Holding (Magua Pay parent) | Estonia |
8. Call for Insider Information & Whistleblower Support
FinTelegram is investigating the global financial infrastructure surrounding Moriel Carmi and his associated companies.
We seek further information on:
- TomPay Ltd’s internal operations and financial partners
- The current status and backend structure of Banxe and Neuronext
- Links between Magua Pay, Cyprus-based operations, and other offshore entities
🔒 Submit your information securely and anonymously through our whistleblower platform Whistle42. Your input can help regulators and victims uncover the truth.
