This report is part of our “European FinTech Ecosphere” series. In it, we want to introduce individual companies and people but also the connections and networks. This is to increase the transparency of the European FinTech scene. The financial industry has traditionally functioned as a network across different regulatory regimes: FinTechs and cyberfinance perfect this borderless and “regulatorless” approach. Our “European FinTech Ecosphere” series aims to provide a path through the dawning European cyberfinance for interested readers.
Koinal (www.koinal.io) and Bitpace (www.bitpace.com) are two trading styles of SG Veteris Limited, a company that used to be registered with the Uk Financial Conduct Authority (FCA) as an agent until October 2020. After that, it was temporarily registered as a crypto asset business with the FCA but no longer is. While Koinal offers crypto exchange and payment services, including payments with credit and debit cards, Bitpace is focused on merchants offering them a crypto payment gateway to accept crypto payments from their clients.
SG Veteris‘ business with its two brands seems to perform well. As of April 30, 2020, client balances have increased year on year from zero to around €4.1M. However, the company itself owed more than €5.4M to “group undertakings.” Nothing is yet known about the figures for the fiscal year ending April 30, 2021.
SG Veteris (previously known as SettleGo Limited) is part of the vast FinTech and gambling network of Ozan Ozerk. According to the UK Companies House, SG Veteris was controlled by Ozan Ozerk until December 2018 before it was transferred to his close confidant Ahmet Cemal Dedeoglu. The company is based in London at the address in The Bower of the Tower where Ozerk’s other companies are located.