Tag: Friolion

FinTelegram has pointed out several times that offshore operators of online gambling, casino, and sports betting sites, such as the Dama Group, are increasingly relying on crypto to accept deposits from their clients without having a regulatory permit. In doing so, they use companies they set up in Cyprus as payment agents. The most popular payment facilitators for crypto payments include MoonPay and Changelly. Both facilitate Dama Group's BitStarz.

Cyprus is certainly the hotspot in Europe for high-risk payment processors and PayTechs working for financial service providers and online casino operators. Many unlicensed and Curacao-licensec Online casinos use companies registered in Cyprus as their payment processors. It is therefore consistent to conclude that a significant portion of the revenues of unlicensed or offshore-licensed online casinos ends up in Cyprus. We would like to know more about this.