In the wake of recent revelations surrounding Cash App and the U.S. authorities' investigation into allegations of money laundering and the facilitation of illegal offshore gambling activities, a concerning pattern emerges—one that is not limited to the shores of the U.S. FinTelegram has revealed that numerous European financial institutions are acting as payment facilitators for illegal offshore casinos.
As part of our analysis of payment facilitators in the high-risk segment of online casinos and gambling providers, we have already reported on the Curacao licensed provider NewEra. Like many other offshore casinos, it also operates via a payment agent in Cyprus. One of the payment facilitators for the NewEra casinos is the FinTech unicorn Revolut, through which players from jurisdictions in which NewEra does not have a license can make deposits.
The NewEra Group is another online casino and gambling operator that operates with a license in Curacao and a payment agent in Cyprus. Although NewEra does not have a license in Europe or North America, it attracts customers and their deposits from these regulatory regimes. Revolut, Binance Pay and MiFinity appear to be the most important payment facilitators. Binance Pay is offered at all NewEra casinos.