Tag: Paysafe

Zet Casino is one of the former brands of the bankrupt operator Rabidi N.V. It's currently operated by Liernin Enterprises Ltd, registered in the Marshall Islands, and the payment agent Mirata Services Ltd, registered in Cyprus. Zet Casino has an offshore license in the Philippines, which is not accepted in the EEA regions. Nevertheless, players from the EEA regions and the UK are accepted without any problems and can make deposits. Here is our review.

In April 2024, we conducted an initial review of the online gambling platform Spinbookie, which resulted in its placement on our Red Compliance list. Since then, we have delved deeper into this platform's background and uncovered significant concerns regarding its ownership and operational transparency. Our findings necessitate a thorough and scrutinizing update to our initial review.

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.

Binance currently seems to be backing off one step at a time, opening up space for its competitors. While Coinbase recently announced European expansion with a MiCA license in Europe, Binance seems to be losing balance in Europe and the U.S. In an email, Binance customers in Europe were notified that their Visa debit card would only work until Dec. 20, 2023. Solaris Group is discontinuing Visa Debit card support for Binance.

Reports have emerged regarding an abrupt suspension of Single Euro Payments Area (SEPA) transfers for EUR payments by Binance users. This suspension occurred approximately one month earlier than the initially communicated deadline. According to Binance's customer support on X, SEPA transfers for EUR payments are currently on hold. Nevertheless, the support team reassured users that this service would remain available until September 25, 2023.

Paysafe Payment Solutions, the European banking partner of Binance, announced on Thursday that it will no longer offer its embedded wallet solution to the U.S. cryptocurre exchange across the European Economic Area (EEA) starting from September 25th. Binance confirmed the development, saying that Paysafe will no longer be providing EUR deposits and withdrawals via Bank Transfer (SEPA) to Binance users from September 25, 2023.

Binance, the world's largest crypto exchange with 128 million users, had to stop its GBP deposits and withdrawals. This comes a month after the world's largest crypto exchange ceased dollar transfers. This is because, Binance's partner for GBP deposits, FCA-regulated Paysafe, decided to stop offering Binance customers its embedded wallet solution in the UK in a move it blamed on complex regulation.

The NYSE-listed payment processor Paysafe Ltd announced that it appointed Alex Gersh (LinkedIn) as its new CFO. Gersh joins the company on October 3, 2022, and will report to Paysafe CEO Bruce Lowthers. Gersh joins Paysafe from Nasdaq-listed Sportradar, the leading global sports technology company. He has a record of over 25 years in the financial services segment and previously held CFO positions in public and private organizations. Gersh, holding dual citizenship in UK and US, replaces former CFO Izzy Dawood, who leaves the company later in the year.

Early this week, the UK Financial Conduct Authority (FCA) said that it would be aware of the announcement made by the Eqonex Group and the Binance Group confirming that an entity called Bifinity UAB will advance a US$36 million convertible loan to Nasdaq-listed crypto exchange Eqonex. Bifinity has acquired some specific contractual rights over Eqonex Limited through this loan. The Lithuanian Bifinity is the official fiat-to-crypto payments provider for the Binance Group launched on 7 March 2022.

Most recently, public-listed payment processor Paysafe trading as Paysafe, NETELLER, Skrill, and Rapid Transfer attracted attention through its partnership with the world's leading crypto exchange Binance. The company is expecting strong growth in high-risk segments such as crypto, financial services, travel, or iGaming. Through the partnership with Paysafe, Binance has access to the UK FPS system, which the FCA is concerned about. Paysafe stocks gained more than 17% following its fourth-quarter earnings, which beat analyst expectations.

According to a report in Financial Times, the UK Financial Conduct Authority (FCA) has said it is concerned about a deal to give Binance, one of the world's biggest crypto exchanges, access to the UK's Faster Payment Service. A few months ago, the regulator warned that Binance would pose a "significant risk" to consumers. Binance informed its users that they could now deposit fiat funds via the Faster Payment after it reached an agreement with regulated payments group Paysafe.