Updated Profile for High-Risk Payment Processor PayDo!

PayDo review update
Spread financial intelligence

We have already extensively reviewed the FCA-regulated high-risk payment processor PayDo in 2022 and also outlined the close cooperation with PayOp. In our current analysis of the high-risk segment of online casinos and the gambling segment, we have also found the two payment facilitators at the offshore crypto casino Gamdom, reglated in Curacao. They facilitate the distribution of the Gamdom Coin. We have therefore updated our PayDo review.

PayDo Key Data

Trading namePayDo
Related payment schemePayOp
Business activitiesFCA-regulated e-Money Institution
FinTRAC-registered MSB
Merchant service provider
Social mediaLinkedIn, Twitter, Facebook
Legal entityEcommerce Technologies Ltd
Paydo Canada LTD
JurisdictionsUnited Kingdom, Ukraine
AuthorizationFCA with reference no 900916
FinTRAC-registered MSB
Related individualsSerhii Zakharov (LinkedIn)
Oleg Pikarevskyi (LinkedIn)
Matvii Mikhnevych (LinkedIn)
Ivan Pronchenkov (LinkedIn)
Payrate42 ratingGreen (PayDo profile on PayRate42)

Short PayDo Narrative

Ecommerce Technologies LTD d/b/a PayDo is authorised by the UK Financial Conduct Authority (FCA) as an E-Money Institution. Paydo Canada LTD d/b/a PayDo is authorised by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as an MSB for the provision of payment services.

Read our PayDo reports here on FinTelegram.

Sherii Zakharov, founder and CEO of PayDo, resides in London, according to his LinkedIn profile. The Head of Operations, Oleg Pikarevskyi, the Chief Technology Officer, Matviss Mikhnevych, the Head of Marketing, Ivan Pronchenkov, and many other managers and employees state Ukraine as their country of residence.

PayDo and PayOp have an operational basis in Ukraine. Both have entities in Vancouver, Canada, and closely cooperate to facilitate merchants in the high risk payment sector.

The Gamdom Relationship

PayOp and PayDo facilitate the unauthorized crypto casino Gamdom

Recently, we last found PayOp and PayDo in a review of the online casino and gambling provider Smein Hosting with the crypto casino Gamdom.

We were able to work out in detail how the two payment facilitators work together when purchasing Gamdom Coins, a cryptocurrency that was created for gambling on Gamdom. The coin is traded on Binance‘s BNB Chain. It should be noted that the operator of Gamdom, Smein Hosting B.V., licensed in Curacao, does not have regulatory permission to offer its online casino and gambling products in EEA countries. Nevertheless, Gamdom solicits players from these regulatory regimes and their deposits.

Gamdom payment order initiated by PayOp and executed by PayDo

The diagram on the left shows how the deposit process via Gamdom Coins works. The payment is first initiated by the player via his Gamdom Wallet at PayOP. PayOP forwards the payment request to PayDo where the user must then specify which credit/debit card he wants to use to pay. For this he needs an account with PayDo.

Read our Smein Hosting review here on FinTelegram.

Compliance Check

It is questionable why PayOp and PayDo process payments with players from these jurisdictions for a crypto casino that is not licensed in the EEA. This is certainly not compliant. While PayOp has no known regulatory license and therefore no supervision, PayDo is an EMI regulated by the UK FCA and is also registered with Canadian FinTRAC as an MSB.

Gamdom payments are processed via their Lithuanian payment agent Vilnius IT Solutions UAB, which provides another direct connection into the EEA.

Share Information

If you have any information about PayOp, PayDo and their activities, please let us know via our whistleblower system Whistle42.

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