Notorious high-risk payment processor iPaytotal launches unregulated Estonian CryptoMatix
Until recently, Aditya Williams was the registered director of the Estonian iPayTotal OÜ but was replaced in March 2021 by the Estonian nominee director Monika Sild. Currently, iPaytotal does not have a license from the Estonian FIU to operate a crypto payment platform. Nevertheless, the company is the operator of CryptoMatix, which Ruchi Rathor apparently set up. However, it seems that iPayTotal OÜ may try to obtain an FIU crypto license to get more involved in the crypto payment segment.
New – List of scam-facilitating Estonian crypto payment processors
Digital currencies are the future in one way or another. For a few months now, online payment pioneer PayPal has also been accepting bitcoins and other cryptocurrencies. Estonia is currently the epicenter of European crypto payment processors. As of mid-2020, the Estonian FIU had issued more than 3,000 licenses (report here). Unfortunately, many of them are used to facilitate scams and illegal payment services. We have drafted a list of Estonian crypto payment companies that have come to our attention in scams.
Update PayTechno – Beneficial owner from Israel, another platform, and Bulgarian offices
We are really excited to be able to rely on our loyal whistleblowers. Therefore, we have received some important information in response to our Request 4 Information (R4I). Based on KYC data, we can establish that scam-facilitating PayTechno OÜ is controlled by Israeli Asaf Izhak Rubin as its beneficial owner. Besides, we have received information about the high-risk payment Gateway ironically branded as "The Best Gateway" offering payment gateway services for high-risk online merchants. The office of the group seems to be in Sofia, Bulgaria.
R4I – Scam-facilitating licensed Estonian crypto payment processor PayTechno
We already know Igor Torsin. Don't we? The 62-year old Estonian lawyer works for Estonian company builder Eesti Firma OÜ and is a director at nine FIU-licensed Estonian crypto companies (read this report). Among them is PayTechno OÜ, supervised by the FIU with license number FVT000151. The company was registered in May 2018 and operates two domains www.cryptopaytech.com and www.paytechno.com. The latter is one of the worst scam-facilitators as a crypto payment processor. We would like to know more.
Licensed Estonian scam-facilitator Woodstock and its payments network
We have recently discovered the licensed Estonian crypto payment processor Woodstock OÜ as a payment processor in the Trade Com scams network with GlobalSpotFX, Spotfinex, FXonspot, or TopEuroFX. These scams' victims deposited money through Woodstock's bank accounts with Lithuanian financial institutions Finolita Unio UAB, GlobalNetInt UAB, the Maltese Secure Trading Financial Services Limited, and crypto exchanges. Woodstock is controlled by Marianna Charalampous and does not even have a functioning website.
Estonian Compliance Issue – The Estonian lawyer Igor Torsin and Eesti Firma
We asked a few days ago, who is this Igor Torsin would be. A busy man for sure. We identified him as a director of nine FIU-licensed crypto payment processors in Estonia. Among these are also some that operate as scam facilitators - PayTechno or Steveyx d/b/a Venus Exchange. Evidently, he is the frontman for getting and maintaining the FIU license. We learned that Torsin is a lawyer working in Tallinn, Estonia, at Eesti Firma OÜ, a company builder specialized in crypto licenses, among other things.
Estonian scam facilitator Payeer and its Russian owner
Fincana OÜ, a crypto payment processor, licensed in Estonia by the Financial Intelligence Unit (FIU) as the competent regulator, operates the payment processor Payeer (www.payeer.com) together with Paycorp Limited, which is registered in Vanuatu and licensed by the VFSC. This payment processor has increasingly appeared as a scam facilitator over the last couple of months. For example, in the scams of the Capital Letter group against which regulators issued numerous warnings. The beneficial owner of Payeer is the Russian Liubov Svezhentseva.
CryptoPayIn – Another scam-facilitating Estonian crypto payment processor
Estonian crypto payment processors are a problem for retail investors and consumers in the EU. Especially those who have received a license to operate crypto payment services from the relevant Estonian regulator FIU. Thus, they call themselves EU-regulated payment processors on the website pretending to be a serious business. Unfortunately, many of these licensed crypto payment providers are scam hard-core facilitators and/or are related to scam operators. Most recently, we identified CryptoPayIn at the Financial Resident broker scam as a payment provider.