This report is part of our European FinTech Ecosphere series, which aims to map the European FinTech and PayTech scene and its networks of legal entities and individuals.FinTechs know hardly any regulatory boundaries and have enormous regulatory freedom in the age of open banking. With cryptocurrencies, this freedom is being expanded even further. In our view, it is therefore important to ensure transparency in this sector in the interest of investor protection. The European FinTech Ecosphere series is intended to contribute to this.
We have already reported several times in recent weeks on the high-risk payment processor LuqaPay. This is operated by Fortis LLC, which is registered in Georgia. LuqaPay is said to be the successor brand of BestPay Card. In addition, LuqaPay is said to be the main payment processors for GameSys Group‘s Vera & John online gambling platform in Japan. Rumors say that Vera John is about to be sold to Bally’s.
For processing customer deposits via credit and debit cards and bank transfers for legal and illegal betting in Japan, Vera John is said to use LuqaPay. For bank deposits, for example, the Japanese company My Stage Ltd was established. Officially, this company is a jewelry dealer. However, the company’s bank accounts are also used to process bank transactions for Vera John.
There are currently rumors in the market that GameSys Group is selling the Vera & John brand and business to NYSE-listed U.S. gaming company Bally’s Corporation, an omnichannel provider of land-based gaming and interactive entertainment. GameSys and Bally’s announced their cooperation in April 2021 already.
To be continued, stay tuned! If you have relevant information on LuqaPay and its environment, we would be more than happy to receive it.