Overview of CoinsPaid Operations
CoinsPaid, a crypto payment processor, operates through legal entities in Estonia, Lithuania, and El Salvador. Dream Finance OÜ, the entity holding an Estonian crypto license, is controlled by Austrian entrepreneur Alexander Horst Riedinger, with Max Krupyshev serving as CEO. Despite claiming to announce audited 2021 financial results in a recent press release, the company provided no specific figures.
Reported Numbers
Claims from the Press Release (March 14, 2023):
- Net Income:
- Increased by 411% compared to 2020.
- Net Profitability:
- Grew by 43.64% compared to the previous year.
- Return on Assets (ROA):
- Increased by 5.89% in 2021.
- Users’ Funds:
- Allegedly tripled in 2021, as confirmed by Crowe auditors.
Missing Details:
- CoinsPaid did not publish the audited financial statements or provide specific absolute figures.
- The audit was conducted by Crowe DNW Ltd in Estonia.
Previous Claims:
In February 2023, CoinsPaid reported:
- Processing 34 million transactions worth €19 billion.
- Handling 8% of global on-chain Bitcoin transactions.
- Achieving a transaction volume of €3 billion in Q4 2022, marking a 30% increase compared to Q4 2021.
Analysis and Concerns
The announcement regarding CoinsPaid’s 2021 results lacks credibility due to the absence of concrete numbers. Instead of absolute data, the press release relies solely on percentages, which provide little value without context.
Key Concerns:
- Lack of Transparency:
- Audited financial statements were not published.
- Over-reliance on Percentages:
- Claims without absolute figures raise questions about the reliability of the reported data.
- Skepticism Around Claims:
- The assertion of processing 8% of global on-chain Bitcoin transactions warrants further verification.
Key Data for CoinsPaid
| Attribute | Details |
| Trading Names | CoinsPaid, CryptoProcessing |
| Business Activities | Crypto exchange & OTC desk operator |
| High-risk crypto payment processor | |
| Domains | https://cryptoprocessing.com |
| https://coinspaid.com | |
| Social Media | LinkedIn, Facebook, Instagram, Twitter |
| Legal Entities | Dream Finance OÜ (Estonia), Dream Finance UAB (Lithuania), Dream Finance S.A. (El Salvador) |
| A.R. Merkeleon GmbH (Austria), Skylock Investments Ltd (Cyprus) | |
| Jurisdictions | Estonia, Austria, Cyprus, El Salvador |
| Authorization | FIU crypto license no FVT000166 |
| Related Individuals | Alexander Horst Riedinger (LinkedIn), Maksym Krupyshev (LinkedIn), Andrei Koposov (LinkedIn), Frédéric Georges Hubin |
| PayRate42 Rating | Orange Compliance (profile) |
Conclusion
The lack of concrete numbers in CoinsPaid’s announcement raises doubts about its claims of significant growth in 2021. Without the audited financial statements or specific figures, the press release appears less credible. Users and stakeholders are advised to approach CoinsPaid and its twin brand CryptoProcessing with caution.
Call for Information
If you have any information about CoinsPaid, its operators, or its partners, please report it through our whistleblower platform, Whistle42. Your insights are crucial for ensuring accountability and transparency in the crypto payment industry.