Overview of Unregulated Payment Processing
In the digital financial ecosystem, certain entities operate as unregulated payment processors. These organizations often present themselves as legitimate businesses in sectors like construction or IT consulting but engage in processing transactions for online investment platforms. They receive funds from individuals and forward them to various destinations, sometimes under the guise of consulting services, earning commissions in the process.
Case Study: CryptoDaily Pte Ltd
CryptoDaily Pte Ltd, established in Singapore in 2018, operates the crypto news platforms cryptodaily.co.uk and cryptodaily.net. Additionally, it offers cryptocurrency exchange services through an Estonian entity.
Investigations have indicated that bank accounts associated with CryptoDaily Pte Ltd were used to process transactions for platforms like XMarkets and TradoVest, which have been subjects of regulatory scrutiny. At the time of these transactions, financial authorities had issued warnings regarding these platforms.
Corporate Structure and Public Statements
In 2019, CryptoDaily’s website listed Pascal van Knijff (LinkedIn), Carl Liver (LinkedIn), and Rheace Jones (LinkedIn) as key personnel. Van Knijff, also associated with the Netherlands-based organization Future of Trust, later stated that he served only as a freelancer and was unaware of the company’s partnerships and financial activities.
Conclusion
The involvement of media outlets and financial service providers in processing transactions for platforms under regulatory investigation underscores the importance of due diligence and regulatory compliance in the financial sector.
Note: The information presented is based on available reports and investigations. Readers are encouraged to consult official regulatory sources for the most current information.