CoinsPaid’s PR Blitz: Cover for a Hidden Crypto-Casino Network?

Introduction

CoinsPaid has once again issued a polished press release. According to investigative findings by Scam-Or Project, behind the glossy headlines lies a far more complex picture. The Dream Finance/CoinsPaid structure—fronted in Austria but anchored in the Baltics—presents itself as a leading crypto payment processor. Yet, closer scrutiny reveals links to online gambling ventures, Russian financial backing, and allegations of large-scale money laundering.

5 Key Takeaways

1. High-Risk Wrappers

• CoinsPaid and its sister brand CryptoProcessing are primarily brand names.

• The underlying operations are conducted through:

• Estonia: Dream Finance OÜ

• Lithuania: Dream Finance UAB

• Poland: Dream Payments Sp. z o.o.

2. Front-Seat Faces

• Max Krupyshev, a Ukrainian national residing in Germany, is the public spokesperson and CEO.

• Ivan Montik, co-founder, is considered the key financial decision-maker.

3. Casino DNA

• Montik also established SoftSwiss, a significant iGaming platform with strong Russian investment ties.

4. Reputation-Laundering Strategy

• CoinsPaid relies heavily on coordinated press releases and repetitive media coverage.

• This “announce-and-repeat” playbook builds an image of success while overshadowing compliance concerns.

5. Insider Red Flags

• A former manager alleged the network is “used for massive money laundering.”

• Regulators across jurisdictions have largely remained inactive.

Short Narrative

Marketed as Europe’s fastest-growing crypto payment processor, CoinsPaid operates through a three-country structure branded as Dream Finance. While the company emphasizes record transaction volumes and new merchant partnerships, it avoids transparency about its connections to SoftSwiss, its Russian capital links, and opaque ownership layers. The elaborate setup appears designed for regulatory arbitrage.

Extended Analysis

Legal & Licensing Loopholes

• Estonia and Lithuania provide crypto-asset service licenses with comparatively weak AML enforcement, which CoinsPaid exploits while serving high-risk sectors such as gambling, adult content, and high-yield investment schemes.

• Poland’s Dream Payments Sp. z o.o. benefits from EU payment passporting. However, filings with the Polish KNF show minimal capital and skeleton staffing, pointing toward a pass-through entity rather than a robust operation.

Regulatory Blind Spots

• Ultimate Beneficial Ownership (UBO) filings identify Ivan Montik, but details on Russian investors connected to SoftSwiss remain undisclosed—an important omission given EU sanction requirements.

• The PR-driven narrative in trade outlets creates a façade of credibility, potentially misleading compliance teams and journalists.

Operational Red Flags

• Concentration Risk: Both CoinsPaid and gambling operations appear to rely on the same Merkeleon white-label technology, raising questions about transaction origin.

• Shadow Governance: While Krupyshev serves as CEO, strategic oversight allegedly requires approval from Montik and the SoftSwiss board—indicating effective control lies elsewhere.

Actionable Insight

Regulators should:

• Launch immediate source-of-funds audits into Dream Finance entities.

• Cross-check CoinsPaid merchant flows with SoftSwiss casino payouts.

• Coordinate an Estonia-Lithuania-Poland joint review to address jurisdictional blind spots and uncover potential sanction violations linked to Russian ownership.

Call for Information

Have you processed, audited, or reviewed transactions tied to CoinsPaid or CryptoProcessing? Share information with the Scam-Or Project.