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): Missing Details: Previous Claims: In February 2023, CoinsPaid reported: Analysis and Concerns The announcement regarding CoinsPaid’s 2021 results lacks credibility due to the absence of concrete numbers. Instead…
Author: Tom
Overview of CoinsPaid Operations CoinsPaid, a crypto payment processor, operates through legal entities in Estonia, Lithuania, and El Salvador. The primary operating entity, Dream Finance OÜ, holds a crypto license in Estonia and is controlled by Austrian entrepreneur Alexander Horst Riedinger, with Max Krupyshev as CEO. Another brand under the same structure, CryptoProcessing, also operates through the Estonian entity. Reported Growth Metrics In a press release dated June 20, 2023, CoinsPaid shared its Q2 2023 performance metrics. The company reported: However, as in previous press releases, the company did not disclose absolute figures, raising questions about the validity of these…
Starscream Group and Compliance Challenges As part of our “Follow the Money” research strategy, we analyze online casino and gambling schemes and their facilitating payment processors. Our findings often reveal the involvement of FinTech companies such as Revolut, MoonPay, and Binance Pay, as well as open banking service providers like Noda. In the case of the Starscream Group, we discovered a network of facilitating payment processors supporting their online casinos despite clear regulatory issues. Compliance Check Starscream Limited, registered in Saint Lucia, operates several online casinos under a license from the Kahnawake Gaming Commission. However, this license does not authorize…
Overview of CoinsPaid and CryptoProcessing CoinsPaid, a significant player in the crypto payment sector, operates through various legal entities across jurisdictions, including Estonia, Lithuania, and El Salvador. It also manages CryptoProcessing, a platform known for its dominance in high-risk industries such as iGaming and gambling. In Q3 2024, CryptoProcessing reported a turnover of €2.23 billion, reflecting a 27% growth from the previous year and processing over 2.52 million transactions. CFO Hanna Drabysheuskaya highlighted that the advantages of cryptocurrencies—low transaction costs, speed, and cross-border functionality—are driving their increased adoption globally. Corporate Structure and Key Stakeholders CoinsPaid’s corporate setup reveals notable figures:…
Starscream Casinos and Gammix Ltd: A Shift Offshore On September 12, 2024, serious allegations arose regarding the transfer of online casino operations from Gammix Ltd, a Malta-based operator, to Starscream Ltd, an offshore company registered in St. Lucia. This move has raised concerns about regulatory evasion and continued illegal gambling activities in Europe. Key Points: Regulatory Evasion and Compliance Challenges Starscream’s operations highlight a growing trend among casino operators to relocate to offshore jurisdictions following regulatory crackdowns. The KSA’s €19.6 million fine on Gammix in early 2024 underscores the severity of these violations. Compliance Insights: Payment Ecosystem Supporting Starscream Payment…
Key Collaboration: Dream Hill and CryptoProcessing On September 19, 2024, the Cyprus-based real estate developer Dream Hill announced its partnership with CryptoProcessing by CoinsPaid to enable cryptocurrency payments for property purchases. While this marks a significant step toward integrating crypto in real estate transactions, it raises concerns due to CryptoProcessing’s controversial involvement in high-risk sectors, including illegal online casinos. Key Points: Background: CoinsPaid and CryptoProcessing Network Dream Hill’s new crypto payments partner, CryptoProcessing, is part of a network operated by Ukrainian CEO Max Krupyshev and Austrian Alexander Horst Riedinger. The entities include: Legal Entities: Interestingly, the name “Dream” also appears…
Praxis Partners With SoftSwiss On August 18, 2022, the Cyprus-based paytech Praxis Tech announced its partnership with SoftSwiss, a leading igaming software provider. SoftSwiss, known for its comprehensive infrastructure solutions, including payment processing, now integrates Praxis’ omnichannel gateway services. This collaboration brings SoftSwiss and its 300+ clients access to Praxis’ extensive portfolio of PSPs and cashier systems. The partnership aims to enhance SoftSwiss’ global reach by addressing diverse jurisdictional requirements through Praxis’ innovative payment solutions. About SoftSwiss SoftSwiss, founded by Ivan Montik and Dzmitry Yaikau in 2008, provides cutting-edge igaming software solutions compliant with various national regulations. The company holds…
The CoinsPaid Group and Its Network of Entities Investigative reports by Shana Dovi on Medium have revealed serious allegations against CoinsPaid, an Austrian crypto payment processor operated under Dream Finance OÜ via Estonia. The report outlines a complex web of financial misconduct, fraud, and regulatory evasion allegedly orchestrated by the company’s management and shadow stakeholders. Notably, the Austrian beneficial owner is allegedly a frontman for Belarusian interests. A Brief Overview of CoinsPaid CoinsPaid operates through legal entities in Estonia, Lithuania, and El Salvador. Its main operating entity, Dream Finance OÜ, holds a crypto license in Estonia and is controlled by…
Ivan Montik’s Influence in iGaming and Crypto Payments Ivan Montik, a Belarusian entrepreneur, has become a central figure in the intersecting worlds of iGaming and cryptocurrency payment processing. As the founder and CEO of SoftSwiss, a leading provider of crypto-based online casino solutions, and a co-founder of CoinsPaid, an Austrian-Estonian crypto payment processor, Montik’s ventures have positioned him as a significant player in high-risk industries. Officially, CoinsPaid lists Austrian Alexander Horst Riedinger as its beneficial owner, but Montik’s influence remains a subject of speculation. The Belarusian Entrepreneur Ivan Montik’s career journey reflects his innovative approach to technology and business. Transitioning…
The Role of Isaev and Gamgoneishvili in Online Gambling Russian entrepreneurs Roland Isaev and Paata Gamgoneishvili have emerged as key players in the online gambling and crypto payment sectors. Scam-Or Project ongoing investigations reveal their deep involvement in the SoftSwiss and Merkeleon groups, controlled through complex business structures and strategic acquisitions. Court documents and whistleblower information shed light on a global network that supports unlicensed gambling operations across Europe and beyond. Key Findings The SoftSwiss Group and Its Network Ownership and Control Isaev and Gamgoneishvili entered the online gambling scene through the acquisition of SoftSwiss. Whistleblower reports and court documents…