Introduction
The controversial British-Indian payment processor iPayTotal, often associated with high-risk industries, has launched CryptoMatix—its newest crypto payment initiative—through its Estonian entity, iPayTotal OÜ. However, the company is currently not authorized by the Estonian Financial Intelligence Unit (FIU) to operate a crypto business. Despite this, the platform is active and appears to be part of a broader strategy to deepen iPayTotal’s involvement in digital assets.
Leadership Transition at iPayTotal OÜ
From Williams to Sild
Up until March 2021, Aditya Williams was listed as the official director of iPayTotal OÜ. He was replaced by Estonian nominee director Monika Sild. Although the company has no FIU license for crypto operations, CryptoMatix is already in use—allegedly established by Ruchi Rathor, a key figure behind iPayTotal. There are indications that iPayTotal OÜ may be in the process of applying for licensing to legitimize its crypto activities.
CryptoMatix: New Platform, Old Ties
iPayTotal, under the leadership of Ruchi Rathor and Sen Kugan, recently introduced CryptoMatix as an “advanced crypto payment platform.” The announcement described the initiative as part of a long-term strategy to serve both new and existing merchants—particularly those operating in high-risk sectors. The company is actively searching for banking partners and acquiring institutions to support the platform. With this repositioning, a change in corporate leadership seemed inevitable.
Background of Former Director
Aditya Williams, an Indian national born in January 1986, previously served as the director of iPayTotal OÜ before stepping down from the role. His LinkedIn profile lists him as currently employed by the digital marketing agency Doofus Ideas Ltd (www.doofusidea.com). However, Companies House documents indicate that this company was officially dissolved in July 2019 via a compulsory strike-off. (CompaniesHouse)
In addition to that role, Williams was also listed as both director and beneficial owner of Technomatix Ltd, which met the same fate in 2019. Currently, he is associated with Finserve Ltd, though the company has not filed its confirmation statement since March 2021, raising questions about its compliance status and potential future actions from regulatory bodies.
Current Director and Licensing Concerns
The newly appointed director, Monika Sild, is also registered as a nominee director for AlfaCash OÜ and Ledio Group OÜ. Estonian regulations require that licensed crypto service providers have directors who meet strict standards of suitability and integrity. A director with deep ties to companies like iPayTotal may raise questions under these requirements.
As of now, iPayTotal OÜ does not appear in the official list of FIU-authorized crypto operators. If CryptoMatix is functioning as a crypto payment platform without this license, it would be doing so outside of regulatory compliance. Still, there remains a possibility that a license application is in process or already granted but not yet reflected in the public registry.
Key Overview Table
|
Field |
Details |
|
Platform |
CryptoMatix |
|
Parent Company |
iPayTotal OÜ |
|
Former Director |
Aditya Williams |
|
Current Director |
Monika Sild |
|
License Status (Estonia) |
Not licensed (as per latest public data) |
|
Key Figures |
Ruchi Rathor, Sen Kugan |
What’s Next for CryptoMatix?
Whether iPayTotal’s crypto ambitions will be legitimized through regulatory approval remains to be seen. The platform’s current operations raise concerns about compliance, transparency, and oversight.
The Scam-or Project will continue to monitor developments surrounding iPayTotal and its crypto extension, CryptoMatix. If you have any additional insights or documentation regarding this matter, you are encouraged to share them confidentially.
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