Cryptocurrencies and Estonia’s Role
For many industry experts, digital currencies represent a significant part of the financial future. In recent months, major online payment platforms such as PayPal have begun accepting bitcoin and other cryptocurrencies. Within Europe, Estonia has emerged as a hub for crypto payment processing firms. By mid-2020, the Estonian FIU had issued over 3,000 licenses for such entities (refer to report). Unfortunately, a considerable number of these companies have been linked to scams, illicit operations, and money laundering schemes.
List of Estonian Crypto Payment Processors Connected to Scams
Scam-Or Project supports the idea of decentralized and blockchain-based digital currencies. Nonetheless, it remains evident that regulators still struggle to fully grasp the complexities of these assets. This compilation aims to support the sustainable growth and regulation of Crypto Payment Processors (CPPs).
Important Notes About This List
-
This registry is not exhaustive and is continuously updated as new information surfaces.
-
Inclusion in the list does not automatically imply wrongdoing by the company.
-
Even firms with robust KYC protocols may unwittingly onboard scam-related clients.
-
However, when a CPP frequently appears in scam reports, this suggests:
-
Ineffective KYC procedures, or
-
Deliberate acceptance of illicit clients.
It is not the role of Scam-Or Project to determine final liability. This responsibility lies with the Estonian FIU and relevant law enforcement bodies.
Current Flagged Estonian Crypto Payment Processors
|
Processor Name |
Noted Concerns |
Status |
|
[Add actual listed processors if available in source] |
Linked to repeated scam activities |
Under review |
Note: The above table serves as a framework. Specific companies should be inserted based on your database or the full original article list.