Update On Russian-Controlled Crypto Payment Processor Payeer And Its Colorful History!

Ben
Fri, 12 May 2023 12:33:40 +0000
High-risk payment processors, ticker, Akkord Welt, Anton Stjopotskin, Dmitri Allikas, Ekaterina Olegovna Gorshkova, Elena Kulbikova, Fincana, Fingate, Joseph Olatilewa Jaiyeola, Kosolapova Evgenia Nikolaevna, Liubov Svezhentseva, Mayzus Financial Services, Paycorp, Payeer, Payeer Rus, Payment Solutions, PB24 Corp, Runwill, Sergey Mayzus, Stanislav Lattu, Worldwide Systems

Over the last 3 years, FinTelegram exposed the Russian-controlled crypto payment processor Payeer as a payment processor for various broker scams. In January 2023, the Estonian FIU considered the revocation of Payeer's crypto license due to identified deficiencies. However, Payeer decided to renounce their license voluntarily and registered crypto service provider in Lithuania. We found more information about the related individuals and company history.

Over the last 3 years, FinTelegram exposed the Russian-controlled crypto payment processor Payeer as a payment processor for various broker scams. In January 2023, the Estonian FIU considered the revocation of Payeer‘s crypto license due to identified deficiencies. However, Payeer decided to renounce their license voluntarily and registered as a crypto service provider in Lithuania. We found more information about the related individuals and company history.

The Payeer Timeline

Payeer has been in business for more than 10 years and, during that time, has used a wide variety of companies in different jurisdictions:

In 2012, Payeer Rus LLC was founded in Moscow by the Russian national Kosolapova Evgenia Nikolaevna The company was liquidated in 2015.

In 2013, the Payeer website stated Payeer Rus LLC (ООО “ПЭЙЕЕР РУС”) and PB24 Corp registered in Panama as the scheme operators.

In 2014, Akkord Welt LP was founded in Scotland, where Payeer LLC was registered as a partner. The Russian Elena Kulbikova was registered as the controlling person. This LP was dissolved in 2020.

In 2014, the website listed Payment Solutions Ltd in the British Virgin Islands as the operator. Mayzus Financial Services Ltd, registered in the UK and controlled by Russian Sergey Mayzus, was listed as the financial services partner.

In 2015, the website stated that Payeer LLC, registered in Georgia, Payeer LLC, registered in Russia, and Akkord Welt LP, registered in Scotland, would be the operators. The office in Tbilisi is indicated as the headquarters. There are also offices in Moscow and Aberdeen, Scotland.

In 2018, Runwill Sp. z o. o., registered in Poland, is given as the scheme operator.

In 2019, the new operator was Paycorp Limited in Vanuatu.

In 2020, Fincana OÜ was stated as a co-operator besides Paycorp Limited.

In 2021, Payeer obtained a crypto license through Payeer OÜ, registered in Estonia, and became the new co-operator besides Paycorp Limited. The license was voluntarily surrendered to avoid revocation by the FIU.

In 2023, Payeer UAB registered for a crypto license in Lithuania and became the scheme operator.

Key data

Trading name | Payeer

Business activity

high-risk payment processor, crypto exchange,
merchant service prodiver

Domain

https://payeer.com
https://payeer.cc

Legal entities

Payeer OÜ (Estonia)
Payeer UAB (Lithuania)
PayCorp Limited (Vanuatu)
Fincana OÜ (Estonia)
Runwill Sp. z o. o. (Poland)
PAYEER LLC (Georgia)
FINGATE LLC (Georgia)
AKKORD WELT LP (Scotland)
Worldwide System K/S (Denmark)
Mayzus Financial Services Ltd (UK)
PAYMENT SOLUTIONS LTD (BVI)
PAYEER RUS LLC (Russia)
PB24 CORP (Panama)

Related individuals

Anton Stjopotškin, Estonia (UBO)
Joseph Olatilewa Jaiyeola, Estonia
Ekaterina Olegovna Gorshkova, Russia
Liubov Svezhentseva, Russia
Kosolapova Evgenia Nikolaevna, Russia
Elena Kulbikova, Russia
Sergey Mayzus, Russia
Dmitri Allikas (old)
Stanislav Lattu (old)

Jurisdictions

Estonia, Vanuatu, Russia,
BVI, Poland, Panama, Georgia,
Denmark

Regulators

FIU Estonia renounced in Jan 2023
FNTT (Financial Crime Investigation Service) Lithuania
VFSC

PayRate42 rating | Orange Compliance (Payeer profile)

Related scams

Capital Letter, FXTradePremiums, Deal Trade
Optimus Markets, Spintop Capital
and counting

The Short Narrative

Shortly after our Payeer report in March 2021 was published, the company swapped its Estonian legal entity. Fincana OÜ, which until then had been listed as a co-operator alongside Paycorp Limited, Vanuatu, was swapped for Payeer OÜ. The FIU granted a crypto license to this Estonian entity in March 2021 until it was archived in January 2023.

Similarweb statistics Payeer.com (May 2023)

Since then, Payeer has been operating its crypto payment services through Payeer UAB in Lithuania (company register data), where the company registered – and was accepted – by the relevant authority. As director of the Lithuanian entity is the Russian Ekaterina Olegovna Gorshkova.

According to the latest Similarweb statistics, Payeer has the most website visitors from Russia. Between Feb and April 2023, almost 25% of the approximately 15.5 million visitors came from Russia and another 3.76% from Belarus. More than 66% of visitors to the Payeer.cc website come from Russia. They are redirected to Payeer.com.

Payeer users seem to be happy. On Trustpilot, Payeer holds an impressive 4.8-star rating with a corresponding “Excellent” trust level from almost 3,400 reviews.

Changing Control

Until June 2022, the Russian national Liubov Svezhentseva (redacted passport left) has been registered as a director alongside the Estonian Dmitri Allikas. On 3 June 2022, Svezhentseva was replaced by the Estonian Anton Stjopotškin as the ultimate beneficial owner (UBO) following FinTelegram reports.

According to public sources, Svezhentseva is still one of the executives of Payeer.

The Russian Clients

Payeer on Express Wallet

Most Russian-speaking traffic comes from high-risk merchants in the financial and gaming sectors. Payeer is one of the payment processors, for example, in the huge earning platforms Ad Asd, SOCPUBLIC, Express Wallet, or Taxi Money. The “play-to-earn” gaming platform Gemly is also one of Payeer‘s clients, as is the online gaming platform Golden Farm. These platforms are visited by millions of Russians every month.

Similarweb says around 30% of Payeer‘s referral traffic comes from Russian earning and investment platforms.

Share information

If you have any information about Payeer, its partners, and operators, please let us know via our whistleblower system, Whistle42.