Tag: Payment Rails

FinTelegram’s review of SENDS has uncovered a new structural red flag: the public-facing website of Smartflow Payments Limited, the FCA-authorised EMI behind SENDS, is owned by a separate UK company, GANGA PAY LTD, and used under a software licence. In isolation, that may be a routine outsourcing arrangement. In the context of SENDS’ rapid acquiring growth, Ukrainian control persons on both sides, and ongoing whistleblower allegations around casino-linked merchant flows, it raises a much sharper compliance question.

Whistleblower dossiers and prior reporting place eMoore N.V. and the broader EM Group at the management and Cyprus-linked payment layer of a Europe-facing online casino network. The key issue is a stark contradiction: while EM Group publicly marketed compliance and licensing expertise, its structures appear in the documentary chain of operators targeting regulated EU markets without national authorization.

A sophisticated money laundering network has been identified that systematically rotates disposable Cypriot payment processing entities to facilitate illegal online casinos targeting Dutch and German consumers. The operation employs a distinctive "Colors & Animals" naming convention for its payment shells, which are cycled through when individual entities face regulatory sanctions.

U.S. crypto payment processor MoonPay has announced a “Stablecoin Stack” built around Iron-powered virtual accounts and stablecoin orchestration—promising that what used to take multiple banks and PSPs can now be implemented via one integration. In the context of FinTelegram’s Rail Atlas, this move could materially reshape deposit rails by making bank-to-stablecoin funding.

FinTelegram reviewed MegaDice as part of our Rail Atlas work. The Curaçao-licensed crypto casino can be accessed from multiple EU jurisdictions and the UK with email-only onboarding in our tests. MegaDice offers direct crypto deposits (no casino-side KYC observed) and an embedded “Buy Crypto / Compra Crypto” rail that routes users into Changelly and MoonPay purchase flows—where fiat processing and KYC appear to be performed by the on-ramp providers, not the casino.