RakeBit Compliance Report: “No-KYC Casino” Operating Across Restricted Jurisdictions

tamir
Thu, 06 Nov 2025 13:48:37 +0000
Illegal gambling, Illegal Payment Services, ticker, Blockchain Games, Changelly, Innovex Tech Holdings, Konstantin Katsev, MoonPay, Novaflow Processing, RakeBit, Tech Group BL, TrueFlip

RakeBit (rakebit.com) markets itself aggressively as the "best No-KYC Casino," operating a crypto-first gambling platform that explicitly bypasses identity verification requirements. Our investigation on November 6, 2025, reveals a concerning pattern: unrestricted registration from prohibited EU jurisdictions.

Executive Summary

RakeBit markets itself aggressively as the “best No-KYC Casino,” operating a crypto-first gambling platform that explicitly bypasses identity verification requirements. Our investigation on November 6, 2025, reveals a concerning pattern: unrestricted registration from prohibited EU jurisdictions, including Italy, Germany, and the UK, facilitated by deeply integrated payment processors MoonPay and Changelly.

Traffic analysis shows nearly 90% of visitors originate from the United States—a jurisdiction where RakeBit cannot legally operate. The platform is connected to the now-defunct TrueFlip.io casino, which redirects all traffic to RakeBit following numerous scam warnings. Whistleblower intelligence identifies Konstantin Katsev as the ultimate beneficial owner behind both operations.​

Corporate Structure and Beneficial Ownership

RakeBit operates through a deliberately opaque multi-jurisdictional structure designed to evade regulatory oversight:

Current Operating Entity: Innovex Tech Holdings Ltd, registered in Hamchako, Mutsamudu, Autonomous Island of Anjouan, Union of Comoros, holds the current Anjouan Gaming license. This entity is listed in RakeBit’s official terms of use.​

Previously Disclosed Entity: TECH GROUP BL LIMITADA (Costa Rica registration 3-102-880902) was initially cited as the operator. The shift from Costa Rica to Anjouan signals strategic jurisdictional shopping for lighter regulatory oversight.​

Connected Operations: TrueFlip.io was previously operated by Blockchain Games N.V., a Curaçao-registered entity. TrueFlip held both Curaçao and Cyprus licenses and operated legitimate brands including Emojino (which secured an MGA B2C license in 2020). However, TrueFlip.io ceased operations in 2025 and now exclusively redirects users to RakeBit.​

Ultimate Beneficial Owner: Based on whistleblower information and public records, Konstantin Katsev is identified as the UBO. Katsev served as Chief Marketing Officer and co-founder of TrueFlip and True Flip Group. He publicly represented TrueFlip at industry events and was instrumental in launching multiple casino brands under the TruePartners affiliate program. The migration of TrueFlip’s player base to RakeBit, combined with operational continuity, confirms common ownership and control.​

Regulatory Status: License Shopping and Minimal Oversight

RakeBit’s licensing trajectory reveals calculated regulatory arbitrage:

Anjouan License (Current): Anjouan offers one of the world’s most permissive gambling licenses—requiring minimal capital, no mandatory AML/KYC enforcement, processing in 2-6 weeks, and costing approximately €17,800 annually. The jurisdiction explicitly markets itself as “cheap,” “fast,” and “simple” with “no mandatory AML-KYC enforcement requirements”. This is precisely why unlicensed operators gravitate toward Anjouan.​

Costa Rica Registration: TECH GROUP BL LIMITADA registration provides basic corporate status but offers no meaningful gambling regulation or player protection. Costa Rica does not conduct gaming audits or enforce compliance standards comparable to European jurisdictions.​

Traffic Intelligence Analysis

Prohibited Markets: Our traffic intelligence analysis via Similarweb shows that RakeBit accepts players from Italy, Germany, UK, and extensively from the United States despite having no authorization in these jurisdictions.

In September 2025, nearly 90% of visitors to the RakeBit website came from the United States (see section below). Our November 6, 2025, registration tests confirmed seamless account creation from these restricted markets with zero verification.

Read our compliance report on GamDom here.

The “No-KYC” Model: Facilitating Illegal Gambling, Prediction Games, and Money Laundering Risks

RakeBit‘s core marketing proposition—”No-KYC Casino”—is both its selling point and its most serious compliance violation. Players deposit and withdraw cryptocurrency without identity verification, creating an ideal environment for money laundering, underage gambling, and sanctions evasion.​

RakeBit places particular emphasis on its sports betting segment, which is disguised as a “prediction market.” Immediately after registering for the first time, users are asked to make their “predictions” on soccer matches.

Contradictory KYC Standards: While RakeBit requires no KYC for gambling, payment facilitators MoonPay and Changelly—integrated directly into RakeBit’s platform—require photo ID and facial recognition scans when users purchase cryptocurrency via credit/debit cards. This creates a perverse system: players verify identity to buy crypto but remain anonymous while gambling with those funds. MoonPay and Changelly thus enable illegal gambling while maintaining superficial KYC compliance.​

Payment Facilitators: MoonPay and Changelly as Enablers

According to the information provided on the RakeBit website, payments are processed by Novaflow Processing LTD, registered with company number: HE 454267 in Larnaka, Cyprus. Our research confirms a well-established pattern: Cyprus has become the European hub for high-risk payment processors serving unlicensed and offshore-licensed online casinos.

The primary currency at RakeBit is cryptocurrency. However, like most other crypto-first casinos, RakeBit also offers the “Purchase Crypto” payment option via integrated crypto payment processors. In the RakeBit case, both MoonPay and Changelly are deeply embedded in RakeBit‘s payment infrastructure, offering one-click cryptocurrency purchases directly on the casino platform. These processors market themselves as regulated entities yet knowingly facilitate transactions for unlicensed gambling operators targeting restricted markets.​

MoonPay Compliance Violations: MoonPay Ltd (Seychelles) and MoonPay Ireland Ltd claim European regulatory status but have been documented processing payments for unauthorized broker schemes and unlicensed casinos. FinTelegram previously placed MoonPay on PayRate42’s Orange Compliance List due to its facilitation of illegal gambling operations, including serving U.S. customers at offshore casinos. Despite terms of service prohibiting “unlawful gambling,” MoonPay continues integration with platforms like RakeBit that explicitly target U.S. players.​

Changelly as Facilitator: Changelly, not authorized by the UK Financial Conduct Authority, operates as a crypto exchange service integrated into multiple unlicensed casinos. Changelly‘s presence on RakeBit enables seamless conversion of fiat currency to crypto, specifically for gambling purposes, directly violating European and U.S. gambling laws.​

Read our reports on MoonPay here.

TrueFlip Connection and Closure Amid Scam Allegations

TrueFlip.io, formerly a Curaçao-licensed casino operated by Blockchain Games N.V., built a substantial player base before its abrupt 2025 closure. On November 6, 2025, TrueFlip.io was completely non-operational—no registration or login functionality remained, only a button stating “Play at RAKEBIT now.”​

Scam Warnings Against TrueFlip: Multiple sources document fraud complaints and scam accusations against TrueFlip. The platform’s sudden closure and redirection to RakeBit appear directly linked to mounting reputational damage. By migrating the player base to RakeBit under a new brand and Anjouan license, operators attempted to distance themselves from TrueFlip’s tainted reputation while retaining the same beneficial ownership structure.​

Scam Allegations Against RakeBit

RakeBit is now accumulating its own fraud complaints. On BitcoinTalk, users report account seizures and withdrawal denials:

$30,000 Seizure: One player alleges RakeBit seized $30,000 and ignored all inquiries.​

$833.83 Scam: Another user reports RakeBit confiscated $833.83 after profitable sports betting, with the account frozen without explanation.​

$12,000 Withheld: A third complaint documents RakeBit withholding $12,000 in winnings.​

These complaints mirror the classic pattern of “no-KYC” casinos that accept deposits freely but invoke arbitrary compliance checks or terms violations when players attempt significant withdrawals.

United States Targeting: 90% Traffic from Prohibited Jurisdiction

Traffic Intelligence Analysis www.rakebit.com for Sep 2025 (Source: Similarweb).

Traffic intelligence analysis via Similarweb reveals that approximately 90% of RakeBit’s visitors originate from the United States—a market where RakeBit holds no license and cannot legally operate. This traffic composition is not accidental; it reflects deliberate targeting of U.S. customers through VPN-friendly access and crypto-payment rails that circumvent traditional banking restrictions. MoonPay and Changelly’s facilitation of U.S.-based transactions makes them direct enablers of illegal gambling under U.S. federal and state law.​

RakeBit Key Data Overview

Category | Details
Website | rakebit.com
Current Operator | Innovex Tech Holdings Ltd (Anjouan, Comoros)​
Previous Operator | TECH GROUP BL LIMITADA (Costa Rica, reg. 3-102-880902)​
Payment Agent | Novaflow Processing LTD. Company number: HE 454267. Address: Archiepiskopou Makariou III, 84, office 1, 6017, Larnaka, Cyprus.
Connected Entity | TrueFlip.io / Blockchain Games N.V. (Curaçao)​
Ultimate Beneficial Owner | Konstantin Katsev (based on whistleblower intelligence)​
License | Anjouan Gaming (Union of Comoros)​
KYC Policy | No KYC for gambling; marketed as “No-KYC Casino”​
Payment Facilitators | MoonPay Ltd, Changelly​
Primary Traffic Source | ~90% United States (prohibited jurisdiction)
Scam Allegations | Multiple BitcoinTalk complaints: $30K seizure, $12K withheld, $833 confiscated​
Restricted Markets Accepting | Italy, Germany, UK, United States (verified November 6, 2025)
TrueFlip Status | Closed; redirects to RakeBit (November 6, 2025)​

Compliance Assessment: High-Risk, Multi-Jurisdictional Violations

RakeBit‘s operational model violates gambling laws in the EU, UK, and United States. Its “No-KYC” marketing directly contravenes anti-money laundering regulations. Payment facilitators MoonPay and Changelly bear direct responsibility for enabling these violations by processing transactions for an unlicensed operator explicitly targeting restricted markets. The Anjouan license provides legal cover in name only—it offers no meaningful regulatory oversight, player protection, or dispute resolution comparable to MGA, UKGC, or U.S. state regulators.

Call for Information: Contact Whistle42

Do you have inside knowledge of RakeBit, TrueFlip, Konstantin Katsev, or the entities behind these operations? Have you been defrauded by RakeBit or experienced withdrawal issues? FinTelegram and our partners seek additional information on beneficial ownership structures, payment processing relationships, and regulatory evasion tactics.

Submit confidential tips via Whistle42, our secure whistleblower platform. Your information helps protect players and hold operators accountable. All submissions are encrypted and handled with strict confidentiality.