Key Data

• Trading Name: Bitpace
• Legal Entities: SG Veteris EOOD
  
• Activities: Crypto payment processor
  
• Location: Lithuania
  
• Regulations: EMI regulated by BoL
  
• Key People: Ahmet Cemal Dedeoglu
• News: bitpace
• Latest update: 31 July 2024

Background

Bitpace is one of the two trading names of SG Veteris EOOD, registered in Bulgaria. The other trading name of SG Veteris is Koinal (PC42 profile). Bitpace services are exclusively available to businesses, and their availability can vary or be restricted in certain jurisdictions. The website www.bitpace.com is managed by SG Veteris Europe EOOD, a company registered in Bulgaria.

Briton Ahmet Cemal Dedeoglu controls the company through his Cypriot company SG Veteris Holdings Limited.

The Offering

bitpace offers merchants a payment gateway solution with the respective APIs for receiving FIAt and crypto payments for their goods and services. Merchants have the option to make their withdrawals either in FIAT or crypto.

According to its website, Bitpace has more than 1,000 merchants that process more than 5 million transactions per month.

Compliance Check

The website www.bitpace.com is managed by SG Veteris Europe EOOD, a company registered in Bulgaria under company number 206635600. This company is registered as a virtual assets service provider (VASP) by the National Revenue Agency (NRA) in Bulgaria.

In Lithuania, Bitpace services are operated by UAB SG Veteris Lithuania. This entity is also registered as a VASP in the legal entities registry and supervised by Lithuania’s Financial Crime Investigation Service (FCIS).

In Estonia, the services are provided by SG Veteris Estonia OÜ, authorized to operate as a VASP by the Financial Intelligence Unit (FIU) in Estonia.

Rating Conclusion

Bitpace is registered as a crypto service provider under several regulatory regimes. We discovered It as a payment processor in illegal online casino and gambling schemes and, therefore, put it on our Orange Compliance List.

The risk to merchants appears to be low as we have not found any complaints of concern. We, therefore, put Bitpace on our “Green Compliance” list.