In the dynamic world of online casinos and gambling platforms, the regulation and transparency of financial transactions are critical aspects that ensure fair play and prevent illicit activities. One such case that has raised eyebrows is the partnership between Unlimit EU Ltd, also known as Unlimit, and 22Betgo, an online casino and gambling platform operated by TechSolutions Group N.V. With its headquarters in Limassol and regulated by the Bank of Cyprus, Unlimit is an e-money institution entrusted with processing SEPA transfers for 22Betgo players.
The Questionable Approach:
As our review delved into the payment processing mechanisms employed by Unlimit for 22Betgo, a peculiar and potentially troubling development came to light. In adherence to the EU Funds Transfer Regulation, which mandates complete and accurate information in bank transfers to combat money laundering and terrorist financing, Unlimit’s approach seems to deviate from the expected norm.
Unlimit directs 22Betgo players, who opt for SEPA bank transfers, to its website for payment instructions. However, rather than instructing players to deposit directly into 22Betgo’s account, Unlimint requests deposits to the bank account of Unlimint PSP FZ-LLC, a company based in the United Arab Emirates. This raises concerns as players are left without a conventional bank receipt demonstrating their deposit to 22Betgo, a requisite under EU money laundering rules.
Complicating matters further, the actual recipient’s name, 22Betgo, is absent from the transfer details. Instead, Unlimit relies on a unique reference number to attribute the payment to the intended recipient. This unique approach to payment processing raises questions about the transparency and accountability of financial transactions within the online gambling industry.
Payment Instruction Details:
The payment instructions provided by Unlimit direct users to deposit funds into the account of Unlimint PSP FZ-LLC at Unlimint EU Ltd in Cyprus. The provided IBAN is CY28902000010000020101008731. Notably, this diverges from conventional practices where players typically deposit funds directly into the account of the online gambling platform, ensuring clarity and traceability of transactions.
Unlimit’s Global Presence and Omission of Cyprus:
Founded in 2009 by Kirill Evstratov, Unlimit boasts a global presence with over 500 employees across 16 offices on 5 continents. However, it’s noteworthy that Unlimit’s Media Kit omits any mention of its operations in Cyprus, where it is regulated by the Bank of Cyprus. This omission raises questions about the company’s transparency and whether it adheres to the regulatory standards set by the jurisdiction in which it operates.
The partnership between Unlimint and 22Betgo, while presenting a novel approach to payment processing, raises concerns regarding transparency, adherence to regulatory standards, and the potential complications for players seeking chargebacks. As the online gambling industry continues to evolve, it is imperative for stakeholders to prioritize transparent and accountable financial practices to ensure the integrity of the sector. Authorities and industry watchdogs may need to closely scrutinize such unconventional payment processing methods to safeguard the interests of players and maintain the overall credibility of online gambling platforms.