Key Data

• Trading Name: BitSpider
• Legal Entities: BitSpider OÜ, S8 d.d., INBALO d.d.
  
• Activities: Crypto payment processor
  
• Location: Estonia
  
• Regulations: Estonian FIU-issued crypto license
  
• Key People: Damjan Rejec (UBO), Timur Borissov, Zala Blaznik, Jekaterina Trunin
• Latest news: BitSpider
• Latest update: July 22, 2024

Background

BitSpider, operated by the FIU-licensed Estonian BitSpider OÜ, is a regulated crypto payment processor in Estonia that enables merchants to accept crypto payments while providing security, compliance, and fiat currency settlement services.

BitSpider’s shareholders are the Slovenian companies S8 d.d. (previously SOL 8 d.d.) d.d. and INBALO d.d. S8 d.d. is also the controlling shareholder of the FCA-regulated payment institution My EU Pay Ltd.

Financial Situation

According to the Estonian company register, BitSpider has a share capital of €250,000. The shareholders are investment companies in the tech sector.

In this respect, the financing should theoretically be secured. However, we do not have any details. The annual financial statements for 2023 have not yet been submitted to the Estonian Companies Register and, therefore, cannot be analyzed.

The Offering

BitSpider’s offering as a crypto payment processor is aimed at merchants who want to offer cryptocurrencies as a payment option. BitSpider handles the conversion of crypto to FIAT for a fee of 0.1% and transfers FIAT to merchant accounts.

Compliance Check

The company has held a crypto license issued by the Estonian FIU since 2020.
According to BitSpider’s website, all merchant accounts are verified against the Dow Jones database as part of the KYC process, and all crypto transactions are monitored using advanced due diligence tools

Rating Conclusion

The Crypto Payment Processor is properly licensed. There are no known complaints from customers and no other negative factors. We, therefore, put BitSpider on our Green Compliance and Green Risk list.