BitMatix is a high-risk payment processor operated and owned by the people behind the collapsed iPayTotal. BitMatix is just one of the iPayTotal successor schemes. There is also CryptoMatix, PayoMatix, and the affiliated Kryptova. Merchants should stay far away from them to avoid financial losses.

BitMatix is operated through UK-registered Bitmatix IO Ltd as well as India-registered Bitmatix IO Pvt Limited (formerly iPayTotal Pvt Ltd). Yuvraj Singh, an Indian, is installed as the director and owner of the UK entity. The directors of the Indian company are Ruchi Rathi and Anurag Pratap Singh. The latter is being sought by the liquidators of iPayTotal Ltd for the purpose of answering unanswered questions surrounding the missing funds and assets.As reported by FinTelegram, there are no funds in iPayTotal Ltd but at least GBP 1.1 million of claims from creditors.iPaytotal was a notorious Indo-British high-risk payment processor that was primarily involved in scams and cybercrime activities. FinTelegram has exposed iPayTotal as a facilitator in dozens of scams. In Nov 2020, iPayTotal Ltd in the UK was ordered by the court to go into insolvency and liquidation. Many millions disappeared in the process. The beneficial owners were Ruchi Rathor, Anirudh Pratap Singh Rathor, and Anurag Pratap Singh. They are currently operating a number of successor schemes through their companies in India and the UK. BitMatix is just one of them.