Key Data

• Trading Name: CoinsPaid
• Legal Entity: Dream Finance OÜ, Dream Finance UAB, Dream Payments Sp. z o.o, Dream Finance S.A.
  
• Activities: crypto payment processor
• Location: Estonia, Lithuania, Poland, El Salvador/Austria
  
• Regulations: Registered crypto firm in Estonia and Lithuania
  
• Key People: Max Krupyshev (LinkedIn)
• News: CoinsPaid
• Latest Updates: 18 Sept 2024
• Domains: https://cryptoprocessing.com/https://coinspaid.com/https://alphapo.net

CoinsPaid is a regulated Estonian crypto payment processor operated by the Estonian DreamsPay OÜ, the Lithuanian Dream Finance UAB, and the Polish Dream Payments Sp. z o.o. This company also runs the crypto payment brand and platform CryptoProcessing (PR42 profile). Max Krupyshev (LinkedIn) is the co-founder and CEO.

CoinsPaid offers wallet services to companies and individuals and, additionally, white-label solutions to other crypto payment processors.

Branches

Their payment gateway helps iGaming companies accept cryptocurrency deposits from any region and instantly credit the player account with an equal amount in the national currency of choice.

One of their major clients is the gambling and sports betting provider FansUnite Entertainment.

Regulation

CoinsPaid is a licensed and regulated cryptocurrency payment provider based in Estonia. The company is registered under Dream Finance OÜ and holds a license from the Financial Intelligence Unit of Estonia to provide cryptocurrency exchange and wallet services. This regulatory status requires CoinsPaid to comply with stringent AML (Anti-Money Laundering) and KYC (Know Your Customer) procedures, ensuring robust risk management and security measures​.

Compliance Issues

An article on anwalt.de reports that the CoinsPaid platform has been exploited by fraudsters to carry out cryptocurrency scams, leading to significant financial losses for victims. While CoinsPaid is a legitimate service, criminals are using it for fraudulent activities. Victims are urged to seek legal assistance, secure their digital assets, and document all transactions. Legal professionals can help recover lost funds and prevent further fraud. The article emphasizes the importance of taking immediate action to protect oneself from such scams.

CoinsPaid has faced significant compliance challenges, with allegations of money laundering, tax fraud, and inadequate regulatory adherence. Investigative reports suggest the company may be involved in processing illicit funds, potentially amounting to hundreds of millions of euros annually, particularly through offshore and illegal gambling platforms. Additionally, CoinsPaid’s operations reportedly overlap with those of another payment processor, AlphaPo, raising concerns about transparency and regulatory compliance. These overlaps include shared infrastructure and compliance departments, as well as simultaneous security breaches. These issues underscore the importance of enhanced oversight and rigorous compliance measures to ensure operational integrity within the crypto payment industry.

Customer Reviews

Google: 5 Stars with 6 Reviews

Trustpilot: 2,8 Stars with 15+ Reviews

Related Individuals

• Alexander Horst Riedinger, Austria (LinkedIn)
• Ivan Montik (personal website)
• Pavel Kashuba
• Maksym Krupyshev, Ukraine (LinkedIn)
• Andrei Koposov, Georgia (LinkedIn)
• Frédéric Georges Hubin
• Svetlana Prussova
• Violaine Champetier de Ribes Christofle
• Hanna Drabysheuskaya
• Aliaksei Kuzniatsou
• Maria Akulenko
• Paata Gamgoneishvili
• Roland Yakovlevich Isaev

News

July 2023 the cryptocurrency platform Coinspaid has suffered an IT security incident in which the attackers captured 37.3 million US dollars. According to the platform’s own information, customers are not affected by the incident.

Conclusion