Key Data

• Trading Name: CryptoPayIn
• Legal Entity:  Navasu OÜ
• Activities: Cryptocurrency exchange platform
• Location: Estonia
• Regulations: FIU licence
• Key People: Kostas Konstantinou and Jekaterina Soldateva

CryptoPayIn is operated by Navasu OÜ, a licensed Estonian crypto payment processor established in October 2019 (register data). Since October 2020, the company works with a license to operate virtual currency services. The registered directors are Kostas Konstantinou and Jekaterina Soldateva.

CryptoPayIn uses the very same white-label solution as, for example,

• Bitxtech (PC42 profile), powered by the also FIU-licensed CryptoFactory OÜ,or
• XChangePro, operated by BitConvert Ltd in Malta. XChangePro has been offline for weeks now.

The procedures for registration and onboarding of new clients on these platforms (and most likely some others too) are identical. These platforms also have in common that they appear in numerous scams as payment facilitators – often in combination with Praxis Cashier.

Compliance Problems

CryptoPayIn facilitated the Financial Resident broker scam. Apparently, this scam is directly connected to CryptoPayIn via API. The data submitted by the potential scam victim during registration is automatically sent to the payment processor.

To make the story a bit more complicated, it has to be mentioned that CryptoPayIn is hidden behind the “TechnoPay” payment option in the Financial Resident Scam.

Conclusion

If you register directly with CryptoPayIn, you have to go through a multi-stage verification process, including the usual KYC data (proof of ID, proof of residency). This is clean and AML compliant. Those who come via the Financial Resident scams, on the other hand, apparently do not have to register. Based on the payment processor’s involvement in scams we included it in our “Black Compliance Light” list.

Last update: 2 May 2022