MIR Group holds various licenses in different jurisdictions:
- The UK FCA regulates RTEKK Limited UK Ltd with reference number 900704.
- UAB RTEKK Lithuania is a regulated agent of PayrNet UAB, authorized by the Bank of Lithuania with registration code 305264430.
- The company also holds a gambling license with the number Nr:2427/26.11.2020 issued by the Romanian National Office for Gambling (NOG).
The MuchBetter solution
Boiler room operators have been using FCA-regulated MuchBetter to make payments to their agents and affiliates via their e-wallets.
The MuchBetter website describes the e-wallet as a means to easily deposit or withdraw money to or from gaming operators. The money is held on e-wallets and not on customers’ bank accounts. One can use the funds on the e-wallets using a MuchBetter MasterCard debit card issued by MuchBetter partner PayrNet (PC42 profile). The e-wallet owners can manage their funds via a smartphone app.
Funds can be sent to other e-wallet owners or spent using a debit card. Funds are transferred in a Peer-2-Peer (P2P) approach between the e-wallet owners without moving money into bank accounts.
specializing in the gaming and forex industry.
The High-risk payment processor MuchBetter recently stopped most provided services for EEA residents. The service disruption came just days after the Bank of Lithuania ordered PayrNet UAB to stop onboarding new clients on allegations of “severe and systematic violations of the Law on Prevention of Money Laundering and Terrorist Financing.”The regulator also ordered to stop the provision of services through the company’s agent UAB MIR Lithuania d/b/a MuchBetter, which may have caused the service disruption.
In June 2023 the Lithuanian regulators have revoked UAB Payrnet’s licence for “gross, systematic and multiple violations” of local laws and have initiated bankruptcy proceedings against Payrnet.
MuchBetter has been exposed as a payment processor for scams and boiler room operators. Moreover, the payment processor recently has been connected to Russian money flows amid the Western sanctions against the Russian financial sector. in addition, due to the new compliance issues with PayrNet, we are downgrading MuchBetter to our Red list.