Octopus Pays
Key Data
- Trading Name: Octopus Pays
- Legal Entity: OCTOPUS PAYS LIMITED
- Activities: Payment Services
- Location: Canada
- Regulations: REGISTERED WITH FINTRAC AS MSB WITH MSB REGISTRATION NUMBER M21473478.
- Key People: Raitis Kaucis
Octopus Pays is a financial services provider specializing in offering digital businesses the tools needed to expand globally. Their focus lies in facilitating international money transfers and providing multi-currency business accounts, enabling businesses to operate on a global scale.
Offering
Octopus Pays facilitates money transfers globally, allowing businesses to make SEPA transfers to 33 European countries and international payments to over 170 countries. This extensive reach aids businesses in entering new overseas markets by providing payment processing in local currencies.
Their service includes:
- Payment Accounts
- Multi-Currency Business Accounts
- Free Transfers to Other Users:
Compliance Problem
Octopus Pays is currently facing a significant compliance issue stemming from its association with MinerSale and its key figure, Raitis Kaucis. The compliance concern arises from the alleged involvement of Kaucis in the dubious operations of MinerSale, a venture characterized by reports of non-functional or fraudulent business models during the 2017 cryptocurrency boom.
The controversial nature of MinerSale, labeled as a “phony bitcoin cloud mining site” and a “classic scam,” has raised serious doubts about the legitimacy of associated projects and individuals, including Raitis Kaucis. The urgent call for insider information regarding MinerSale’s operations has intensified the scrutiny on entities linked to Kaucis, including Dexopay.
The potential legal ramifications and the ongoing investigations into Kaucis’s involvement in vanished crypto scams such as GagaPay and Cryptokesh further compound the compliance concerns. Reports suggest that criminal proceedings are underway against Kaucis in multiple countries, raising questions about the overall regulatory adherence and ethical standards associated with Dexopay.
Regulation
Registered as a Money Services Business (MSB) at FINTRAC for:
- Foreign exchange dealing
- Money transferring
- Dealing in virtual currencies
It is imperative to note that while Dexopay is registered as a Money Services Business (MSB) with FINTRAC for foreign exchange dealing, money transferring, and dealing in virtual currencies, such registration does not inherently denote comprehensive regulatory oversight.
People
Related Schemes
- Dexopay: Dexopay is a Toronto-based multi-cryptocurrency wallet, in-wallet exchange, and merchant payment processing API service provider. The Dexopay.com wallet enables individual and business customers to store, send, accept, instantly exchange, and pay with BTC, ETH, and USDT.
Customer review
Trustpilot: 3,9 Stars with 16 Reviews
Conclusion
The recent revelations concerning MinerSale and its links to Raitis Kaucis have prompted a heightened scrutiny of associated ventures, including Dexopay. With a “Red” alert rating, users and stakeholders are strongly advised to exercise caution, conduct thorough due diligence, and be vigilant when engaging with Octopus Pays or its affiliated services. The ongoing call for insider information further emphasizes the collective effort to uncover potential financial misconduct and protect individuals from associated risks.
