Key Data

• Trading Name: PayDo
• Legal Entity: Ecommerce Technologies Ltd
• Activities: e-Money Institution
• Location: Essex, UK
• Regulations:FCA with reference no 900916/FinTRAC-registered MSB
• Key People: Serhii Zakharov (LinkedIn)
  Oleg Pikarevskyi (LinkedIn)
  Matvii Mikhnevych (LinkedIn)
  Ivan Pronchenkov (LinkedIn)

PayDo is the trading name of the FCA-regulated e-Money Institution Ecommerce Technologies Ltd. The company was founded in 2016 by the Ukraine Serhii Zakharov.

Offering:

PayDo, an FCA-regulated e-Money Institution, provides IBAN accounts, e-wallets, and merchant services. For low-risk merchants, PayDo offers eWallets for an initial fee of €100 with no ongoing costs, while high-risk merchants pay an initial fee of €500 and a monthly €100. Transaction fees range from 2.5% plus €0.25 upwards.

Compliance Issues:

PayDo, and its counterpart PayOp have been captured facilitating payments for the offshore crypto casino Gamdom. Although they are regulated entities, their involvement with Gamdom, which does not have proper regulatory approval in the European Economic Area (EEA), raises significant compliance concerns.

Under the umbrella of Ecommerce Technologies LTD and Paydo Canada LTD, PayDo’s CEO, Sherii Zakharov, is based in London, while key operational staff are based in Ukraine. Their collaboration with Gamdom involves the processing of payments for gambling activities targeting players from jurisdictions without regulatory approval.

This relationship highlights potential regulatory risks associated with payment processors working with unlicensed gambling operators. Despite the regulatory oversight of PayDo, its involvement in processing payments for Gamdom underscores the need for regulators to review such partnerships to ensure compliance with international regulations and prevent unauthorized gambling activities from exploiting regulatory loopholes.

Key Person:

Sherii Zakharov, CEO – based in London. Operational staff, including Oleg Pikarevskyi, Matviss Mikhnevych, and Ivan Pronchenkov, reside in Ukraine.

Conclusion:

Due to compliance issues arising from their involvement with Gamdom, PayDo has been downgraded to ORANGE. Regulators should scrutinize such partnerships to ensure compliance with international regulations and prevent unauthorized gambling activities from exploiting regulatory loopholes.