Key Data

• Trading Names: Payeer
• Legal Entity: Payeer UAB, PAYEER E.A.S.
  
• Activities: FIAT and crypto acquirer, payment platform, merchant service provider
• Location: Paraguay, Lithuania
• Authorization: FNTT (Financial Crime Investigation Service) Lithuania
  
• Related individuals: Anton Stjopotškin(UBO), Joseph Olatilewa Jaiyeola, Ivan Abramov, Liubov Svezhentseva, Dmitri Allikas, Stanislav Lattu (old)
• News: Payeer
• Latest update: July 11, 2024

Payeer is a crypto payment processor and merchant service provider offering accounts without initial and monthly fees. They provide low transaction fees. The deposit fees are significant at 0.5% for Volet and 4.99% for PerfectMoney. Withdrawal fees are 1.99%.

Payeer used to be operated by Fincana OÜ (companies register), an Estonian company with a crypto license from the Estonian FIU until August 2021. After this company lost its license, the Estonian DEVsoftDOG OÜ was renamed Payeer OÜ and continued to run the high-risk payment processor Payeer with an FIU crypto license. The co-operator used to be Paycorp Limited, a company licensed by the offshore regulator Vanuatu Financial Services Commission (VFSC) as a financial dealer.

Sometime in Q2 2024, the operating entity of the Payeer.com platform switched to Payeer E.A.S., a company registered in Paraguay. Allegedly, this South American entity is registered as a crypto services provider in Paraguay.

The Russian Liubov Svezhentseva used to be registered as a director alongside the Estonian Dmitri Allikas. Since April 2022, Estonian Ivan Abramov has been the only registered nominee director. According to the information available, Payeer is controlled by Russian owners.

Customer Reviews

Payeer users seem to be happy. On Trustpilot, Payeer holds an impressive 4.8-star rating with a corresponding “Excellent” trust level from more than 4,000 reviews.

Compliance Check

On July 11, 2024, the Lithuanian Financial Crime Investigation Service (FCIS) announced that Payeer was found to have breached international sanctions laws for more than 1.5 years and imposed a record fine of more than €8.23 million. During this period, Payeer UAB was found to have had at least 213,000 customers and a revenue of more than 164 million EUR.

Most Russian-speaking traffic comes from high-risk merchants in the financial and gaming sectors. Payeer is one of the payment processors, for example, in the huge earning platforms Ad Asd, Express Wallet, or Taxi Money. The online gaming platform Golden Farm is also one of Payeer’s clients. Millions of Russians visit these platforms every month.

Similarweb says around 35% of Payeer‘s website traffic comes from Russia.

The Conclusion

Payeer is registered as a crypto service provider in Lithuania. However, the beneficial owners are not disclosed and the company works with nominee directors and shareholders. Moreover, we have identified Payeer as a payment processor in several scam environments (Capital Letter group) and thus include it in our “Red Compliance Light” list.