Payeer

Key Data

• Trading Names: Payeer
• Legal Entity: Payeer OÜ, Paycorp Limited
  
• Activities: FIAT and crypto acquirer, payment platform, merchant service provider
• Location: Russia, Estonia, Vanuatu
• Authorization: FNTT (Financial Crime Investigation Service) Lithuania
  VFSC,
  
• Related individuals: Anton Stjopotškin(UBO), Joseph Olatilewa Jaiyeola, Ivan Abramov, Liubov Svezhentseva, Dmitri Allikas, Stanislav Lattu (old)

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 1% for PerfectMoney and 3.9% for credit card deposits. 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 is Paycorp Limited, a company licensed by the offshore regulator Vanuatu Financial Services Commission (VFSC) as a financial dealer.

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.

Offering

Customer Rating 

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 3,200 reviews.

The Russian Clients

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. These platforms are visited by millions of Russians every month.

According to Similarweb, around 30% of Payeer‘s referral traffic comes from Russian earning and investment platforms.

Compliance problems 

• Due to the amendments to the Money Laundering and Terrorist Financing Prevention Act, Payeer had to apply for a license renewal in June 2022. After repeatedly extending the deadline for eliminating the deficiencies, the Estonian FIU found that the controlling individual is not a proper operator. On 17 January 2023, Payeer decided to give up the license – and switch to Lithuania.
• According to FIU Estonia, the owners of Payeer are not eligible for a license. In this respect, it is surprising that the competent regulator in Lithuania, the Financial Crime Investigation Service (FNTT), has accepted the registration of Payeer UAB as a crypto payment processor.
• Related scams:

Capital Letter, FXTradePremiums, Deal Trade
Optimus Markets, Spintop Capital
and counting

News

In February 2023 the Estonian FIU announced that Payeer lost its license. The Estonian FIU revealed deficiencies and the license would have become invalid.According to FIU Estonia, the owners of Payeer are not eligible for a license.

However, Payeer decided to waive its license to avoid the revocation. Now the system operates with a crypto license in Lithuania!

The Conclusion

Payeer holds an Estonian crypto license. 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.