Key Data

• Trading Name: utPay
• Legal Entities: Utrg UAB, UTORG LABS HOLDING LTD
  
• Activities: Crypto payment processor
  
• Location: Lithuania
  
• Regulations: registered as crypto service provider in Lithuania
  
• Key People: Edgar Fukalov 
• News: utPay
• Latest update: 31 July 2024

Background

UAB “Utrg” d/b/a utPay is a fintech company that provides a fiat-to-crypto exchange infrastructure aimed at delivering an excellent user experience. The company is registered in Lithuania as a virtual currency exchange operator and depository virtual currency wallet operator.

The Utorg Card Service is provided in collaboration with Quicko Sp. z o.o. (https://www.quicko.pl/)

utPay non-custodial virtual currency wallet is provided via Utorg Labs Holding Ltd, a company registered in Abu Dhabi.

Financial Situation

We have no information on the financial situation of the company

The Offering

Via the website utPay.io, utPay positions itself as a FIAT/crypto payment gateway for merchants. In addition,

utPay also offers the purchase of cryptocurrency via its website utPay.pro, with bank payments, credit/debit cards, Paysafe cards, Skrill and Neteller available as payment options.

Compliance Check

utPay is registered in Lithuania as a virtual currency exchange operator and depository virtual currency wallet operator.

Customers must carry out KYC when purchasing cryptocurrencies via utPay. This is a green compliance flag.

The website does not indicate the beneficial owners, executives, or team. Social media channels are also missing. The websites do not provide transparent information on prices and fees. Overall, this transparency approach results in an orange flag.

Rating Conclusion

We have discovered utPay as a payment gateway at some illegally operating online casinos. Therefore, we have added the crypto payment processor to our Orange Compliance List. Except for one bad review on Trustpilot, we have not identified any troubling customer complaints, so we have included utPay on our Green Risk list.