Russian-Estonian Payment system aggregator

 Key Data

  • Trading Name: WELLCOINPAY
  • Legal Entity: WELLEX PAYMENT LTD/Wellex Payment OÜ
  • Activities: Payment system aggregator
  • Location: Estonia
  • Regulations: 
  • Key People:

Wellcoinpay is a payment processing platform offering solutions for online businesses to accept a variety of payment methods, including electronic payments, cryptocurrencies, and mobile payments. It targets small to medium-sized enterprises with services such as merchant accounts, internet acquiring, and payment processing.


Their aggregator payment system enables merchants to manage all transactions in one place and accept payments globally using numerous methods. They support payment systems like PayPal, Stripe, Skrill, Neteller, Payeer, Perfect Money, AdvCash, and more. Additionally, they offer cryptocurrency payment options, including Bitcoin, Ethereum, and Litecoin.

Wellcoinpay’s primary service is facilitating online payments through various payment systems. They operate with 20 currencies and 53 payment systems, ensuring broad compatibility and convenience for international transactions.

Compliance Issues

In 2018, a UK limited company was established around the company, which was dissolved again in 2021. The company was established by the Russian-based Israeli Denis Koshiy.


WELLCOINPAY is not regulated by any major financial authority, which is concerning. This lack of oversight can expose users to increased risks regarding transaction security and operational integrity. Regulatory oversight is essential for ensuring strict standards for security and customer protection, and its absence can undermine trust and reliability in the platform. Potential users should carefully consider these risks when evaluating WELLCOINPAY for their payment processing needs.


Based on some inconsistencies around the company, we are classifying WELLCOINPAY in our “Orange Compliance” list

1 review

  1. Just wanted to say Hi.

    Great article. I am dealing with a few of these issues as well..

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