MGL Wallet: Probing the Enigmatic Cyprus-Russian Connections

Investigative Collaboration with FinTelegram

Exploring the Cyprus-Russian Connection

The Cyprus-based e-money institution MGL Wallet is under scrutiny for its ties to the MY.GAMES Group, a former division of Russia’s VK Group. This connection raises significant questions, given the geopolitical climate and ongoing sanctions against Russia.

Ownership Ambiguity and Russian Ties

It is unclear who the beneficial owners of MGL Wallet Ltd are. MGL Wallet, regulated by the Central Bank of Cyprus, seems to be linked to the MY.GAMES Group. However, MGL Wallet was not included in the 2022 sale of MY.GAMES to Alex Chachava, a Russian national residing in Cyprus, for $642 million. In August 2023, Russian Interfax reported that VK sold its controlling interest in MGL Wallet for €1 million to an undisclosed buyer in July 2023, yet connections to the MY.GAMES Group persist.

Key Figures

Vadim Rumyantsev, a prominent Russian tech executive and former VK employee, is the Head of Payments for MY.GAMES Group and a director of MGL Wallet Ltd. His dual role suggests a strong link between the two entities. Previously, Rumyantsev headed Money.Mail.Ru, a Russian payment institution part of VK Group.

OpenSanctions Listing

MGL Wallet is listed on the OpenSanctions website as an entity of interest, highlighting its connections to the Russian financial and technology sectors. This listing does not imply legal wrongdoing but underscores the institution’s significant ties to Russia.

The MY.GAMES Sale and Continued Connections

Founded by VK Group, MY.GAMES was sold to Alex Chachava in September 2022. Despite this transaction, MY.GAMES remains under the control of Russian individuals and maintains extensive connections to the Russian ecosystem. Officially headquartered in Amsterdam, MY.GAMES’ primary operations appear to be based in Limassol, Cyprus, according to LinkedIn profiles and media reports.

In 2022, MY.GAMES reported over 700 million registered users and 25 million monthly active users across its portfolio of approximately 80 active games. The company’s significant revenue and user base highlight the strategic importance of MY.GAMES to VK Group, making the low purchase price peculiar.

The Mystery of

The ownership of the prominent domain, acquired by VK Group in 2012, remains unclear post-takeover. This domain and its subdomains facilitate significant payment transactions by Cypriot payment processors such as Unlimit. Notably, the Dutch entity MY.GAMES B.V. was previously known as B.V. until shortly after the takeover, suggesting the domain might belong to MY.GAMES Group.

Analysis of the domains and subdomains reveals that both MY.GAMES Group and VK Group are associated with it. The IP address for the subdomain is the same as that of MGL Wallet (, belonging to the Russian hoster MYCOM AS, part of VK Group. This connection further underscores the intertwined nature of these entities.

Implications and Concerns

The entanglement of MGL Wallet with Russian entities, particularly amid Western sanctions, necessitates greater transparency. This situation underscores the complexities of global financial networks and the importance of vigilant regulatory oversight.

MGL Wallet Compliance Profile