The Betify online casino, operated by the Altacore Group, is headquartered in Curaçao and employs various strategies to offer its services globally. A central aspect of this strategy is the use of payment providers such as Altaprime Ltd., Jeton, MiFinity, and Binance Pay, which facilitate transactions with minimal regulatory oversight. In this article, we explore the role of these payment providers and their significance within the Betify network.
Altaprime Ltd. as the Central Payment Processor
Altaprime Ltd., a Cyprus-registered subsidiary of Altacore N.V., plays a crucial role in the Betify network. It acts as the official payment processor for the Betify online casino, even as the group’s activities are managed through numerous additional domains and websites, some of which operate anonymously. Despite the legally questionable structure and the offshore licensing by Curaçao, the Cypriot base of Altaprime Ltd. provides a semblance of legitimacy and offers players a familiar environment for their transactions.
The Role of Open Banking Providers
The network utilizes various open banking service providers such as Volt, Noda, PayOp, and utPay to enable seamless payment processing. These providers promote the advantage of no chargeback risk for merchants using their services, a feature heavily exploited by the casino operators. This is particularly beneficial for players from Germany, Austria, and other EEA countries, as it simplifies their access to the Betify casinos.
Additional Payment Providers: Jeton, MiFinity, and Binance Pay
In addition to open banking providers, the Betify network also leverages well-known payment providers such as Jeton, MiFinity, and Binance Pay. These providers support the facilitation of deposits and withdrawals, offering an additional layer of security for players. The inclusion of crypto payments through Binance Pay further highlights the modern and versatile approach of the network.
Compliance and Legal Challenges
A central issue with the use of these payment providers is the lack of implementation of robust KYC (Know Your Customer) procedures. The anonymously operated websites, such as Betify.do and Betify1.co, increase the risk for players due to unclear operator information and often ambiguous legal jurisdictions. This leads to significant compliance issues, especially in EEA countries and the UK, where strict regulations for online gambling are enforced.
Conclusion
The use of payment providers such as Altaprime Ltd., Jeton, MiFinity, and Binance Pay plays a pivotal role in the operation of the Betify online casino network. These providers offer a wide range of payment options, making access to the casinos more convenient. However, the lack of transparency in the operator structure and failure to adhere to regulatory requirements pose substantial legal and ethical questions. Players should be aware of these risks and exercise caution when choosing to engage with these platforms.