Recent investigations by FinTelegram and PayRate42 have revealed that CASHlib, a prepaid voucher service related to the Maltese Berry Solutions Ltd the the Cyprus E-Money Institution Sureswipe EMI PLC, is acting as a facilitating payment processor for the illegal online casino and gambling scheme Atlantis Slots. The CASHlib scheme enables users to make anonymous payments to high-risk merchants. CASHlib is related to ByPin, another prepaid voucher scheme.
CASHlib Key Issues:
While this prepaid voucher service offers convenience and anonymity, several critical issues have come to light.
- Opaque Ownership and Licensing:
- Berry Solutions Limited, a Maltese payment orchestrator, owns the domain name CASHlib.com and tradename CASHlib. However, Berry Solutions‘ website does not disclose any relationship with CASHlib, raising questions about the scheme’s legitimacy.
- The domain and tradename CASHlib are licensed to multiple entities, including Sureswipe EMI PLC and sites E-Money Distributors (EMD) Fenix Technology SAS(FENIX), and Prepaid Optimal Solutions SA (POS). Notably, Sureswipe EMI PLC, operating as Revsto, fails to mention CASHlib on its website, it is not included in its list of products and services.
- Additional Concerns with ByPin:
- Berry Solutions also owns the domain ByPin.com and the trademark ByPin, another prepaid voucher scheme. These assets are similarly licensed to Sureswipe EMI PLC and Fenix Technology SAS (FENIX), yet neither Sureswipe EMI nor Berry Solutionsdisclose this information on their websites. Additionally, company names are misspelled on these sites, which could indicate either intentional deception or oversight.
- Compliance and Regulatory Gaps:
- According to the terms, CASHlib is operated by Sureswipe E.M.I PLC, an e-money institution authorized by the Central Bank of Cyprus. However, the lack of transparent information about CASHlib’s operational approach and structure poses significant compliance concerns.
- Sureswipe EMI is active as a Revsto and, under CEO Helen Varnava, offers e-money services to private customers and entrepreneurs.
- Customer Feedback:
- As of June 23, 2024, CASHlib has not claimed its Trustpilot profile and holds a 2-star rating with a poor trust level based on 19 reviews.
- Association with High-Risk Industries:
- CASHlib serves high-risk industries, including online gaming, gambling, and entertainment. It is specifically mentioned in reviews related to the illegal online casino Atlantis Slots, which operates without a valid gambling license in the EEA. This association with unlicensed platforms highlights significant compliance and legal concerns.
Given the involvement of CASHlib in potentially illegal online casino activities and its opaque operational structure, PayRate42 has placed CASHlib on our Red Compliance list and Orange Risk list. This categorization indicates a high level of user risk and necessitates caution for anyone considering transactions with CASHlib.