Over the last 3 years, FinTelegram exposed the Russian-controlled crypto payment processor Payeer as a payment processor for various broker scams. In January 2023, the Estonian FIU considered the revocation of Payeer‘s crypto license due to identified deficiencies. However, Payeer decided to renounce their license voluntarily and registered as a crypto service provider in Lithuania. We found more information about the related individuals and company history.
The Payeer Timeline
Payeer has been in business for more than 10 years and, during that time, has used a wide variety of companies in different jurisdictions:
- In 2012, Payeer Rus LLC was founded in Moscow by the Russian national Kosolapova Evgenia Nikolaevna The company was liquidated in 2015.
- In 2013, the Payeer website stated Payeer Rus LLC (ООО “ПЭЙЕЕР РУС”) and PB24 Corp registered in Panama as the scheme operators.
- In 2014, Akkord Welt LP was founded in Scotland, where Payeer LLC was registered as a partner. The Russian Elena Kulbikova was registered as the controlling person. This LP was dissolved in 2020.
- In 2014, the website listed Payment Solutions Ltd in the British Virgin Islands as the operator. Mayzus Financial Services Ltd, registered in the UK and controlled by Russian Sergey Mayzus, was listed as the financial services partner.
- In 2015, the website stated that Payeer LLC, registered in Georgia, Payeer LLC, registered in Russia, and Akkord Welt LP, registered in Scotland, would be the operators. The office in Tbilisi is indicated as the headquarters. There are also offices in Moscow and Aberdeen, Scotland.
- In 2018, Runwill Sp. z o. o., registered in Poland, is given as the scheme operator.
- In 2019, the new operator was Paycorp Limited in Vanuatu.
- In 2020, Fincana OÜ was stated as a co-operator besides Paycorp Limited.
- In 2021, Payeer obtained a crypto license through Payeer OÜ, registered in Estonia, and became the new co-operator besides Paycorp Limited. The license was voluntarily surrendered to avoid revocation by the FIU.
- In 2023, Payeer UAB registered for a crypto license in Lithuania and became the scheme operator.
Shortly after our Payeer report in March 2021 was published, the company swapped its Estonian legal entity. Fincana OÜ, which until then had been listed as a co-operator alongside Paycorp Limited, Vanuatu, was swapped for Payeer OÜ. The FIU granted a crypto license to this Estonian entity in March 2021 until it was archived in January 2023.
Since then, Payeer has been operating its crypto payment services through Payeer UAB in Lithuania (company register data), where the company registered – and was accepted – by the relevant authority. As director of the Lithuanian entity is the Russian Ekaterina Olegovna Gorshkova.
According to the latest Similarweb statistics, Payeer has the most website visitors from Russia. Between Feb and April 2023, almost 25% of the approximately 15.5 million visitors came from Russia and another 3.76% from Belarus. More than 66% of visitors to the Payeer.cc website come from Russia. They are redirected to Payeer.com.
Payeer users seem to be happy. On Trustpilot, Payeer holds an impressive 4.8-star rating with a corresponding “Excellent” trust level from almost 3,400 reviews.
Changing Control
Until June 2022, the Russian national Liubov Svezhentseva (redacted passport left) has been registered as a director alongside the Estonian Dmitri Allikas. On 3 June 2022, Svezhentseva was replaced by the Estonian Anton Stjopotškin as the ultimate beneficial owner (UBO) following FinTelegram reports.
According to public sources, Svezhentseva is still one of the executives of Payeer.
The Russian Clients
Most Russian-speaking traffic comes from high-risk merchants in the financial and gaming sectors. Payeer is one of the payment processors, for example, in the huge earning platforms Ad Asd, SOCPUBLIC, Express Wallet, or Taxi Money. The “play-to-earn” gaming platform Gemly is also one of Payeer‘s clients, as is the online gaming platform Golden Farm. These platforms are visited by millions of Russians every month.
Similarweb says around 30% of Payeer‘s referral traffic comes from Russian earning and investment platforms.
Share information
If you have any information about Payeer, its partners, and operators, please let us know via our whistleblower system, Whistle42.
