PayRate42 News logo

Whistleblower Request – High-Risk Payment Processor SumoPay!

FinTelegram readers know that in our research and reporting, we emphasize high-risk payment processors that, unfortunately, very often act as facilitators of cybercrime organizations and their illegal activities. For this reason, we also founded the cyberfinance rating agency PayRate42 together with partners a few months ago with the mission to list, review, and rate them. Today we would like to know more about the high-risk payment processor SumoPay operating in Asia.

FinTelegram readers know that in our research and reporting, we emphasize high-risk payment processors that, unfortunately, very often act as facilitators of cybercrime organizations and their illegal activities. For this reason, we also founded the cyberfinance rating agency PayRate42 together with partners a few months ago with the mission to list, review, and rate them. Today we would like to know more about the high-risk payment processor SumoPay operating in Asia.

Key Data

Trading nameSumoPay
Business activityHigh-risk payment processor for
Japan and South Korea
Domainhttps://sumopay.io
Legal entitySumoPay Co Ltd (not found)
JurisdictionUnited Kingdom
Related individualKevin Ring (US)
Related entitiesAnimeX Co. Ltd, Famiike Co Ltd,
STA Group Co Ltd
PayRate42 profilelink to profile
AuthorizationNo

Short Narrative

SumoPay‘s website states SumoPay Co Ltd, based in Kent, United Kingdom, as the operator. However, we have not been able to find this company in the UK Companies House.

SumoPay does not provide links to social media accounts of involved persons on its website. This is quite common for the high-risk payment sector unless they work with fake profiles like the iPayTotal Group with OpenUp.Finance, Paypound, Payomatix, or Hawex.

SumoPay is focused on online gambling and sports betting and claims on its website that 145 million transactions are made daily through its payment gateway API. In addition to credit and debit cards, bank transfers are also offered to merchants as a payment option.

Whistleblowers have told us that consumer payments to Asian gaming platforms appear to be manipulated (recoded) and presented as payments for consumer goods. Recoding or relabeling high-risk payment processes is a well-known (and illegal) approach. It is called transactional money laundering.

The company’s CEO is Kevin Ring, a US citizen based in New York.

Share Information

We want to know more about SumoPay, its operators, and its partners. If you have any information, please share it with us through our whistleblower system, Whistle42.

Share Information With FinTelegram

Share:

More Posts

CyberRating Agency PayRate42 announced new compliance criteria for crypto firms

Attention: New Crypto Regulations Prompt New Compliance Criteria At PayRate42!

Cryptocurrencies have been gaining popularity in recent years, with many investors and businesses turning to them as a means of payment and investment. However, with the rise in use of cryptocurrencies, there has also been an increase in regulatory scrutiny. Recently, new crypto regulations have been introduced, prompting CyberRating agency PayRate42 to implement new compliance criteria.

Wise with impressive performance and confirmed Green Compliance rating

FinTech Wise with impressive performance! PayRate42 confirms Green Compliance rating!

PayRate42, the leading cyber rating agency, has recently updated the profile of UK-based fintech giant Wise, reaffirming its “Green Compliance” rating. This update follows Wise’s impressive half-year financial results, showcasing a substantial increase in profits and revenue, driven by favorable interest rates and a surge in customer engagement.

Dutch crypto exchange Bitvavo receives regulatory approval

Dutch Crypto Exchange Bitvavo Received Approval Of Austrian Regulator FMA!

Many experts and investors are preparing for the next crypto bull run expected before the halving in Q2 2024. The approval of US crypto ETFs is also expected, which should pump a lot of money into the crypto segment. Just in time for the expected take-off, the Dutch Bitvavo has received another regulatory license in Austria.

Update on payment processor NomuPay

Update On Payment Processor NomuPay

NomuPay is certainly one of the most interesting high-risk payment processors in Europe. Not because of its technology or its business, but because it has taken over important parts of the Wirecard business and allegedly also parts of the now closed Payvision. Here is an update.