New SoftSwiss Allegations: Evidence of Unlicensed Payment Hub Operations for Illegal Casino Networks!

Recent whistleblower reports and online investigative publications in January 2026 allege that SoftSwiss, through its Malta-licensed entity Stable Aggregator Limited (MGA/B2B/942/2022), operates as an unlicensed payment hub and money laundering facilitator for affiliated casino operators targeting prohibited jurisdictions. The allegations assert that SoftSwiss processes payments from unlicensed merchants and routes funds via cryptocurrency to casinos operating in Tunisia, Egypt, UAE, Qatar, Saudi Arabia, Kuwait, Oman, Jordan, Morocco, Lebanon, and Bahrain—markets where gambling is strictly prohibited or heavily restricted.

Read our SoftSwiss reports here.

FinTelegram’s technical investigation of casino operators Dama N.V., Stable Tech N.V., Hollycorn N.V., and Romanian payment merchant Novatrix SRL reveals nearly identical payment rails across all reviewed brands (Rooli, RollXO, MoonWin, KoruCasino, SpinRise, and others), supporting the hypothesis that SoftSwiss functions as a centralized payment orchestration layer beyond its licensed game-aggregation remit. This report analyzes the evidence, identifies structural compliance violations, and outlines the role of CoinsPaid and CryptoProcessing—crypto processors controlled by the SoftSwiss founder network—in facilitating this infrastructure.

Whistleblower Allegations and January 2026 Reports

Anonymous industry sources provided FinTelegram with detailed allegations that SoftSwiss is processing traffic from unlicensed casino operators and routing funds through cryptocurrency rails into jurisdictions where gambling is illegal. The whistleblower specifically claims that Stable Aggregator Limited, licensed by the Malta Gaming Authority under a Critical Gaming Supply licence (MGA/B2B/942/2022), is violating the terms of that licence by providing payment processing services to entities not on its approved client list and facilitating transactions for blacklisted URLs.

Simultaneously, investigative articles published online in January 2026 characterize SoftSwiss as a “$10 billion crime syndicate” engaged in systematic money laundering, regulatory evasion, identity theft, document forgery, and bonus fraud. Key figures named include Ivan Montik (SoftSwiss founder), Pavel Kashuba, and Maksim “Max” Trafimovich (SoftSwiss Chief Commercial Officer).

While the $10 billion revenue figure and “crime syndicate” framing originate from advocacy sources rather than court judgments, the structural elements—beneficial ownership, payment processor integration, and multi-jurisdictional licensing gaps—are corroborated by corporate records and prior regulatory investigations.

SoftSwiss as Payment Hub: Technical Evidence

Uniform Payment Rail Template Across All Reviewed Casinos

FinTelegram conducted live casino reviews of Rooli (Dama N.V.), RollXO (Stable Tech N.V.), MoonWin (Dama N.V.), KoruCasino (Stable Tech N.V.), and SpinRise (Hollycorn N.V.)—operators spanning three distinct corporate entities licensed in Curaçao and Canada (Tobique). Despite nominally separate ownership, all five casinos implement nearly identical cashier interfaces and payment processors:

• Open banking: Contiant (Bulgaria) integrated with Yapily (UK/Lithuania)
• Instant banking: Perspecteev (France) and ChainValley (Poland, rated BLACK “Severe Risk” by RatEx42 for “fake-fiat deposit” schemes)
• Crypto payments: CoinsPaid and CryptoProcessing (Dream Finance Group)
• Card processing and e-wallets: MiFinity, Jeton, Revolut (via open banking), Visa/Mastercard

Screenshot evidence submitted by FinTelegram shows that MoonWin Casino displays the merchant name “Novatrix SRL” during Contiant/Yapily open banking transactions and lists Perspecteev SAS and Yapily Connect UAB as intermediary entities. Novatrix SRL, a Romania-based entity holding a Tobique Gaming Commission licence, is explicitly identified in German-language casino industry sources as a “sister company” to Dama N.V. and a user of the SoftSwiss platform.​

Key Findings from the Payment Rails Analysis

Summarizing Table

Casino Operator Layer

All five reviewed casinos—Rooli, RollXO, MoonWin, KoruCasino, and SpinRise—operate under three distinct corporate entities (Dama N.V., Stable Tech N.V., and Hollycorn N.V.) but share nearly identical payment infrastructure, confirming the use of a centralized SoftSwiss platform.

Platform & Orchestration Layer

SoftSwiss (via its Malta-licensed entity Stable Aggregator Limited, MGA/B2B/942/2022) serves as the B2B platform provider and game aggregator, but the uniformity of payment rails across nominally independent operators indicates it also functions as a payment orchestration hub.

Crypto Payment Layer

Both CoinsPaid and CryptoProcessing are operated by Dream Finance OÜ (Estonia, registration 14783543), which holds an Estonian FIU virtual asset service provider (VASP) licence (FVT000166). These processors appear across all reviewed casinos and are directly affiliated with SoftSwiss founder Ivan Montik, who co-founded CoinsPaid.​

Open Banking Layer

Contiant (Bulgaria) acts as the gateway, routing transactions through Yapily Connect UAB (Lithuania, registration 305602679, Bank of Lithuania licence LB002045), which holds PSD2 Payment Institution authorization for Account Information Services (AIS) and Payment Initiation Services (PIS). Yapily explicitly markets to the iGaming sector and has been documented by FinTelegram as facilitating flows to illegal offshore casinos.

Instant Banking Layer

Perspecteev SAS (France, ACPR-authorized Payment Institution) provides instant SEPA transfer services through its Bridge brand and appears as a merchant name on casino deposit screens. ChainValley (Poland, VASP register RDWW-765) has been rated  BLACK (Severe Risk) by RatEx42 for “fake-fiat deposit” mechanisms that embed crypto purchases within what appears to be a bank transfer interface, obscuring the true nature of the transaction.

Payment Merchant Layer

Novatrix SRL (Romania, Tobique Gaming Commission licence 0000002) appears as the merchant of record for MoonWin Casino deposits and is described in industry sources as a “sister company” to Dama N.V. and a user of the SoftSwiss platform.

Compliance Implications

The systematic deployment of identical payment rails—spanning crypto (CoinsPaid/CryptoProcessing), open banking (Contiant/Yapily), instant banking (Perspecteev/ChainValley), and card/e-wallet processing—across casinos operated by Dama, Stable Tech, and Hollycorn under Curaçao, Tobique, and Anjouan licences strongly supports the allegation that SoftSwiss functions as a centralized payment hub rather than solely a B2B game aggregator.

This architecture enables standardized payment routing that transcends individual casino licensing and creates single points of regulatory exposure at the payment processor level (Estonia for crypto, Lithuania for open banking, France for instant banking, Poland for high-risk hybrid mechanisms), raising material AML/CTF and licensing compliance concerns, particularly in light of the whistleblower allegations regarding processing for unlicensed merchants and prohibited jurisdictions.

Ecosystem: Platform, Aggregator, and Payment Layer

SoftSwiss markets itself as an “ecosystem” comprising casino platform, game aggregator, sportsbook, affiliate system (Affilka), and jackpot tools, with explicit acknowledgment that operators can run casinos on SoftSwiss infrastructure using their own merchant accounts and licences. This architecture allows SoftSwiss to sit adjacent to payment routing even when framing itself as a pure B2B technology provider. Independent industry analyses confirm that SoftSwiss introduced and scaled cryptocurrency payments in online casinos from the early 2010s, positioning the company at the nexus of gaming and payment infrastructure.

German public broadcaster BR and FinTelegram previously documented that SoftSwiss (founded by Ivan Montik) is tightly linked to Direx N.V. (later renamed Dama N.V.), with millions in casino transactions processed via Wirecard before its collapse. An official letter of the Australian regulator, ACMA (screenshot left), confirms the link between Dama/Direx and Montik.

The same investigation identified regulatory correspondence naming Montik and Maksim Trafimovich as the principals behind Direx/Dama and noted that N1 Interactive Ltd (MGA-licensed, Malta) transferred millions to Dama N.V. (Curaçao) within the same network. Industry sources state that “most Dama N.V. casinos are powered by SoftSwiss technology,” including game aggregation, payment processing, and security, and that SoftSwiss helped Dama brands introduce crypto payments broadly.

Hollycorn N.V., incorporated in Curaçao in July 2017, operates on a white-label basis using the SoftSwiss platform across all its casino brands, with player forums and industry databases confirming that Hollycorn casinos share game providers, restricted-game patterns, and bonus mechanics with Dama/Direx and N1 Interactive casinos, consistent with a shared platform or white-label framework.

The Role of CoinsPaid and CryptoProcessing

Ownership and Control Links

CoinsPaid and CryptoProcessing are brands operated by Dream Finance OÜ, an Estonian-registered entity with Max Krupyshev as co-founder and CEO. Ivan Montik’s official website biography identifies him as co-founder of CoinsPaid alongside his role as founder of SoftSwiss, and CoinsPaid is listed as an official partner on the N1 Partners affiliate network website. FinTelegram’s prior investigations established that Dream Finance OÜ/CoinsPaid emerged as Wirecard collapsed, serving as a crypto payment processor for the same Montik-centered casino network that includes Dama, N1 Interactive, and Hollycorn.​

Read our Dream Finance Group reports here.

Allegations of Illegal Casino Facilitation

In April 2025, Frédéric Hubin, former director of CoinsPaid’s Estonian parent Dream Finance OÜ, publicly accused the company of processing payments for “illegal SoftSwiss casinos,” operating with negative equity, and being controlled by Russian beneficial owners Roland Isaev and Paata Gamgoneishvili. Hubin’s LinkedIn post followed his departure from the company and coincided with CoinsPaid’s legal partnership with Payabl in a defamation lawsuit against FinTelegram in Cyprus, raising questions about why a payment service provider under scrutiny in multiple jurisdictions (Belgium, Estonia, Switzerland, Israel, Germany) would align itself with such litigation.

FinTelegram’s April 2025 Rabidi-SoftSwiss Intelligence Report concluded that SoftSwiss operates a “vast money-laundering network” controlled by Russian and Belarusian individuals, with payment processing entities including CoinsPaid and CryptoProcessing found on the payment pages of casinos linked to Rabidi, Dama N.V., Hollycorn, and other operators frequently lacking proper licensing in their target markets. The report identified Cypriot entities—including Tilaros Limited, Tranello Limited, and Mirata Services Limited—acting as payment agents, with Mirata facilitating payments through Binance, raising AML/CTF red flags.

Evidence from Casino Reviews

Screenshot documentation confirms that CoinsPaid appears as a payment option at RollXO (Stable Tech N.V.) and SpinRise (Hollycorn N.V.), while CryptoProcessing is integrated at MoonWin (Dama N.V.) and KoruCasino (Stable Tech N.V.).

The consistent presence of these processors across nominally independent operators—Dama, Hollycorn, Stable Tech—alongside identical open banking (Contiant/Yapily) and instant banking (Perspecteev, ChainValley) rails, demonstrates a standardized payment stack that transcends individual casino licensing and points to centralized orchestration by SoftSwiss as the common platform provider.

MGA Licence Compliance and Jurisdictional Violations

Stable Aggregator Limited holds a Malta Gaming Authority (MGA) licence MGA/B2B/942/2022, categorized as a Critical Gaming Supply (B2B) licence, which legally permits the company to provide game aggregation and related technical services to vetted, licensed B2C operators within the MGA’s regulatory framework. The MGA’s official register lists Stable Aggregator’s approved service providers, which include recognized game studios and technical suppliers but do not publicly disclose the full roster of B2C casino operators to whom Stable Aggregator supplies services.

The whistleblower allegations assert that Stable Aggregator is violating its MGA licence terms by providing payment processing solutions to unlicensed casino operators and routing funds via cryptocurrency to entities targeting prohibited jurisdictions (Tunisia, Egypt, UAE, Qatar, Saudi Arabia, Kuwait, Oman, Jordan, Morocco, Lebanon, Bahrain). MGA B2B licences restrict services to a defined list of approved clients and require adherence to AML/CTF obligations, meaning that processing payments for unlicensed or blacklisted domains would constitute a material breach.

Public MGA enforcement records reviewed by FinTelegram do not currently show disciplinary action against Stable Aggregator as of January 2026, but the structural overlap between SoftSwiss’s marketed “ecosystem” (platform + payment integration), the uniform payment rails observed across Dama/Hollycorn/Stable Tech casinos, and the documented ownership links to CoinsPaid/CryptoProcessing provide reasonable grounds for regulatory inquiry.

Compliance Assessment and Risk Indicators

From a compliance perspective, the allegations against SoftSwiss align with recognized money laundering typologies for illegal online gambling:

1. Custom payment layer construction: Prosecutors in a January 2026 Taipei case identified a $970 million gambling money laundering network that built custom payment platforms to frame illegal gambling deposits as routine consumer payments, weakening risk signals at ingestion.
2. Multi-jurisdictional licensing arbitrage: SoftSwiss-affiliated operators (Dama, Hollycorn, Stable Tech) hold Curaçao and offshore licences with limited regulatory oversight, while targeting EU and other restricted markets without local authorization.
3. Crypto-fiat bridge mechanisms: ChainValley (Poland) has been rated BLACK (Severe Risk) by RatEx42 for “fake-fiat deposit” patterns, where a “bank transfer” user experience resolves as an embedded stablecoin purchase routed to prefilled casino wallets, engineering away chargeback leverage and obscuring the true merchant purpose.​
4. Uniform infrastructure across nominally independent operators: The near-identical cashier templates, merchant names (Novatrix SRL, Perspecteev SAS, Yapily Connect UAB), and payment processor lineup (Contiant, Yapily, CoinsPaid, CryptoProcessing) across Rooli, RollXO, MoonWin, KoruCasino, and SpinRise indicate centralized payment orchestration rather than independent operator choice.

Conclusion

The evidence reviewed by FinTelegram—comprising whistleblower reports, live casino payment flow documentation, corporate ownership links, and prior regulatory investigations—supports the allegation that SoftSwiss functions as an unlicensed payment hub for its white-label and affiliated casino operators. The systematic integration of CoinsPaid and CryptoProcessing, entities co-founded by the SoftSwiss founder network and accused by a former director of facilitating illegal casino payments, reinforces the structural nexus between game aggregation, platform provision, and payment processing within the SoftSwiss ecosystem.

Share Information

inTelegram is currently preparing an in‑depth intelligence report on SoftSwiss and its alleged role as a central payment hub for offshore casinos. We are looking for additional information and documentation from insiders and affected players.

Who we are looking for

• Current or former employees, contractors, or partners of SoftSwiss, Stable Aggregator Ltd, Dream Finance (CoinsPaid / CryptoProcessing), Dama N.V., Hollycorn N.V., Stable Tech N.V., Novatrix SRL, or related entities.
• Payment and compliance professionals who have seen routing patterns, merchant setups, or banking relationships involving these groups.
• Players who have deposited or withdrawn via CoinsPaid, CryptoProcessing, Contiant, Yapily, Perspecteev, ChainValley, MiFinity, Jeton, or similar rails at casinos such as Rooli, RollXO, MoonWin, KoruCasino, SpinRise, or other SoftSwiss‑powered sites.

What kind of information helps

• Internal documents, emails, contracts, onboarding or risk files relating to payment processing for SoftSwiss‑associated casinos.
• Screenshots or statements showing merchant names, bank accounts, crypto wallets, or payment flows that differ from the visible casino brand.
• Evidence of operations in prohibited or unlicensed jurisdictions, or instructions to bypass AML/KYC and gambling rules.
• Any information on ownership/control structures linking SoftSwiss to CoinsPaid, CryptoProcessing, and other payment intermediaries.

Please submit your information via FinTelegram’s whistleblower platform whistle42. You can upload documents and screenshots and, if you wish, remain anonymous.