Several Lithuanian or Lithuanian-linked fintech companies were involved in a scheme that allowed illegal online casinos to accept bank payments in Europe, mainly in Germany and the Netherlands, according to an investigation carried out by the Lithuanian business newspaper vz.lt.
Some of these companies are owned by or linked to the Swiss-based financial technology group iSun, which has “Lithuanian blood”, and the Lithuanian start-up kevin.
Using data from Similarweb, an NYSE-listed Israeli company that monitors internet traffic, and the VPN, vz.lt recreated and tested a scheme to top up accounts with illegal e-casinos in Europe.
After choosing to top up their account by bank transfer, the gambler was redirected to Bitandpay’s interface. The platform is developed by Veritas Capital, a Swiss-based company that was led by iSun employees Alfonsas Ambrazas until last March.
Ambrazas says the company had “many integrations with various service providers”, including kevin. and Foxpay, but claimed it was not engaged in any illegal activities.
Bitandpay would then redirect the user either directly to the e-banking services of various traditional foreign banks or to payment initiation companies, from which they were then redirected in some cases to Foxpay, which has an e-money institution license. The latter is owned by Ieva Trinkūnaitė, head and shareholder of the iSun group.
Kevin. has assured vz.lt it has not had any business relations with Bitandpay and the iSun group, let alone provide services to e-gambling platforms.
Germany’s gambling watchdog Gluckenspiel Behoerde has confirmed it is aware of Bitandpay, kevin. and Foxpay, as these companies “have attracted attention due to their activities related to illegal gambling”.
Lithuania’s Financial Crime Investigation Service says there are no ongoing investigations against Foxpay at this stage.
Asked whether the central Bank of Lithuania is investigating any of the companies, Vaidas Cibas, director of the central bank’s Financial Services and Markets Supervision Department, said the bank “does not comment on procedural actions”.
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