They did it again: another press release. FinTelegram dissects the Dream Finance/CoinsPaid network—an Austrian-fronted, Baltic-based crypto processor whose glossy public relations mask a web of gambling interests, Russian capital, and whistle-blower claims of large-scale money laundering. However, the background story is quite different.

5 Key Points

1. CoinsPaid and its sister brand CryptoProcessing are merely labels; the real operations are based in Estonia (Dream Finance OÜ), Lithuania (Dream Finance UAB), and Poland (Dream Payments Sp. z o.o.).
2. The public narrative is driven by CEO Max Krupyshev, a Ukrainian national residing in Germany, while co-founder Ivan Montik controls the financial aspects.
3. Montik also founded SoftSwiss, a major i-gaming platform reportedly dominated by Russian investors.
4. Success stories are disseminated through coordinated press releases, employing a classic “announce-then-repeat” strategy to overshadow risk signals.
5. A former manager has alleged that the group is “used for massive money laundering,” yet regulators have remained largely silent.

Short Narrative

CoinsPaid, promoted as Europe’s fastest-growing crypto payment gateway, operates atop a tri-jurisdictional scaffold of shell entities branded “Dream Finance.” The firm’s relentless cycle of public relations highlights record transaction volumes and new merchant acquisitions, but it glosses over its deep connections to the online gambling powerhouse SoftSwiss, Russian money, and an ownership structure designed for opacity. Behind the celebratory headlines lies a framework tailor-made for regulatory arbitrage.

Extended Analysis

Legal & Licensing Gaps

Estonia and Lithuania issue crypto-asset service licenses with comparatively light anti-money laundering oversight. CoinsPaid takes advantage of these “regtech-lite” jurisdictions while marketing to higher-risk sectors such as gambling, adult services, and high-yield schemes. Poland’s Dream Payments Sp. z o.o. provides an EU payments passport; however, records from the Polish Financial Supervision Authority reveal minimal capital and a skeleton staff, suggesting it functions as a pass-through entity.

Regulatory Blind Spots

Ultimate Beneficial Ownership (UBO) filings list Montik, but the Russian backers behind SoftSwiss remain undisclosed. This is a critical gap given the current EU sanctions frameworks. The public relations efforts act as a form of soft influence; repeated announcements in trade media create a veneer of legitimacy that can mislead compliance officers and journalists alike.

Operational Red Flags

There is a concentration risk as the same technology stack (Merkeleon white-label) operates both gambling platforms and legitimate merchants, blurring the origins of transactions. Although Krupyshev is the CEO, key strategic decisions reportedly require soft sign-off from Montik’s SoftSwiss board, which is a classic indicator of shadow governance.

Actionable Insight

Regulators should conduct an immediate audit of the source of funds for Dream Finance entities and cross-match the merchant flows of CoinsPaid with the payouts from SoftSwiss casinos. A fast-track joint review involving Estonia, Lithuania, and Poland could break through jurisdictional silos and reveal potential sanction breaches linked to hidden Russian interests.