UTORG, the shadowy payment service provider behind SoftSwiss‘ vast network of online casinos, has gone through another seismic shift — from Lithuania to Poland. The move is more than just a change of address; it’s a calculated “regulatory arbitrage” strategy that could raise serious red flags for both regulators and financial institutions.

Ilie Cernişev, former CEO of Utorg OÜ (Estonia), now heads Chain Valley Sp. z o.o. in Poland, which has swiftly become the go-to processor for the same gambling giants that once used utPay in Lithuania. As the noose tightens around Virtual Asset Service Providers (VASPs) like UTORG, their quick-footed ability to replatform to jurisdictions with looser regulations is evident in the switch from Lithuania to Poland.

But it’s not just the geographic shift that’s raising eyebrows — it’s the strategic timing of this change. Chain Valley’s rise mirrors utPay’s decline, and the payment rails for SoftSwiss-powered casinos have barely budged. This, experts suggest, isn’t a coincidence.

Key Players Pulling Strings:

Behind the scenes, Ivan Montik, the mastermind at SoftSwiss, along with Pavel Kashuba and Max Trafimovich, are orchestrating a financial juggernaut that continues to skirt regulation while benefiting from SoftSwiss’ casino ecosystem. Together, they’ve created a slippery network that bends — but doesn’t break — under tightening European laws.

The red flags? Chain Valley’s operations present clear AML and CFT risks. Under the guise of “crypto purchases,” offshore casinos are funneling money through payment channels that could be masking illegal gambling activity. The very framework that’s supposed to prevent financial crimes seems to be working against itself.

• “Crypto Purchase” Wrapper: Chain Valley’s payment system disguises deposits as harmless crypto transactions, allowing offshore casinos to slip under the radar of banking institutions and regulators.

• SoftSwiss Connection: Through its partnership with SoftSwiss and FinteqHub, UTORG has positioned itself as a major player in the unregulated online casino world, while effectively moving from one jurisdiction to the next to dodge tighter regulatory controls.

As the MiCA regulations are on the horizon, will UTORG’s ability to play regulatory “whack-a-mole” finally be curtailed? Or will Montik, Kashuba, Trafimovich, and their team continue to exploit this loophole, leaving regulators in their wake?