Cyprus Real Estate Firm Teams Up with Controversial CryptoProcessing for Payments – Uncovering the Backstory!
Key Collaboration: Dream Hill and CryptoProcessing
On September 19, 2024, the Cyprus-based real estate developer Dream Hill announced its partnership with CryptoProcessing by CoinsPaid to enable cryptocurrency payments for property purchases. While this marks a significant step toward integrating crypto in real estate transactions, it raises concerns due to CryptoProcessing’s controversial involvement in high-risk sectors, including illegal online casinos.
Key Points:
- Dream Hill now supports cryptocurrency payments for real estate purchases.
- CryptoProcessing, operated by CoinsPaid, facilitates these transactions.
- CryptoProcessing processes over €800 million in crypto monthly.
- The company has been linked to high-risk sectors, including illegal gambling, according to Scam-Or Project.
Background: CoinsPaid and CryptoProcessing Network
Dream Hill’s new crypto payments partner, CryptoProcessing, is part of a network operated by Ukrainian CEO Max Krupyshev and Austrian Alexander Horst Riedinger. The entities include:
Legal Entities:
- Dream Finance OÜ (Estonia)
- Dream Finance UAB (Lithuania)
- Dream Payments Sp. z o.o. (Poland)
Interestingly, the name “Dream” also appears in Dream Hill, the Cyprus-based real estate firm. This, combined with the shared address of Krupyshev’s Skylock Investments Ltd and Dream Hill Ltd at the Magnum Business Center in Limassol, raises questions about potential connections between these entities.
Compliance Concerns: High-Risk Involvement
CryptoProcessing has been flagged by the cyber rating agency PayRate42, placing it on their Orange Compliance list due to its involvement in high-risk sectors. The company’s operations reportedly facilitate payments for illegal online casinos, highlighting potential lapses in regulatory adherence.
Compliance Red Flags:
- AML/KYC Practices:
- CryptoProcessing’s AML/KYC standards for high-risk clients, such as illegal casino operators, remain questionable.
- The press release claims necessary checks were performed for Dream Hill transactions, but scrutiny is advised.
- Transaction Process:
- Cryptocurrency is accepted from buyers’ accounts.
- Dream Hill receives the equivalent EUR amount via bank transfer.
- Shared Address and Personnel:
- The Magnum Business Center address links Skylock Investments Ltd, Dream Hill Ltd, Revera Corporate Services Ltd, and 2Plus Audit Ltd.
- Savvas Savva, director of Dream Hill, also owns Revera Corporate Services and 2Plus Audit.
Table: Connections Between Entities
| Entity | Role | Address |
| Dream Hill Ltd | Real estate developer | Magnum Business Center, Limassol |
| Skylock Investments Ltd | Shares held by Krupyshev | Magnum Business Center, Limassol |
| Revera Corporate Services | Corporate services provider | Magnum Business Center, Limassol |
| 2Plus Audit Ltd | Audit services | Magnum Business Center, Limassol |
Statements and Observations
Press Release Insight:
- Initial transactions using cryptocurrency for apartment purchases have been completed.
- AML checks were reportedly applied to both buyers and sellers.
- CryptoProcessing’s role included transferring EUR equivalents to Dream Hill’s bank account.
Scam-Or Project Call for Vigilance:
Real estate firms like Dream Hill must ensure their crypto payment partners comply with global standards to avoid regulatory scrutiny and reputational risks.
Blow the Whistle
Scam-Or Project urges individuals with information about CoinsPaid, CryptoProcessing, and their key figures—Max Krupyshev and Alexander Horst Riedinger—to come forward. Details about their operations and involvement in high-risk sectors could help expose potential risks and protect the integrity of financial systems.
Visit PayRate42’s CryptoProcessing Profile for further insights.
