RakeBit Compliance Dossier: A “No-KYC” Crypto Casino Active in Restricted Markets

Report date: November 6, 2025

Executive Summary

RakeBit promotes itself as the “best No-KYC Casino,” running a crypto-first gambling platform that explicitly sidesteps identity checks. Testing conducted on November 6, 2025, indicates open, verification-free registration from prohibited EU and UK markets (including Italy, Germany, and the UK) while leveraging tightly integrated on-ramps from MoonPay and Changelly.

Traffic intelligence suggests that close to 90% of visits originate in the United States—where the platform lacks authorization. The brand inherits traffic from the shuttered TrueFlip.io casino, which now forwards users to RakeBit after a wave of scam alerts. Whistleblower material attributes ultimate control to Konstantin Katsev, linking RakeBit with the former TrueFlip operation.

1) Corporate Structure & Beneficial Ownership

RakeBit uses a multi-jurisdictional, low-transparency setup that helps it avoid rigorous oversight:

• Current operating entity: Innovex Tech Holdings Ltd, Hamchako, Mutsamudu, Autonomous Island of Anjouan, Union of Comoros—holder of an Anjouan Gaming license (as disclosed in RakeBit’s Terms).

• Previously disclosed operator: TECH GROUP BL LIMITADA (Costa Rica, reg. 3-102-880902). The migration from Costa Rica to Anjouan reflects jurisdiction shopping for lighter controls.

• Connected operation: TrueFlip.io, formerly run by Blockchain Games N.V. (Curaçao). TrueFlip held Curaçao and Cyprus permissions and operated brands such as Emojino (MGA B2C licensed in 2020). TrueFlip ceased operations in 2025 and now redirects to RakeBit.

• Ultimate Beneficial Owner (UBO): Konstantin Katsev, ex-CMO and co-founder at TrueFlip/True Flip Group, publicly represented the brand at industry events and was involved in launches via the TruePartners affiliate program. The user migration and operational continuity strongly indicate common control.

2) Licensing Posture: Arbitrage & Minimal Supervision

• Anjouan (current): Marketed as fast, inexpensive, and light-touch (typical setup in 2–6 weeks, ~€17,800/year). There is no mandatory AML/KYC enforcement, which is precisely why unlicensed operators gravitate to this jurisdiction.

• Costa Rica (prior): Registration of TECH GROUP BL LIMITADA provides corporate existence but no true gambling regulation or player protection; there are no audits akin to EU standards.

3) Traffic & Market Access

• Prohibited geos admitted: Italy, Germany, UK, and—most notably—the United States.

• U.S. dominance: In September 2025, roughly 90% of site visits came from the U.S. Subsequent test sign-ups on November 6, 2025 succeeded from these restricted regions without verification.

4) The “No-KYC” Promise: AML/CFT & Consumer-Risk Exposure

RakeBit’s selling line—“No-KYC Casino”—is also its key compliance failure. Crypto deposits and withdrawals proceed without identity checks, enabling:

• Potential money laundering and sanctions evasion

• Underage participation

• Obfuscation of player provenance

RakeBit also pushes a sports-wagering product framed as a “prediction market.” New users are prompted to “predict” outcomes on football matches immediately after account creation.

Contradiction at checkout: While RakeBit skips KYC for gameplay, its embedded MoonPay and Changelly widgets do require ID (photo+biometric) when buying crypto with cards—producing a paradox where users verify to acquire funds but remain anonymous while gambling them.

5) Payment Rails: MoonPay & Changelly as Enablers

• Payment agent stated by RakeBit: Novaflow Processing LTD, company no. HE 454267, Larnaka, Cyprus. Cyprus is a known hub for high-risk payment intermediaries serving unlicensed or offshore-licensed casinos.

• Primary tender: Cryptocurrency. The site offers “Purchase Crypto” via MoonPay and Changelly embedded directly into the platform, enabling one-click conversion from fiat to crypto for gambling.

MoonPay
MoonPay Ltd (Seychelles) and MoonPay Ireland Ltd present themselves as regulated in Europe, but have been documented as processing for unauthorized brokers and unlicensed casinos. Scam-Or Project has previously associated MoonPay with facilitation of illegal gambling (including U.S. exposure) and referenced its placement on PayRate42’s Orange Compliance List for such risk patterns. Despite terms banning “unlawful gambling,” MoonPay remains integrated with platforms like RakeBit that apparently target U.S. players.

Changelly
Operating as a crypto exchange service without UK FCA authorization, Changelly is integrated across multiple unlicensed casinos. On RakeBit, it provides frictionless fiat-to-crypto conversion for explicit gambling purposes, clashing with EU and U.S. gambling laws.

6) TrueFlip Linkage & 2025 Shutdown

• On November 6, 2025, TrueFlip.io was non-functional: registration and login were disabled; a single call-to-action directed users to “Play at RAKEBIT now.”

• Scam history: Numerous third-party sources list complaints and scam warnings about TrueFlip. The abrupt closure and forward to RakeBit look like a reputational clean-slate maneuver under a new Anjouan license, while ownership/control appears unchanged.

7) Escalating Player Complaints Against RakeBit

Reports on BitcoinTalk include:

• $30,000 allegedly seized; support unresponsive

• $833.83 confiscated after profitable sports bets; account frozen

• $12,000 in winnings withheld

This pattern mirrors “no-KYC” casinos that accept deposits freely but invoke arbitrary checks or obscure ToS when players attempt sizable withdrawals.

8) Focus on the U.S.: ~90% of Traffic from a Prohibited Jurisdiction

Similarweb-style analytics attribute about 90% of visits to the United States, where RakeBit holds no license. The mix of VPN-friendly access and card-to-crypto on-ramps (MoonPay/Changelly) functions as an evasion layer around banking restrictions—making these processors direct enablers under U.S. federal and state prohibitions.

RakeBit Key Data Overview

Compliance Assessment

Risk Level: High.
RakeBit’s model conflicts with gambling laws across the EU, UK, and U.S. Its “No-KYC” positioning is incompatible with AML/CFT duties. MoonPay and Changelly carry direct exposure by powering transactions for an unlicensed operator that overtly targets restricted geographies. The Anjouan approval offers nominal cover only and lacks player-protection norms comparable to MGA, UKGC, or U.S. state regulators.

Call for Information

Have inside knowledge about RakeBit, TrueFlip, Konstantin Katsev, or their payment relationships and corporate structures? Experienced withdrawal issues or suspected fraud?

Scam-Or Project and partners are collecting documentation on beneficial ownership, processor integrations, and regulatory-evasion tactics. Send confidential tips — submissions are encrypted and handled with strict confidentiality.