New Allegations Against SoftSwiss: Indicators of Unlicensed Payment Hub Activity Supporting Illegal Casino Networks

Executive Overview

Whistleblower disclosures and independent investigative publications released in January 2026 allege that SoftSwiss, via its Malta-licensed subsidiary Stable Aggregator Limited (MGA/B2B/942/2022), operates beyond its authorized B2B scope and effectively acts as a centralized payment hub for offshore casino networks targeting restricted jurisdictions. According to these allegations, SoftSwiss enables payment flows for unlicensed merchants and channels player funds—primarily through cryptocurrency rails—to casino operations active in Tunisia, Egypt, UAE, Qatar, Saudi Arabia, Kuwait, Oman, Jordan, Morocco, Lebanon, and Bahrain, where gambling activities are either prohibited or subject to severe legal restrictions.

A technical assessment conducted by Scam-Or Project of casino operators Dama N.V., Stable Tech N.V., Hollycorn N.V., and Romanian payment merchant Novatrix SRL reveals a near-identical payment infrastructure across multiple brands, including Rooli, RollXO, MoonWin, KoruCasino, SpinRise, and others. This consistency supports the hypothesis that SoftSwiss functions not merely as a game aggregator but as a payment orchestration layer operating across multiple jurisdictions. The findings further highlight the involvement of CoinsPaid and CryptoProcessing, crypto processors linked to the SoftSwiss founder network, as core components of this ecosystem.

Whistleblower Claims and January 2026 Publications

Anonymous industry insiders provided Scam-Or Project with detailed allegations asserting that SoftSwiss processes transaction traffic for unlicensed casino operators and facilitates fund routing through crypto-based payment rails into restricted markets. Central to these claims is Stable Aggregator Limited, which holds a Malta Gaming Authority Critical Gaming Supply licence (MGA/B2B/942/2022). The whistleblower alleges that this entity breaches licence conditions by delivering payment-related services to non-approved clients and by enabling transactions associated with blacklisted domains.

In parallel, several online investigative articles published in January 2026 portray SoftSwiss as a large-scale criminal enterprise allegedly involved in money laundering, regulatory circumvention, identity misuse, document falsification, and bonus abuse. Individuals named in these publications include Ivan Montik (SoftSwiss founder), Pavel Kashuba, and Maksim “Max” Trafimovich (SoftSwiss Chief Commercial Officer).

While claims such as a “$10 billion crime syndicate” originate from advocacy-driven sources rather than judicial rulings, multiple structural elements—ownership links, shared payment processors, and regulatory gaps across jurisdictions—are supported by publicly available corporate records and earlier regulatory reviews.

SoftSwiss as a Central Payment Hub: Technical Indicators

Identical Payment Architecture Across Reviewed Casinos

Scam-Or Project conducted live cashier and payment flow analyses of Rooli (Dama N.V.), RollXO (Stable Tech N.V.), MoonWin (Dama N.V.), KoruCasino (Stable Tech N.V.), and SpinRise (Hollycorn N.V.). Although operated by separate corporate entities licensed in Curaçao and Canada (Tobique), all reviewed casinos deploy virtually the same cashier layout and processor stack:

• Open banking: Contiant (Bulgaria) utilizing Yapily infrastructure (UK/Lithuania)
• Instant banking: Perspecteev (France) and ChainValley (Poland, rated ⚫ BLACK “Severe Risk” by RatEx42 for “fake-fiat deposit” schemes)
• Cryptocurrency payments: CoinsPaid and CryptoProcessing (Dream Finance Group)
• Cards and e-wallets: MiFinity, Jeton, Revolut (via open banking), Visa/Mastercard

Captured screenshots show that MoonWin Casino presents Novatrix SRL as the merchant during Contiant/Yapily transactions, while listing Perspecteev SAS and Yapily Connect UAB as intermediaries. Novatrix SRL, based in Romania and licensed by the Tobique Gaming Commission, is described in German-language industry sources as a sister entity to Dama N.V. and a known SoftSwiss platform user.

Key Findings: Payment Rail Mapping

Summary Table

Layered Architecture of the Ecosystem

Casino Operator Layer

Although operated by Dama N.V., Stable Tech N.V., and Hollycorn N.V., all reviewed casinos rely on the same payment infrastructure, indicating centralized technical control.

Platform and Orchestration Layer

Through Stable Aggregator Limited, SoftSwiss provides not only game aggregation but also standardized payment integration, effectively positioning itself as a coordination hub.

Crypto Payment Layer

CoinsPaid and CryptoProcessing, both operated by Dream Finance OÜ, appear across all reviewed brands. Ivan Montik is publicly identified as co-founder of CoinsPaid, reinforcing ownership and control links.

Open Banking and Instant Banking Layers

Contiant and Yapily facilitate pay-by-bank flows, while Perspecteev and ChainValley provide instant transfer mechanisms, including high-risk “fake-fiat” patterns flagged by RatEx42.

Compliance and Regulatory Implications

The consistent deployment of the same payment rails—crypto, open banking, instant banking, and e-wallets—across casinos operating under different offshore licences strongly supports allegations that SoftSwiss acts as a centralized payment hub rather than a passive technology supplier.

This structure creates concentrated regulatory exposure points:

• Estonia for crypto processing
• Lithuania for PSD2 open banking
• France for instant SEPA transfers
• Poland for high-risk hybrid mechanisms

Such concentration raises significant AML/CTF and licensing compliance concerns, particularly when combined with whistleblower claims regarding unlicensed merchants and restricted jurisdictions.

CoinsPaid and CryptoProcessing: Control and Allegations

Dream Finance OÜ, registered in Estonia, operates both CoinsPaid and CryptoProcessing. Max Krupyshev serves as co-founder and CEO, while Ivan Montik is publicly listed as co-founder. Prior investigations indicate that these processors emerged as alternatives following the collapse of Wirecard, servicing the same casino network involving Dama, Hollycorn, and related entities.

In April 2025, former Dream Finance director Frédéric Hubin accused CoinsPaid of facilitating payments for illegal SoftSwiss casinos and operating under opaque ownership. These allegations surfaced during the same period as legal proceedings in Cyprus involving CoinsPaid, alongside increased public scrutiny following investigative media reporting on payment and gambling compliance.

MGA Licence Scope and Potential Breaches

Stable Aggregator Limited holds an MGA Critical Gaming Supply licence, permitting technical and game aggregation services for approved, licensed B2C operators. The licence framework restricts service provision to vetted clients and imposes strict AML/CTF obligations.

Whistleblower allegations claim that Stable Aggregator exceeds this mandate by enabling payment processing for unlicensed casinos and routing funds to prohibited markets. While no public MGA enforcement action has been recorded as of January 2026, the uniform payment architecture and ownership links justify regulatory examination.

Risk Indicators Consistent With Illegal Gambling Typologies

• Custom payment platforms masking gambling transactions as consumer payments
• Licensing arbitrage using offshore jurisdictions with limited oversight
• Crypto-fiat bridges designed to eliminate chargeback leverage
• Uniform cashier infrastructure across ostensibly independent operators

Conclusion

Based on whistleblower disclosures, live payment flow analysis, ownership mappings, and prior regulatory findings, the evidence indicates that SoftSwiss operates as a centralized payment hub for its affiliated and white-label casino network. The deep integration of CoinsPaid and CryptoProcessing, combined with standardized open-banking and instant-banking rails, demonstrates a unified payment architecture extending beyond traditional B2B game aggregation.

Share Information

Scam-Or Project is preparing a comprehensive intelligence report on SoftSwiss and its alleged role in offshore casino payment orchestration. Additional documentation and insider information are welcome.

Who May Contribute

• Current or former staff, contractors, or partners of SoftSwiss, Stable Aggregator Ltd, Dream Finance, Dama N.V., Hollycorn N.V., Stable Tech N.V., Novatrix SRL
• Payment, compliance, or AML professionals familiar with these payment flows
• Players who used CoinsPaid, CryptoProcessing, Contiant, Yapily, Perspecteev, ChainValley, MiFinity, or Jeton at SoftSwiss-powered casinos

What Information Is Useful

• Internal documents, contracts, onboarding or risk files
• Screenshots or statements showing merchant discrepancies
• Evidence of operations in prohibited jurisdictions
• Ownership or control links between SoftSwiss and payment intermediaries

Please submit materials via the Scam-Or Project whistleblower section. Anonymous submissions are accepted.