OSL Pay’s EU Gateway Model: How an Italian VASP Anchors MEXC and WEEX Card Flows

Executive Summary

OSL Pay, headquartered in Milan and controlled by Hong Kong–listed OSL Group Limited, promotes itself as a MiCAR-aligned crypto on-ramp within the European Union. Simultaneously, it delivers core card and wallet payment rails to offshore exchanges MEXC and WEEX—platforms that solicit EU clients without being publicly listed as MiCAR-authorized CASPs and that have appeared on regulatory warning lists.

This configuration creates a structural contradiction: an Italian VASP operating under MiCAR’s transitional framework acts as the primary fiat gateway for trading venues that sit outside the EU’s prudential and investor-protection regime. The result is what can be described as an EU “on-ramp paradox.”

Core Observations

• OSL Pay S.R.L. (formerly Saintpay S.R.L.) was founded by Teo Jing Wei and later acquired by OSL Group Limited through OSL MidasPay Limited (BVI), becoming an indirect wholly owned subsidiary.
• The company operates from Milan under MiCAR’s transitional regime and is seeking full CASP authorization in Italy.
• In July 2025, OSL Pay enabled card-based crypto purchases for MEXC users; in September 2025, Apple Pay and Google Pay were embedded into MEXC’s Quick Buy flow.
• WEEX publicly confirms integration of the “OSL Payment Channel,” redirecting users to OSL Pay to complete Visa, Mastercard, Apple Pay, or Google Pay transactions.
• The Quick Buy interfaces of MEXC and WEEX show almost identical layouts, instructions, and UX flows, indicating reliance on the same technical infrastructure.
• January 2026 traffic data shows roughly 83% of osl-pay.com referrals originated from weex.com and about 12% from mexc.com—approximately 95% combined.
• MEXC and WEEX are not publicly listed as MiCAR-authorized CASPs in EU registers.
• European regulators have issued warnings regarding MEXC and WEEX or affiliated domains for operating without required authorization.
• In early 2024, BGX Group invested approximately HK$710 million (around US$90 million) in OSL Group, acquiring about a 30% stake ahead of the European expansion.

Together, these facts depict a payment architecture in which OSL Pay functions as the dominant EU fiat access layer for two offshore exchanges operating beyond MiCAR authorization.

A Shared Payment Backbone

A close examination of payment journeys on MEXC and WEEX reveals the same operational core—OSL Pay.

Key similarities include:

• MEXC explicitly referencing OSL Pay alongside Apple Pay and Google Pay in promotional materials.
• WEEX identifying OSL Pay as its preferred card payment channel.
• Near-identical Quick Buy interfaces, including instructional wording and screen layout.
• Parallel checkout logic and payment selection modules.

This overlap suggests not merely comparable design but shared infrastructure. Referral concentration supports this conclusion: in January 2026, nearly all identifiable desktop referral traffic to osl-pay.com originated from weex.com and mexc.com.

Such traffic concentration implies that OSL Pay’s European activity is heavily, if not predominantly, tied to these two exchanges.

Further background is available via the OSL Pay compliance listing on RatEx42.

Corporate Evolution and MiCAR Positioning

OSL Pay traces its origins to Saintpay S.R.L., incorporated in March 2023. According to Hong Kong Stock Exchange filings, Saintpay was described as the “Italian Target Company” to be acquired by OSL MidasPay Limited, a BVI vehicle wholly owned by OSL Group Limited (HKEX: 0863).

After completion of the acquisition, Saintpay—renamed OSL Pay—became an indirect subsidiary of OSL Group. Italian fintech publications reported that OSL Pay opened an office in Milan and appointed Orlando Merone, formerly associated with Bitpanda and Circle, as General Manager for Europe.

Italian media coverage portrays OSL Pay as:

• Operating under MiCAR’s transitional regime,
• Seeking full CASP authorization from the Bank of Italy and CONSOB,
• Acting as a regulated bridge between card payments and digital assets.

However, these public narratives do not elaborate on the company’s operational links to offshore exchanges such as MEXC and WEEX.

Lithuanian and Canadian Extensions

Between late 2024 and early 2025, OSL Group expanded its regulated footprint by acquiring additional entities from Teo Jing Wei.

MultiExchange UAB holds VASP registration in Lithuania. MultiExchange Canada Limited is registered as a Money Services Business with FINTRAC.

The filings (including the Europe SPA dated December 9, 2024, and amendments in January 2025) indicate that the strategic value of these acquisitions lay in their existing regulatory approvals, enabling OSL Group to leverage established authorizations rather than pursue entirely new licenses.

As of February 16, 2026, MultiExc.com was not operational, and its LinkedIn link redirected to the OSL Pay account.

Integration with MEXC and WEEX

In July 2025, OSL Pay and MEXC announced the launch of credit and debit card on-ramp services, allowing users to purchase crypto via Visa and Mastercard through OSL’s infrastructure. In September 2025, Apple Pay and Google Pay were added to MEXC’s Quick Buy flow (source: prnewswire).

MEXC marketing pages continue to highlight campaigns such as “Buy XAUT or PAXG via OSL Pay, Google Pay or Apple Pay,” underscoring OSL Pay’s central role in its payment stack.

WEEX adopted a nearly identical model. A November 2025 WEEX publication describes integration of the “OSL Payment Channel,” noting that users selecting OSL Pay are redirected to OSL’s environment to complete transactions via Visa, Mastercard, Apple Pay, or Google Pay.

The convergence in language, design, and process suggests a unified payment architecture rather than separate implementations.

Referral analytics reinforce this conclusion: in January 2026, roughly 95% of visible referral traffic to osl-pay.com derived from MEXC and WEEX combined.

Regulatory Context and Structural Tension

Neither MEXC nor WEEX appears in publicly accessible MiCAR CASP registers. MEXC operates primarily from Seychelles, with MEXC Estonia OÜ registered in Estonia. Yichen Peng is listed in the Estonian commercial register as manager and beneficial owner. However, this Estonian entity is not disclosed as the operating company on MEXC’s main trading domains.

A pre-MiCAR Estonian registration does not grant automatic EU passporting rights under the new regulatory framework. Offering crypto-asset services across EU markets requires appropriate MiCAR-compliant authorization.

European supervisory authorities have issued warnings regarding MEXC and WEEX or related domains for operating without local authorization and offering high-risk derivatives to retail clients. While OSL Pay is not named in these warnings, the exchanges themselves are described as operating outside regulated perimeters.

Against this backdrop, OSL Pay’s positioning as a compliant Italian gateway creates a governance tension:

• On one side, the company seeks CASP authorization and emphasizes regulatory compliance.
• On the other, it provides fiat access infrastructure to exchanges lacking MiCAR authorization and subject to warnings.

This arrangement enables offshore platforms to present EU users with local card and wallet options while core trading and custody activities remain outside EU prudential oversight.

Capital Injection and Expansion Strategy

In early 2024, BGX Group invested approximately HK$710 million (around US$90 million) into OSL Group, acquiring roughly a 30% stake. Following this investment, OSL accelerated the structuring of its European subsidiaries, including OSL Pay, and expanded its EU-facing operations.

The sequence suggests that BGX-backed capital supported a European growth strategy centered on providing payment rails to offshore exchanges targeting EU users.

This development raises broader questions concerning group-level governance, risk tolerance, and supervisory visibility within the EU framework.

Network Overview

Executives include Orlando Merone (Europe General Manager) and Teo Jing Wei, founder of SaintPay and seller of the company to OSL Group.

Call for Whistleblowers

Scam-Or Project regards OSL Pay’s dual function—as a MiCAR-aspirant Italian VASP and as the principal fiat on-ramp for offshore exchanges serving EU users—as a matter of material compliance significance. The heavy concentration of referral traffic from WEEX and MEXC, combined with deep technical integration and mirrored payment journeys, highlights the need for closer regulatory examination of this “on-ramp paradox.”

Individuals with relevant information are invited to submit documentation via the Scam-Or Project whistleblower section.