PayRate42 Conducts Comprehensive and Critical Review of ByPin

PayRate42, a leading authority in financial service reviews and compliance, has conducted an extensive and critical evaluation of ByPin, a prepaid voucher service provider. Several concerns have been identified that potential users should consider.

ByPin, operated by Sureswipe E.M.I. PLC, faces complex challenges involving multiple entity registrations and unclear licensing agreements across different jurisdictions.

Regulatory Insight

Complex Ownership and Licensing:
ByPin's domain and tradename, owned by Berry Solutions Limited in Malta, are licensed to various entities including Sureswipe E.M.I. PLC, Fenix Technology SA, and Prepaid Optimal Solutions SA, complicating compliance with regulatory standards.

Varied Entity Registration:
Entities such as Fenix Technology SAS and Prepaid Optimal Solutions SA, functioning as E-money Distributors for Sureswipe E.M.I. PLC, are registered in different countries, adding layers of regulatory complexity.

Associated Risks:
The involvement of ByPin's payment methods in sectors with compliance issues, like unlicensed online betting platforms, highlights potential risks and the need for stringent regulatory oversight.

Implications for Stakeholders:
This intricate regulatory environment necessitates heightened scrutiny and proactive governance to maintain operational integrity and consumer trust.

Related Schemes

CASHlib, also owned by Berry Solutions Limited, is mentioned in a review of the illegal online venue Atlantis Slots, which operates without a valid betting license in the EEA. This venue uses various payment processors, including CASHlib, to facilitate its transactions. These processors support deposits and withdrawals, enabling Atlantis Slots to continue its operations despite regulatory issues. The review highlights significant compliance and legal concerns, urging caution for users interacting with such platforms.

To access the full report and understand the broader implications for the industry and consumers, visit:

www.payrate42.com/listings/bypin/

8 The Green
19901 City of Dover
Delaware
United States

PayRate42 is a rating agency specializing in payment processors. Our main goal is to protect merchants and consumers by providing transparency through the evaluation and rating of financial service providers. High-Risk Payment Processors (HRPP) operating outside the established regulatory framework are our primary focus.

This release was published on openPR.