PayRate42 Reviews Criptomy UAB: Raises Significant Concerns

PayRate42, a prominent financial review platform, has conducted an in-depth review of Criptomy UAB, a Lithuanian-registered virtual currency exchange operator and custodian bank. The review highlights significant issues concerning the company's transparency, financial health, and potential involvement in illegal activities.

Company Overview
Founded: 2022
Director and Beneficial Owner: Mariana Achim
Share Capital: €125,000

Financial Situation
In 2023, Criptomy reported revenues close to €293,000 with a negligible profit of about €2,000. Due to a lack of financial transparency, PayRate42 found it challenging to accurately assess the company's financial health.

Service Offerings
Criptomy's basic cryptocurrency exchange platform offers limited value compared to industry leaders like Kraken, Binance, and Coinbase. The minimalistic service offerings fail to meet the standards expected by users.

Customer Reviews and Transparency
Criptomy has only two five-star reviews on Trustpilot, both from first-time reviewers within two days, raising serious doubts about their authenticity. The company's absence on social media and the lack of a visible presence for its director, Mariana Achim, indicate a troubling lack of transparency, warranting a red flag.

Web Traffic and Regulatory Status
Criptomy's website is primarily visited by users from Italy, with traffic referred by dubious websites linked to the Continent Pay network, raising severe concerns. Despite its registration in Lithuania, Criptomy lacks a Markets in Crypto-Assets (MiCA) license. Its registration earns a green flag, but this does little to mitigate other concerns.

Compliance Issues
Criptomy is implicated in facilitating payments for illegal online casinos via the Continent Pay network, resulting in a red flag for compliance risks. Reports indicate that it processes payments through Binance Pay for illegal betting sites, which is a major compliance issue. However, its KYC process is compliant, earning a green flag.

Rating Conclusion
Given the substantial concerns about its transparency, financial health, and involvement in potentially illegal activities, Criptomy UAB receives an Orange Compliance Rating and a Red Risk Rating. Consequently, the company is placed on PayRate42's "Under Review" list.

For more details, visit:
www.payrate42.com/listings/criptomy/

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.