Unveiling SoftSwiss: Allegations of Money Laundering and Illegal Casino Networks
SoftSwiss, a Malta-licensed technology provider for the online gambling industry, has come under fire amid involvement in money laundering and operating an unlicensed payment network for illegal casino operations. According to investigative reports and whistleblower testimonies from January 2026, SoftSwiss, under its licensed entity Stable Aggregator Limited (MGA/B2B/942/2022), is reportedly facilitating financial transactions for casinos targeting jurisdictions where gambling is strictly forbidden.
The allegations suggest that SoftSwiss is using its technological platform not just to aggregate games for operators, but to act as a hidden payment processor for a wide network of illegal gambling operations, especially in countries across the Middle East and North Africa (MENA) region. Tunisia, Egypt, Qatar, Saudi Arabia, and other nations with strict anti-gambling laws are reportedly the target markets for these illicit operations.
FinTelegram’s investigation has revealed that SoftSwiss’s platform integrates various crypto processors, such as CoinsPaid and CryptoProcessing, into its payment infrastructure, enabling a smooth flow of funds from illegal casinos into prohibited markets. The investigation also highlights the use of open banking systems and alternative financial services to mask the true nature of these transactions.
An In-Depth Look at the Payment Infrastructure: Evidence of a Centralized Hub
The technical investigation conducted by FinTelegram examined several online casinos that operate on the SoftSwiss platform, including Rooli, RollXO, and SpinRise, all of which are associated with corporate entities like Dama N.V. and Stable Tech N.V. Despite the apparent independence of these entities, the payment systems and cashier interfaces across these casinos show alarming similarities, indicating that they are all powered by the same SoftSwiss infrastructure.
This identical setup strongly suggests that SoftSwiss is functioning as a centralized payment hub, routing transactions through complex crypto-fiat bridges that circumvent traditional financial controls. Sources claim that the SoftSwiss network is leveraging the flexibility of cryptocurrency payments to escape regulatory oversight, and the uniformity of the payment processing methods across multiple operators points to coordinated action at the top.
Key Figures in the Allegations: Montik, Kashuba, and Trafimovich
The investigation has pointed fingers at several key individuals at SoftSwiss, notably Ivan Montik (the company’s founder), Pavel Kashuba (CFO), and Maksim Trafimovich (CCO). These executives are reportedly central figures in both the management of SoftSwiss and the wider operation of CoinsPaid, a cryptocurrency processor that has been directly linked to illegal gambling activities.
Montik’s co-founding of CoinsPaid has attracted significant scrutiny, especially in light of the revelations that the processor is routinely used in SoftSwiss-powered casinos for illicit transactions. In addition to Montik’s direct involvement, the investigations have uncovered how Kashuba and Trafimovich have been connected to Dama N.V. and other companies using SoftSwiss’ services. The trio is facing growing allegations of facilitating illegal money transfers that violate international gaming regulations.
The Bigger Picture: Structural Compliance Failures
The allegations against SoftSwiss highlight significant regulatory gaps in the iGaming industry, particularly in relation to payment processors and their role in facilitating illegal activities. By utilizing crypto-payment services and open banking systems that bypass traditional financial channels, SoftSwiss and its network of affiliates are operating under the radar of regulators.
Moreover, the close ties between SoftSwiss and offshore operators like Dama N.V. and Hollycorn N.V. raise questions about the extent of regulatory arbitrage being leveraged by SoftSwiss and its network. The use of multiple offshore jurisdictions—particularly those with lax regulatory oversight—enables the company to skirt the stringent licensing requirements typically enforced in more tightly regulated markets. By integrating a payment processing infrastructure that seamlessly bridges cryptocurrencies, open banking systems, and traditional fiat services, SoftSwiss is alleged to have crafted a system that is capable of moving vast sums of money while obscuring their origins and destinations. This setup has given SoftSwiss the flexibility to operate in markets where gambling is prohibited or heavily restricted, including jurisdictions like Saudi Arabia, Morocco, and Tunisia.
The critical question now is whether SoftSwiss, despite its claims of regulatory compliance, has been exploiting these legal gaps to its advantage. Investigative experts point out that this model effectively places SoftSwiss in a position to facilitate illegal gambling on a massive scale, using cutting-edge technology to sidestep the very regulations that were put in place to protect consumers and the integrity of the industry.
The Allegations Against CoinsPaid and CryptoProcessing
A key part of this investigation focuses on two payment processors associated with SoftSwiss—CoinsPaid and CryptoProcessing. Both of these entities are operated by Dream Finance OÜ, an Estonian company with links to Montik and other key figures in the SoftSwiss network. CoinsPaid, in particular, has been flagged for its involvement in high-risk activities, with evidence suggesting that it facilitates payments for SoftSwiss-powered casinos operating outside the bounds of regulated markets.
FinTelegram’s previous reports have raised alarms about the involvement of these processors in money-laundering schemes, particularly given their prominent role in transactions for unlicensed casinos. In fact, CoinsPaid and CryptoProcessing are reported to be crucial cogs in SoftSwiss’s broader payment architecture, making them central to the operation of this alleged illicit network.
Both processors have been implicated in facilitating illegal online gambling payments, with some sources suggesting that they have been actively involved in evading regulations by masking transactions and routing funds through alternative payment systems. The fact that CoinsPaid has been repeatedly used in casinos operating in high-risk markets only compounds these concerns.
The Regulatory Fallout: Potential for Increased Scrutiny
While the Malta Gaming Authority (MGA) has yet to take formal action against SoftSwiss, the mounting evidence against the company is hard to ignore. As of January 2026, SoftSwiss’s involvement in the operation of unlicensed payment hubs and its apparent disregard for international gaming and money-laundering regulations have drawn the attention of industry experts, law enforcement agencies, and regulatory bodies across multiple jurisdictions.
The MGA, which has licensed Stable Aggregator Limited under its B2B license, has specific regulations that restrict companies from providing services to unlicensed operators or facilitating financial transactions for businesses that target prohibited markets. If these allegations are proven, SoftSwiss could face severe penalties, including the revocation of its license, hefty fines, and potential criminal charges for money laundering and regulatory violations.
This case underscores the need for tighter regulatory oversight in the iGaming sector, particularly in relation to payment processors and their role in facilitating illicit financial flows. Many experts argue that cryptocurrency-based payment systems are increasingly being used to mask the flow of illicit funds, and regulators are playing catch-up in understanding and policing these complex networks.
Implications for the iGaming Industry
The SoftSwiss case has significant ramifications for the iGaming industry at large. If the allegations are substantiated, it would signal a major shift in the way regulators and law enforcement agencies approach online gambling operations, especially those involving cryptocurrency payments. The use of cryptocurrencies in online gambling has exploded in recent years, and as more operators embrace these payment methods, the potential for abuse also increases.
The involvement of multiple jurisdictions, including Malta, Estonia, Lithuania, France, and Poland, highlights the cross-border nature of these operations and the challenges that regulators face in policing an industry that operates online and often across multiple jurisdictions. To address these challenges, industry stakeholders may need to consider new regulatory frameworks that can more effectively track and control financial transactions, particularly those involving cryptocurrencies, which can be difficult to trace.
Furthermore, the SoftSwiss allegations may serve as a wake-up call for other iGaming technology providers to scrutinize their operations more closely and ensure they are not inadvertently facilitating illegal gambling activities. Companies that rely on cryptocurrency payments or offshore operations must be particularly vigilant in complying with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
Conclusion: A Darker Side of iGaming
The investigation into SoftSwiss paints a troubling picture of an online gambling technology provider potentially operating as a hub for illegal activities. Allegations of money laundering, unlicensed payment processing, and regulatory evasion are serious and warrant thorough investigation by authorities. As the iGaming industry continues to grow, it must confront the darker side of its business model—one where the pursuit of profits may sometimes outpace regulatory compliance.
The involvement of key figures such as Ivan Montik, Pavel Kashuba, and Maksim Trafimovich only compounds the controversy surrounding SoftSwiss. Their roles in the operation of both SoftSwiss and its affiliated companies like CoinsPaid have placed them squarely in the spotlight, and as the investigation continues, it is likely that more details will emerge, shedding light on the true extent of their involvement in this complex web of illicit financial activity.
For now, the industry and regulators are left to grapple with the ramifications of these allegations, and it remains to be seen whether SoftSwiss will face any meaningful legal consequences. The case is also likely to spark further debates about the need for stronger regulation in the iGaming sector—especially in relation to payment systems and cryptocurrency-based transactions—if such operations are to be curbed and prevented in the future.