SoftSwiss Under Scrutiny: New Allegations of Illegal Operations and Regulatory Breach
Newly surfaced allegations against the SoftSwiss group are stirring the waters of the iGaming industry, with claims of unlicensed payment processing, money laundering activities, and systemic regulatory evasion. Investigative reports from whistleblowers and independent news outlets in January 2026 suggest that SoftSwiss, through its Malta-based subsidiary Stable Aggregator Limited, is allegedly operating as an illegal payment hub for casinos running operations in prohibited jurisdictions.
The Malta Gaming Authority (MGA) has licensed SoftSwiss under the critical gaming supply license MGA/B2B/942/2022, which was initially intended for game aggregation services only. However, reports now claim that SoftSwiss has stretched the boundaries of its license to function as a central payment hub, facilitating financial transactions for casinos targeting markets where gambling is either heavily restricted or outright banned. These markets include countries in the Middle East and North Africa (MENA) region, such as Egypt, Tunisia, Saudi Arabia, Qatar, and several others.
A deep dive by FinTelegram, an investigative platform, into payment processing infrastructure across several online casinos has uncovered a disturbing pattern of similarities. Specifically, operators such as Dama N.V., Stable Tech N.V., and Hollycorn N.V.—companies that seemingly have no direct connection—have been found using nearly identical payment processing channels. These payment processors, including CoinsPaid, CryptoProcessing, and others linked to SoftSwiss, are allegedly moving funds through cryptocurrency channels into high-risk and prohibited jurisdictions.
Sources within the iGaming industry claim that SoftSwiss’s role extends far beyond just a simple game aggregator and that its infrastructural setup is enabling illegal activity, ranging from money laundering to fraud. In particular, the presence of crypto payment processors like CoinsPaid, a platform co-founded by SoftSwiss’ Ivan Montik, has raised several compliance red flags. Despite SoftSwiss’s claims of working within regulatory frameworks, these findings raise serious questions about the company’s role in facilitating illegal gambling.
Alleged Payment Hub: A Systematic Evasion of Regulations?
A close look at the payment systems involved suggests that SoftSwiss, under its Stable Aggregator Limited entity, may be operating a more sophisticated financial architecture than publicly acknowledged. The evidence gathered points toward a centralized, orchestrated payment hub that connects a multitude of casino operators via cryptocurrency and open banking systems. According to reports, SoftSwiss uses a standard set of payment rails across these operators, irrespective of their location or legal status, which further solidifies the suspicion of its involvement in illegal money transfers.
Cryptocurrency payment processors like CoinsPaid and CryptoProcessing, which are under the control of Montik’s extended network, have been found to facilitate these illicit transactions. Moreover, payment entities like Yapily and Contiant, which are linked to the SoftSwiss platform, have been directly implicated in channeling funds to casinos operating in restricted jurisdictions such as Tunisia, Egypt, and Morocco.
The investigation further highlights that even though these operators claim to be independent businesses with separate legal registrations (e.g., Dama N.V. and Stable Tech N.V.), they appear to rely on the same SoftSwiss ecosystem, sharing nearly identical payment and cashier interfaces. The platform’s functionality, designed to aggregate game services, has evidently been re-engineered to function as an illegal payment conduit.
Whistleblower testimony and regulatory analysis point to systemic violations of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) laws. SoftSwiss allegedly bypassed stringent regulatory frameworks by moving funds through multiple countries, including Estonia and Lithuania, which have been criticized for weak oversight in financial transactions related to gambling.
Key Figures: Montik, Kashuba, and Trafimovich Under the Spotlight
The allegations have placed several high-profile figures in the crosshairs, notably Ivan Montik, the founder of SoftSwiss; Pavel Kashuba, the Chief Financial Officer; and Maksim Trafimovich, the Chief Commercial Officer. These individuals have been implicated not only for their roles in SoftSwiss but also in relation to affiliated companies that facilitate the infrastructure for illegal gambling.
Montik’s involvement with CoinsPaid has garnered particular attention due to the platform’s widespread use in SoftSwiss-powered casinos, as well as its historical connections with shady financial networks. Allegations by former CoinsPaid employee Frédéric Hubin further suggest that CoinsPaid’s links to SoftSwiss could be more intertwined than initially thought. According to Hubin, CoinsPaid was complicit in processing payments for illegal SoftSwiss-backed casinos.
Moreover, prior investigations have uncovered troubling links between SoftSwiss and the now-defunct Wirecard scandal. Documents indicate that Montik, along with Kashuba and Trafimovich, had ties to the company Direx N.V., later renamed Dama N.V., a key player in the SoftSwiss network.
A Wider Industry Concern: Regulatory Deficiencies
The scope of SoftSwiss’ alleged activities underscores a larger problem with the regulatory environment surrounding the iGaming industry. Critics argue that SoftSwiss is capitalizing on regulatory arbitrage, leveraging weak or non-existent licensing to facilitate operations across multiple jurisdictions while hiding behind the legal framework of a Malta-based license.
As of January 2026, no formal enforcement actions have been taken by the MGA against SoftSwiss or Stable Aggregator Limited. However, industry insiders remain adamant that regulatory bodies in both Malta and other affected jurisdictions must take immediate action to investigate the full extent of these operations.
Conclusion
The accusations leveled against SoftSwiss paint a grim picture of the company’s practices and call into question its adherence to international gaming and payment standards. While SoftSwiss maintains that it operates within the legal boundaries, the evidence points to a far more complex and troubling web of unlicensed activities that may have been going unnoticed for years. The involvement of key figures such as Ivan Montik, Pavel Kashuba, and Maksim Trafimovich only adds fuel to the fire, as the investigation into this alleged illicit empire intensifies.
The case serves as a stark reminder that even in a regulated sector, companies that claim to operate transparently can sometimes be hiding dark secrets just beneath the surface. Whether these claims will result in legal consequences for SoftSwiss remains to be seen, but one thing is clear: the gambling industry must tighten its oversight to prevent similar activities in the future.
