For years, SoftSwiss has publicly positioned itself as a neutral B2B technology supplier — a backend software company providing casino engines, game aggregation, and affiliate tracking tools. However, investigative reporting, whistleblower disclosures, and regulatory analyses increasingly suggest that SoftSwiss may function as something far more consequential: a centralized infrastructure provider enabling unlicensed gambling, opaque financial flows, and systemic regulatory evasion.
At the center of this network stands Ivan Montik, SoftSwiss founder and public face, alongside long-time executive Max (Maksim) Trafimovich and financial architect Pavel Kashuba. Corporate records, court filings, and investigative reporting connect these individuals to a constellation of operational entities including Direx N.V., Dama N.V., Hollycorn N.V., CoinsPaid, CryptoProcessing (Merkeleon), and multiple Curaçao-licensed casino operators.
One of the most serious allegations concerns Stable Aggregator Ltd, SoftSwiss’s Malta-licensed entity, which holds an MGA Critical Gaming Supply licence. Whistleblowers allege that Stable Aggregator did not merely aggregate games but acted as an unlicensed payment orchestration layer, routing player deposits — often via crypto — across dozens of casino brands targeting prohibited jurisdictions in Europe, the Middle East, and North Africa.
Blockchain analysis cited in investigative reports shows repeated reuse of identical payment rails, wallet clusters, and crypto-fiat gateways across supposedly independent casino operators. Critics argue this pattern is incompatible with the claim that SoftSwiss only supplies neutral software. Instead, they describe a hub-and-spoke system, with SoftSwiss and its executives exerting structural control over payments, affiliate traffic, and technical compliance bypasses.
In the murky intersection of cryptocurrency, online gambling, and regulatory oversight, SoftSwiss – a technology provider licensed in Malta as Stable Aggregator Limited (MGA/B2B/942/2022) — now faces blistering allegations that it has operated far beyond a backend software supplier.
Whistleblowers and investigative sources published in January 2026 claim that Stable Aggregator did not merely provide game-aggregation services as permitted under its Critical Gaming Supply licence, but served as an unlicensed payment hub funneling player deposits through crypto rails into casinos targeting jurisdictions where gambling is illegal, including several Middle Eastern and North African states.
Critics point to a pattern of identical payment rails across a cluster of casino brands — Rooli, RollXO, MoonWin, KoruCasino, SpinRise — alleging that this common infrastructure resembles centralized payment orchestration rather than independent merchant processing. Blockchain routes extend through crypto processors such as CoinsPaid and CryptoProcessing — entities tied through corporate documents to SoftSwiss’s founder network.
Regulatory experts warn that routing funds via crypto and open-banking services into markets where gambling is strictly prohibited could breach AML/CTF (anti-money-laundering/ counter–terrorist financing) controls and violate licence terms. Yet as of early 2026, there is no public record of regulatory enforcement action against Stable Aggregator by the Malta Gaming Authority. Whether this infrastructure constitutes innovative technology or regulatory evasion, the allegations threaten to redefine how regulators view iGaming payment layers amid rising scrutiny worldwide.
Despite mounting evidence published by watchdog platforms, no decisive regulatory action has yet been taken by the Malta Gaming Authority — raising further questions about regulatory capture, enforcement paralysis, or information asymmetry.
