CoinsPaid Review
6.0/10A crypto gateway with around 500 casinos behind it, BitStarz among them: €9.1B processed in 2024, 20+ coins converting into 40+ fiat currencies, and set against that no MiCA authorization, a void Estonian legacy license, and a self-imposed freeze on new client agreements in the EEA or elsewhere.
Our read
- Gambling DNA from the start: the team built the SOFTSWISS crypto module around 2013, BitStarz has run the gateway for years, roughly 500 casinos are on it, and 68% of 2024 revenue came from Curacao clients.
- Volume and profit: €7.9B processed in 2023 rising to €9.1B in 2024, €32.4M revenue, and €23.1M net profit.
- Financial turnaround: a loss-making 2023 turned into €23.1M net profit in 2024, positive equity restored by Q3 2024, and ISO 27001 obtained the same year with security audits by 10Guards and Hacken.
- Under 1.5% per transaction, free setup, no monthly fees, no rolling reserve, and no chargebacks on the crypto rail.
- A complete crypto-cashier stack: 20+ coins into 40+ fiat currencies with rate lock at payment time, mass payouts for players and affiliates, pay-by-link, a business wallet with OTC desk, and a white-label SaaS edition.
- MiCA limbo: no CASP authorization, the legacy FVT000166 void since July 1, 2026, and a June 30 company decision against new clients, accounts, agreements, or marketing in the EEA or elsewhere, with existing ones on wind-down and continuity planning.
- Ownership runs through a single shareholder, with SOFTSWISS incubation behind the company and a multi-entity group map spanning Estonia, a suspended Lithuanian UAB, US and Canadian registration companies, and a new Polish development entity.
- The EEA product narrowed before the freeze: USDT and DAI were delisted for EU clients on March 31, 2025 under ESMA rules, followed by client outflows and a sharp April 2025 revenue decline.
- A fully custodial model: funds sit with CoinsPaid until settlement.
Nobody can actually sign today, so the realistic buyer is a non-EEA crypto casino already processing through CoinsPaid, or an operator willing to park it on a watch list until the Estonian CASP decision lands and onboarding reopens.
Anyone needing to onboard a crypto gateway now, EEA-facing brands above all, plus US or UK regulated operators (MSB registrations carry no gaming weight), operators wanting cards and APMs in the same contract, and compliance teams that cannot absorb the licensing limbo.
Markets & licensing
Estonia's transitional period for legacy crypto licenses ended June 30, 2026, so Dream Finance OÜ's FVT000166 went void on July 1 with the MiCA CASP application still under review at Finantsinspektsioon. The company stopped onboarding new clients, opening new accounts, entering new agreements, and marketing regulated services in the EEA or elsewhere while it waits. What remains active are US FinCEN and Canadian FINTRAC MSB registrations, which are AML filings rather than licenses.
Dream Finance US LLC carries FinCEN MSB registration 31000313808665, and the Alberta-incorporated Dream Finance Processing Inc. holds FINTRAC MSB registration M300000209. Both are registrations that impose AML duties without granting authorization, and there are no state money-transmitter licenses. For US-regulated iGaming these registrations carry no weight, with their practical role being continuity infrastructure for the group's non-EU business.
No Dream Finance entity holds an FCA cryptoasset registration, EMI, or PI authorization. A UK-licensed operator has no compliant route to run player funds through this rail, which was equally true before the Estonian cutoff.
- MiCA CASP (Estonia)EEA
- Crypto-asset service provider authorization under Regulation (EU) 2023/1114 · Application pending at Finantsinspektsioon · activities self-restricted since June 30, 2026
- Estonia FVT000166 (legacy)Estonia
- Virtual-currency service license under the pre-MiCA regime · Dream Finance OÜ · void since July 1, 2026 when the transitional regime ended
- US FinCEN MSBUSA
- Money services business registration, an AML filing, no license attached · Dream Finance US LLC (Delaware) · registration 31000313808665
- Canada FINTRAC MSBCanada
- Money services business registration, an AML filing that stops short of a license · Dream Finance Processing Inc. (Alberta) · registration M300000209
- Lithuania (suspended)Lithuania
- Dream Finance UAB crypto-asset services · All services temporarily suspended
Licensing tier: Until June 2026 this stack ran as an offshore-crypto setup built on an Estonian license. That license is gone, the replacement is pending, and the company has declared itself restricted until the authorization lands.
—
Reach comes from serving the operators' own licenses, overwhelmingly Curacao, which produced 68% of 2024 revenue.
The freeze is self-declared and global: since June 30, 2026 no new clients, accounts, or agreements in the EEA or elsewhere, pending the CASP decision. Existing clients are supported under wind-down and continuity planning.
Methods & rails
What you can reach
Payout rails
Processing features
Integrations & engineering
One contract and one API instead of a separate deal per studio, feed, or PSP. Here's what connects, how fast, and on what stack.
The gateway integrates as an API inside the operator's own cashier, with real-time status updates and settlement at the exchange rate locked when the payment is made. Around it sit pay-by-link for off-session deposits and affiliate payouts, mass-payout batching, and plugins for WooCommerce, Magento 2, PrestaShop, Drupal, Joomla, OpenCart, and Shopify. Merchants clear KYB before signing, integration and setup are free, and a white-label Crypto SaaS edition lets a PSP or large operator run the same stack under its own brand.
Onboarding starts with a manager response within minutes, then come a personalized offer, KYB, agreement, and integration. The sequence is theoretical for new clients while the company is not entering new agreements pending its CASP decision.
Products & tools
One custodial rail carries everything: a gateway that sits inside the operator cashier, pay-by-link for off-session deposits and VIP top-ups, mass payouts for players and affiliates, a business wallet with an OTC desk behind it, and a white-label SaaS edition of the whole stack.
Crypto Payment Gateway
The core product since 2019, with roots in the crypto module the same team built for SOFTSWISS around 2013: 20+ cryptocurrencies accepted in the operator cashier, instant conversion into 40+ fiat currencies at a rate locked when the payment is made, and settlement to the merchant bank account.
- 20+ cryptocurrencies including BTC, ETH, LTC, TRX, SOL, plus stablecoins USDT, USDC, EURC, and USDG
- Exchange-rate lock at payment time across 1,700 pairs
- Instant crypto-to-fiat conversion with payout to the merchant bank account in 40+ currencies
- No chargebacks and no rolling reserve on the crypto rail
- Fees under 1.5% per transaction, with volume discounts
- USDT and DAI unavailable to EU clients since March 31, 2025 under ESMA stablecoin rules
Mass Payouts
Batch crypto payouts to players and affiliates plus pay-by-link flows for off-session deposits, VIP top-ups, and one-off affiliate settlements.
- Mass payouts to players and affiliates in one batch
- Payouts land near-instantly
- Pay-by-link for deposits outside the cashier session
- Minimum amounts set per coin
Business Wallet
A no-integration business wallet for holding and moving crypto balances, with an OTC desk for large conversions, sitting on custodial infrastructure that holds client assets via Binance, Kraken, and Finery.
- Business wallet usable without an API integration
- OTC desk for large settlements
- Client crypto of €117.4M held via Binance, Kraken, and Finery at December 31, 2024
- Client assets segregated
Crypto SaaS
A white-label edition of the processing platform sold as Crypto SaaS, plus a retail point-of-sale product launched March 5, 2026 as part of the pivot toward commerce.
- Ready-to-use payment infrastructure under the buyer's own brand
- Crypto PoS for retail launched March 5, 2026
- Same coin, conversion, and settlement stack as the direct gateway
The history
Longevity in this industry usually comes with a change of owner somewhere in it.
The brand goes back to 2014, and the team built the crypto module for SOFTSWISS as early as 2013. The current corporate structure dates to 2019, when Dream Finance OÜ began operating as a processor in Tallinn and CEO Max Krupyshev, invited into the business by SOFTSWISS founder Ivan Montik, launched CoinsPaid as a standalone company. Two brands run on that entity, CoinsPaid and CryptoProcessing, and by 2026 the group map spanned a suspended Lithuanian UAB, a Delaware LLC with a FinCEN registration, an Alberta corporation with a FINTRAC registration, and a new Polish development company.
Brands & clients on the platform
Corporate
Leadership
Milestones
- 2013
The founding team builds the crypto payments module for SOFTSWISS. The CoinsPaid brand itself starts in 2014.
- 2019
Dream Finance OÜ starts operating as a crypto processor in Tallinn. Max Krupyshev launches CoinsPaid as a standalone company after Ivan Montik invites him into the business.
- 2023
The year closes at a €24.1M net loss, the low point before the 2024 recovery.
- 2024
ISO 27001 is obtained and positive equity returns in Q3. The year ends at €9.1B processed and €23.1M profit.
- 2025
USDT and DAI are delisted for EU clients by March 31 under ESMA rules, with client outflows and an April revenue drop.
- 2026
Jelena Zolotenko joins the Dream Finance OÜ board on June 23 with a MiCA mandate. On June 30 the company publishes its restriction statement and the PHH Group partnership announcement. FVT000166 goes void July 1 with the CASP application still pending and the Lithuanian entity suspended.
Where they're pushing next
- Non-EEA crypto-first operators (the continuing business while EEA onboarding is frozen)
- Retail and e-commerce checkout (Crypto PoS launched March 2026, PHH Group groundwork announced June 2026)
- US and Canada as continuity lanes via MSB registrations instead of licensed expansion
Awards & recognition
Longevity and ownership
Switching vendors is expensive, which makes the company's staying power part of the purchase. What the contract says about your data decides how expensive an exit gets.
CoinsPaid vs alternatives
Most buyers in this market shortlist three or four vendors long before they take a single sales call.
| Attribute | CoinsPaid | CoinGate | Confirmo | B2BINPAY |
|---|---|---|---|---|
| Founded | 2014 | 2014 | 2014 | 2017 |
| Team | 200+ | 50+ | — | 500+ |
| US market | Restricted | Restricted | Restricted | Restricted |
| Pricing | Public | Public | — | Public |
| Currencies | 40+ | 3+ | — | 2+ |
| Coins | 20+ | 20+ | 10+ | 350+ |
| EMI / PI licenses | — | Lithuania | Ireland | — |
| Settlement | Near-instant crypto-to-fiat at a rate locked when the payment is made | Weekly on Standard, weekly or on-request on Enterprise | Bank-account settlements that can be fully automated and recurring, with near-instant crypto settlement | Instant to merchant crypto accounts, T+1 for fiat (USD/EUR) |
| Instant payouts | Yes | — | — | Yes |
Settlement & commercials
CoinsPaid publishes pricing. Those figures are below, and final terms still land in the contract.
Per-transaction fee on processed volume: under 1.5%, with reduced rates for large volumes, free setup, no monthly fees, no rolling reserve, and minimum amounts set per coin.
Fees run under 1.5% per transaction, with nothing upfront, nothing monthly, no reserve, and volume discounts on top. On June 30, 2026 the company stopped entering new client agreements anywhere pending its Estonian CASP decision, so terms are academic for a new merchant until that lifts.
The deal
Money movement
Onboarding path
- 1Start with the regulatory gate: since June 30, 2026 the company is not onboarding new clients or signing new agreements in the EEA or elsewhere while the Estonian CASP application is pending
- 2Contact sales via cryptoprocessing.com
- 3Receive a personalized offer and clear KYB
- 4Sign with the relevant Dream Finance entity
- 5Integrate the cashier API, pay-by-link, or an e-commerce plugin
- 6Configure accepted coins, fiat settlement currencies, and mass-payout flows with the dedicated account manager, then go live with rates locked at payment time
Support & account management
You can't demo service before you sign, so what a vendor puts in writing is the only floor you can hold it to.