The UTORG Group, a powerful payment facilitator for offshore casinos, has pulled off a slick regulatory maneuver, migrating its operations from Lithuania to Poland amid tighter European rules. But what does this shift really mean? Evidence suggests that the move isn’t just about “changing locations” — it’s about staying one step ahead of regulators while keeping the high-risk money flowing.
Ilie Cernişev, the former CEO of UTORG’s Estonian arm, now runs Chain Valley Sp. z o.o. in Poland. Chain Valley quickly replaced the suspended Lithuanian entity, UAB Utrg (utPay), becoming the primary crypto-to-fiat processor for SoftSwiss’ casino ecosystem — effectively continuing a pattern of regulatory “whack-a-mole.” As offshore gambling faces increasing scrutiny, it seems UTORG’s move is all about exploiting Poland’s more lenient regulatory window.
The Big Names Behind the Curtain:
Ivan Montik, the notorious SoftSwiss founder, and key figures like Pavel Kashuba and Max Trafimovich are at the heart of this puzzle, orchestrating a complex web of connections that stretches from Lithuania to Poland, while leveraging Chain Valley as their new front.
The investigation reveals the following:
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Same Old Game, New Venue: Just as utPay was phased out in Lithuania, Chain Valley took over the same roles, mirroring the same tech stack, and plugging seamlessly into SoftSwiss-powered casinos like LuckyDreams. A shift from utPay to Chain Valley is practically invisible to the players, who remain oblivious to the change in jurisdiction.
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The “Crypto Wrapper” Scam: Chain Valley uses a deceptive “crypto purchase” wrapper to process payments for offshore casinos, making it appear as though players are simply buying crypto — when in reality, they’re depositing into gambling accounts. The payment system hides the true nature of transactions, circumventing national gambling bans.
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The Abu Dhabi Connection: At the core of UTORG’s operation sits the UAE-based UTORG LABS HOLDING LTD, which holds the global rights, IP, and branding — a command center strategically placed in a jurisdiction with looser financial oversight.
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The Weak Spot: AML Risks: Financial regulators should be alarmed — Chain Valley’s crypto services could be a serious vulnerability for transaction laundering risks, as it uses its VASP registration as a veil to facilitate gambling deposits.
As MiCA regulations loom large, will this shifting regulatory game finally catch up with UTORG’s offshore empire? Or will Montik, Kashuba, Trafimovich, and their cohorts continue to manipulate the system?
