MuchBetter

A P2P Payment Platform for high-risk businesses

MIR Group is a high-risk payment processor active with the business name MuchBetter. A special focus of the activity is on the gambling segment but also in the processing of downstream payments for boiler room operators.

 

Key data

Brand MuchBetter
Domain www.muchbetter.com
Legal entities MIR Limited UK Ltd, UAB MIR Lithuania (together “MIR Group“)
Related individuals Israel Rosenthal, Christian Mark Sperring,
Partner PayrNet UAB d/b/a railsbank, Valyuz UAB, Railsbank Technology Ltd
Regulators FCA, Bank of Lithuania, Romanian National Office for Gambling

Regulatory background

MIR Group holds various licenses in different jurisdictions:

  • The UK FCA regulates MIR Limited UK Ltd with reference number 900704.
  • The company also holds a gambling license with number Nr:2427/26.11.2020 issued by the Romanian National Office for Gambling (NOG).
  • UAB MIR Lithuania is a regulated agent of PayrNet UAB, authorized by the Bank of Lithuania with registration code 305264430.

The MuchBetter solution!

For some time now, boiler room operators have been using FCA-regulated MIR Limited UK Ltd d/b/a MuchBetter (www.muchbetter.com) to make payments to their agents and affiliates via their e-wallets. MuchBetter is a high-risk payment processor specializing in the gaming industry.

The MuchBetter website describes the e-wallet as a means to easily deposit or withdraw money to or from gaming operators. The money is parked on e-wallets and not on customers’ bank accounts. One can use the funds on the e-wallets using a MuchBetter MasterCard debit card issued by the MIR Group partner PayrNet d/b/a railsbank. MuchBetter. The e-wallet owners can manage their funds via a smartphone app downloaded from Google Play or Apple Store. Payments are then also possible via Google Pay.

Once the funds are in the MuchBetter e-wallets, they can be quickly sent to other e-wallet owners or spent using a debit card, similar to PayPal. Funds are transferred in a Peer-2-Peer (P2P) approach between the e-wallet owners without moving money on bank accounts. In effect, the MuchBetter P2P ecosystem is a sort of shadow banking system. We exposed MuchBetter as a payment processor for scams and boiler room operators. Thus, we included it in our Orange Compliance list.

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Jurisdiction

United Kingdom, Lithuania

Legal Entities

MIR Limited UK Ltd
UAB MIR Lithuania

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