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.
|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|
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.