Key Data

• Trading Name: Criptomy
• Legal Entities: Criptomy UAB
  
• Activities: Crypto exchange
  
• Location: Lithuania
  
• Regulations: Registered crypto service provider in Lithuania (no MiCA)
  
• Key People: Mariana Achim
  
• News: Criptomy
• Latest update: July 10, 2024

Overview

Criptomy UAB, a Lithuanian-registered company, operates under registration number 306127858. It is authorized to function as a virtual currency exchange operator and a custodian bank for virtual currencies. Founded in 2022, Criptomy’s director and beneficial owner is Mariana Achim.

Financial Situation

Criptomy was established with a share capital of €125,000. In 2023, the company reported revenues of just under €293,000 and a marginal profit of approximately €2,000. However, due to limited financial transparency, a comprehensive assessment of the company’s financial health remains challenging.

Service Offerings

Criptomy provides a basic crypto exchange platform, allowing users to buy or receive cryptocurrencies through an online wallet. Compared to industry leaders like Kraken, Binance, or Coinbase, Criptomy’s services are notably minimalistic, offering limited value to customers.

Connected People

Mariana Achim is listed as the director and beneficial owner. No other shareholders are disclosed, and the company’s online presence lacks transparency, with no social media links provided for the company or its director.

Customer Reviews

As of July 10, 2024, Criptomy has only two reviews on Trustpilot, both rated five stars. However, these reviews are from first-time reviewers within a span of two days, raising suspicion regarding their authenticity. Consequently, this scenario warrants an orange flag for potential customer satisfaction issues.

Transparency and Social Media Presence

The absence of social channels on Criptomy’s website and the lack of a social media presence for director Mariana Achim raise significant concerns about the company’s transparency. This lack of visibility is unusual for a crypto company and justifies a red flag for non-transparency.

An analysis of web traffic indicates that Criptomy’s website is predominantly visited by users from Italy. Notably, referring websites such as Webmaster.org, Webuilder.info, and Cruiserx.net are linked to dubious payment activities, frequently associated with the Continent Pay (PR42 profile here) network. This connection raises serious concerns, resulting in a red flag.

Regulatory Status

Criptomy is registered as a crypto service provider in Lithuania. While it does not currently hold a Markets in Crypto-Assets (MiCA) license, there is no information on whether it intends to pursue one. From a regulatory perspective, the company earns a green flag for its Lithuanian registration.

Compliance Issues

Criptomy has been implicated as a payment facilitator for illegal online casinos and gambling activities. Reports and warnings on FinTelegram indicate that Criptomy is part of the Polish payment processor Continent Pay’s network, processing payments via Binance Pay for illegal online casinos such as Atlantis Slots and PlayRegal. This association necessitates a red flag for compliance risks.

During registration, the onboarding and KYC process is compliant. Transactions can only be carried out after the KYC check has been completed. This is a green flag.

Rating Conclusion

Given the aforementioned factors, Criptomy UAB receives an Orange Compliance Rating and a Red Risk Rating. The company is placed on PayRate42’s “Under Review” list due to significant concerns about its transparency, financial health, and involvement in potentially illegal activities.