Key Data:

• Trading Name: eZeeWallet
• Legal Entity: emerchantpay Ltd
• Activities: Digital wallet
• Location: UK
• Regulations: Authorized and regulated by the Financial Conduct Authority under the Electronic Money Regulations
• Key People: Jonathan Roth, Stephen Ross Dickson, Jonas Reynisson

Overview:

eZeeWallet, a digital wallet provider, offers a secure and customer-oriented payment service. The platform allows users to send, receive, and spend money online through personal e-wallets.

Offering:

• Facilitates deposit, spending, and money transfers for a comprehensive digital wallet experience.
• Global perspective with support for a variety of local payment methods, fostering global market access.

Industries:

• High risk: Identified as a facilitating provider for offshore brokers and online casinos.

Regulation:

• eZeeWallet is a division of emerchantpay Ltd. (PR42), registered under the laws of England and Wales (Companies House No. 05153270).
• Authorized (Reg. No. 900778) to issue electronic money (e-money) and provides payment services under the Electronic Money Regulations 2011 by the Financial Services Authority of the UK.

Compliance Problem:

• emerchantpay, the parent company, is reported to have acted as a facilitator in scams led by Gal Barack and his cybercrime organization E&G Bulgaria.
• Despite reporting a decline in financial performance in 2022, with revenue around $137 million and a profit of over $5 million, the company faced serious governance issues. Grant Thornton UK LPP, the auditors, resigned in March 2023, citing significant governance problems and an inability to verify the appropriateness of the company’s accounting. The resignation, though expected, occurred later than anticipated given eMerchantPay’s history.

People:

• Key individuals include Jonathan Roth, Stephen Ross Dickson, and Jonas Reynisson.

Customer Review:

• Trustpilot: 2.6 stars with 19 reviews.

Conclusion:

Given eZeeWallet’s association with offshore brokers, the involvement of its parent company in the Gal Barak scandal, and negative customer ratings, the platform is downgraded to RED. This reflects concerns regarding compliance and ethical practices in the financial services offered by eZeeWallet and emerchantpay Ltd. Users are advised to exercise caution and consider alternative options with better regulatory standing and customer reviews.