The Payvision scandal stands as one of the most egregious cases of corporate complicity in cybercrime. The Dutch payment processor actively enabled fraud networks, laundering and distributing stolen funds, while Dutch authorities continue to protect those responsible by withholding crucial investigative reports. However, beyond the scandal itself, a new concern has emerged: former Payvision executive Gijs op de Weegh is now running StablR, a licensed stablecoin provider in Malta. This raises serious questions about financial oversight and whether regulators are failing to prevent financial criminals from re-entering the system under new disguises.
Payvision: A Gateway for Financial Crime
Founded in Amsterdam by Rudolf Booker, Payvision served as a key financial enabler for notorious fraudsters Uwe Lenhoff and Gal Barak, who operated fraudulent broker platforms and gambling sites that stole hundreds of millions from investors. Payvision processed these transactions despite internal compliance warnings and public fraud alerts from financial regulators.
The question of whether Payvision unknowingly facilitated these scams or actively conspired is no longer up for debate. Evidence confirms that Payvision executives, including CEO Rudolf Booker and COO Gijs op de Weegh, knowingly processed stolen funds. Even after financial watchdogs raised alarms, they continued to handle transactions for these fraudulent platforms—ensuring high fees for Payvision.
By 2018 alone, Payvision processed more than €52.2 million in stolen funds. Yet, rather than being held accountable, these executives have evaded justice.
Dutch Authorities: Protecting Criminals, Not Victims
Despite overwhelming evidence of money laundering and fraud, Dutch regulators have failed to act decisively. The Dutch Financial Supervisory Authority (DNB) and the Dutch Public Prosecutor’s Office refuse to release investigative reports from DNB and KROLL, which detail Payvision’s compliance failures and illegal activities.
A 2022 exposé by the Dutch financial newspaper FD confirmed that regulators were fully aware of Payvision’s misconduct. Yet, rather than enforcing justice, they imposed a mere €330,000 fine—a slap on the wrist compared to the vast sums stolen.
Now, victims are fighting back. The European Fund Recovery Initiative (EFRI) has launched a petition demanding the release of these critical reports. Transparency is key for victims seeking legal restitution.
👉 Sign the petition here: Change.org Petition
From Payvision to StablR: A Fraudster’s Path to the Stablecoin Market
One of the most disturbing aspects of this case is that Gijs op de Weegh, Payvision’s former COO, is now operating a regulated stablecoin provider in Malta—StablR. The company is licensed under Malta’s MFSA regulatory framework and is compliant with MiCA regulations.
What is StablR?
StablR is a stablecoin issuer that claims to offer a “secure and compliant digital asset ecosystem.” It positions itself as a key player in the future of digital payments, crypto liquidity, and decentralized finance (DeFi). However, with a former executive involved in one of Europe’s biggest financial fraud scandals at the helm, serious concerns arise:
- Regulatory Failure: How was StablR able to obtain a financial services license despite op de Weegh’s history?
- Investor Risk: Can investors trust a stablecoin provider led by someone linked to financial crime?
- Lack of Oversight: What measures, if any, have Maltese authorities taken to vet the leadership of crypto and stablecoin firms?
This situation echoes previous controversies in Malta’s financial sector, where lax oversight has allowed questionable individuals to enter the regulated financial system. Given the importance of stablecoins in the global economy, regulators must ensure that past financial criminals do not get a second chance to exploit investors.
The Need for Stricter Crypto and Payment Regulations
The case of Payvision → StablR exposes deep flaws in the financial regulatory system. It underscores the urgent need for stricter enforcement and enhanced due diligence for executives entering stablecoin markets and other critical financial sectors.
Key Demands for Regulators:
- Release the Payvision Reports – Dutch authorities must disclose the findings of DNB and KROLL.
- Investigate StablR’s Licensing – Malta’s MFSA should explain how StablR obtained a license despite op de Weegh’s past.
- Implement Executive Background Checks – Individuals linked to financial crimes should not be permitted to run regulated financial institutions.
- Hold Financial Criminals Accountable – The Netherlands, Malta, and the EU must ensure individuals like op de Weegh face legal consequences.
Join the Fight for Justice
The Payvision scandal is not just about past crimes—it is a warning about how fraudulent actors can reinvent themselves in the crypto and fintech world. If regulators fail to act, more investors will fall victim to financial criminals who exploit regulatory loopholes.
💡 What You Can Do: ✅ Sign the EFRI Petition – Demand transparency and justice.
✅ Share This Article – Raise awareness about Payvision and StablR.
✅ Call for Regulatory Action – Pressure financial authorities to enforce stricter oversight.