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Author Topic: Payza Faces Major Money Laundering Charges in the US  (Read 179 times)
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March 23, 2018, 06:28:38 PM
 #1

Unbelievable:

Payza Faces Major Money Laundering Charges in the US

Most people are familiar with the company Payza. This particular service provider integrated cryptocurrency payments quite some time ago. It now seems the US government has taken a rather harsh course of action against Payza. The company faces charges of running an unlicensed money services business.


US GOVERNMENT CRACKS DOWN ON PAYZA


Any company dealing with cryptocurrencies will irate the US government sooner or later. In the case of Payza, the charges against them are quite steep right now. Running an unlicensed money services business is subject to severe penalties and even jail time. It is evident this is not the outcome most people were hoping for, as it puts cryptocurrency in the crosshairs of regulators once again.

So far, one of the company’s co-founders has been arrested, whereas his brother is still at large. Both Ferhan and Firoz Patel are charged with facilitating up to $250 million in money laundering. This money belongs to child pornography sites, darknet users, Ponzi schemes, and so forth. It is a long laundry list of charges which should not be taken lightly by any means.

What makes this story extremely worrisome is that Payza has close ties to the cryptocurrency industry. The service lets users conveniently buy Bitcoin and a few other currencies. Bitcoin support was first introduced back in 2014, and several altcoins were added in late 2017. It seems all of these integrations have been successful for the company, although it is unclear if any cryptocurrency was involved in the alleged money laundering.

For now, the court filing does not make any mention of cryptocurrency whatsoever. It is evident there are plenty of allegations that cryptocurrencies are used to launder money associated with criminal activities. So far, very few of those claims have held up, simply because the cryptocurrency industry is not big enough to move around large amounts of money without detection.

The big question is how all of this will affect the thousands of Payza users around the world. Since so much money was laundered through this particular payment service, users of Payza may have been affected by this tainted money in one way or another. Considering that this money was transferred over the course of six years, the full scope of this operation will not become clear for quite some time.

Surprisingly, the filing also mentions two other major online payment processors which have been caught up in this scheme. Both AlertPay and EgoPay have been under the control of the Patel brothers as well. EgoPay isn’t around any longer, as it was shut down in 2015. AlertPay is still around these days, and it will be interesting to see how this news affects that company.


source: https://themerkle.com/payza-faces-major-money-laundering-charges-in-the-us/

 Shocked Shocked Shocked Shocked

This is a very shocking news, I used payza for many years and I always thought they were trustworthy and honest, I can not believe they did these things that are being accused, I hate people that hurt children and know that payza is involved with child pornography? they are disgusting! Angry

They asked me so many documents to verify my account and today I find out they do it? I'm really shocked.

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March 23, 2018, 08:10:23 PM
 #2

Wow this is truly disgusting and unbelievable. I used Payza a lot in the past and until now randomly making bitcoin payments to websites like traffic exchanges that didn't accept bitcoin directly. They were a good company. I cannot think of how they have let child pornography users and dark net users launder their money through Payza. That means a total lack of caring for their business, shocking news for me.

I guess I and everyone else is done with Payza now.

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March 23, 2018, 09:35:39 PM
 #3

This is a very shocking news, I used payza for many years and I always thought they were trustworthy and honest, I can not believe they did these things that are being accused, I hate people that hurt children and know that payza is involved with child pornography? they are disgusting! Angry

They asked me so many documents to verify my account and today I find out they do it? I'm really shocked.

can we try to keep this in perspective?

payza and the co-defendants face 3 charges: 1. conspiracy to operate an unlicensed money transmitting business, 2. conspiracy to launder money, and 3. operating an unlicensed money transmitting business in the District of Columbia.

remember, these are the exact same charges the feds indicted BTC-E for. HSBC bank was found doing the same thing---i was their customer for years too. do you see any charges for child pornography, child abuse, etc? i don't either. this looks like a typical smearing of unlicensed MSBs outside of the legacy banking sector. any remote connection to darknet market activity can garner these sorts of allegations.

inadequate diligence and operating sans license doesn't equate to "knowingly transmitting funds that were derived from illegal activity" including child pornography. the burden is on the government to prove the case.

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March 23, 2018, 09:36:07 PM
 #4

I'm shocked too. It seems Payza is down.

Payza was one of the best payment services I thought and till 2016 I've used Payza and I have always considered Payza at the second position after Paypal.

It's intolerable that they were involved in child pornography, they must be punished.  Angry Angry Angry Angry Angry Angry Angry Angry Angry

What we learn from this incident is, peoples do shit things by wearing a gentleman mask.
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March 23, 2018, 11:22:29 PM
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I used to use Payza and I thought that they were pretty strict with their KYC, compared to other payment processors such as Perfectmoney or Payeer which require absolutely nothing. So I'm a bit surprised at them getting shut down before PM, Payeer, or Advcash.

I doubt the charges have anything to do with child pornography. Rather, it's because of the fact that Payza is the preferred payment processor of choice for HYIP investors, and the HYIP industry is literally by definition a giant ponzi scheme. Also it's the fact that they're running an unlicensed money transmission service that's getting them into trouble, again, not surprising since their product is completely available to US citizens.

Payza is down atm, I really hope that nobody loses money because of this. But they might.

BTW today was the first time that I heard that Payza was connected to the Egopay scam - anyone else can deny/confirm this?

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March 24, 2018, 02:55:09 AM
 #6

BTW today was the first time that I heard that Payza was connected to the Egopay scam - anyone else can deny/confirm this?

it looks like they're connected


" The Patel brothers registered EgoPay in Belize and actively attempted to conceal and association with the processor.

March, 2012 saw the Payza and EgoPay partner up with OboPay.
"

the burden is on the government to prove the case.

digging a little, it seems that this is a very interesting story:

Inside Payza & the Patel brothers’ multi-million dollar criminal enterprise

" In 2012 it became public that, among other things, AlertPay had ‘taken on customers trafficking in child pornography.‘

Rather than cease enabling illegal businesses to continue to operate however, in May 2012 the Patel simply renamed AlertPay to Payza.

In an attempt to diversify their criminal enterprise after the AlertPay child pornography scandal, EgoPay was also simultaneously launched.

By that stage however the damage had been done and Firoz Patel didn’t emerge unscathed. "








see what payza posted on his blog:

Quote
Payza Is Restructuring

This is a message to inform you about the restructuring that Payza is undergoing.

Our previous domain is no longer accessible, however Payza’s services are fully operational and available at our new domain www.payza.eu, to everyone except for residents of the United States. Our new domain defines Payza as being a European service.

Note that Payza is no longer offered as a service to US residents. This means that no transactions are allowed for US members at this time and Payza will no longer be servicing businesses registered in the US, neither providing US payout services or US based withdrawals.

Please be aware that Payza’s services are still available to businesses registered outside of the United States. However, with our recent change of domain to www.payza.eu, it is important that merchants switch their API to https://api.paya.eu and update their payment buttons to direct to https://secure.payza.eu from now on to ensure uninterrupted services.

We hope that you will stand with us while we are dealing with these changes. For all our loyal and dedicated members, Payza is still fully operational and we will continue to serve you in the best way we can!

Thank you for your patience and understanding,

The Payza Team



they hide many skeletons in their closet


Payza website offline, domain seized by DOJ and HSI






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March 24, 2018, 03:13:57 AM
 #7


This is a very shocking news, I used payza for many years and I always thought they were trustworthy and honest, I can not believe they did these things that are being accused, I hate people that hurt children and know that payza is involved with child pornography? they are disgusting! Angry


Are you stupid? Just because the site was used for money laundering does not mean that the founders were directly involved. All they do is run the site that accepts cryptocurrencies. That is an easy target for money launderers, the same way Localbitcoins or another exchange is.

Cant you also see what the government and the media is trying to do? They are causing FUD to make us support their campaign against cryptocurrency use.

I may not support child pornography and ponzi schemes, but I support the freedom to move our money anywhere and anytime we want, with no government interference.

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March 24, 2018, 06:42:07 AM
 #8

This ban has nothing to do with cryptocurrencies, but still very surprising as payza has been one of the most active payment processors out there. It's the fact that payza is running an unlicensed remittance service within the USA while condoning ponzi scheme proceeds to go to its users accounts that's the real reason it's got its charges. This is where the "knowingly transmitted funds that were derived from illegal activity." comes from. They knew that their business was being used for ponzis, and they actually are completely fine with it and actually process chargebacks for dead ponzi schemes.

So what they've done now is just exit the USA market and continue their operations overseas, which is exactly what PM has done. And so far the US government hasn't done anything to them simply because they are not operating in the US.

I would definitely not use Payza if it's connected to egopay. I remember quite clearly the time when Egopay went scam. But tbh, you shouldn't ever store money on these shady payment processorcs in the first place. Treat them like exchanges, you only use their service to transact money and not to store money, even though you've got a much better alternative in bitcoin anyways.

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March 24, 2018, 06:52:48 AM
 #9

This is a very shocking news, I used payza for many years and I always thought they were trustworthy and honest, I can not believe they did these things that are being accused, I hate people that hurt children and know that payza is involved with child pornography? they are disgusting! Angry
You clearly didn't see that coming ,did you ? I used them twice to withdraw some of my CPA  earnings as bitcoins and it was the worst experience ever.I literally had to bullshit my way through a lawyer who sent them a mail personally inquiring about my case.Wasn't very hard to assume how pathetic the service was.

They asked me so many documents to verify my account and today I find out they do it? I'm really shocked.
Yes and you will have your documents rejected multiple times you see.I'm glad that prick got arrested and hope they shut that shithole down forever.


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March 24, 2018, 08:24:32 AM
 #10

Are you stupid?

Did you read every article and the links?

Just because the site was used for money laundering does not mean that the founders were directly involved.

Really?

" MH Pillars, the latest incarnation of the Patel brothers criminal enterprise, began in 2012.

The indictment however goes back further than that, beginning with the incorporation of AlertPay in 2005.

Between 2005 and 2011
"

source: http://behindmlm.com/payment-processors/inside-payza-the-patel-brothers-multi-million-dollar-criminal-enterprise/

All they do is run the site that accepts cryptocurrencies.

Nope, how many sites accept cryptocurrencies that are being closed? show us!

If the authorities did not want cryptocurrencies they would have banned it for a long time ago.

That is an easy target for money launderers, the same way Localbitcoins or another exchange is.

are potential money laundering sites, so they should be inspected periodically and should be properly regulated

Cant you also see what the government and the media is trying to do? They are causing FUD to make us support their campaign against cryptocurrency use.

Dude, this has nothing to do with cryptocurrency.

but I support the freedom to move our money anywhere and anytime we want, with no government interference.

have freedom is very good, but our society has rules and laws that we must respect. you must pay taxes and indicate the source of your money. So there's no way you can do something without the government not knowing


Yes and you will have your documents rejected multiple times you see.

3 years to be precise Grin



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March 24, 2018, 04:54:22 PM
 #11

Yet another incident which will taint the image of cryptocurrency and will make people think that bitcoin or crypto is used for illegal means or criminal activity. People who don’t know crypto will get the wrong idea, and this news will make it look like crypto is used for money laundering or crimes such as child pornography. It’s sad how a service provider such as this have a dirty business hidden underneath. Usually, this kind of business is just used as a front so that they may get away with the illegal activity.

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March 24, 2018, 08:25:45 PM
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I thought that I’m wrongly reading it, a company with a reputable and well known as a payment site own is operating without a license. That’s a shame. If they proven to be doing such criminally associated activities then they surely deserve any punishment that the government imposed. This is not a good news, but it is also a reminder that we can’t hide our secrets forever.

▬▬▬   HODL   ▬▬▬
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March 24, 2018, 09:07:45 PM
 #13

Yet another incident which will taint the image of cryptocurrency and will make people think that bitcoin or crypto is used for illegal means or criminal activity. People who don’t know crypto will get the wrong idea, and this news will make it look like crypto is used for money laundering or crimes such as child pornography. It’s sad how a service provider such as this have a dirty business hidden underneath. Usually, this kind of business is just used as a front so that they may get away with the illegal activity.
Payza is not a cryptocurrency institution, it's a fiat currency payment processor.
Though they have offered bitcoin withdrawal service, I don't remember about the deposit option because I used them a long time ago.


I thought that I’m wrongly reading it, a company with a reputable and well known as a payment site own is operating without a license. That’s a shame. If they proven to be doing such criminally associated activities then they surely deserve any punishment that the government imposed. This is not a good news, but it is also a reminder that we can’t hide our secrets forever.
If authorities dig deeper to find unlicensed organizations then the number will not be less whether it is in fiat world or crypto world.
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March 24, 2018, 10:24:51 PM
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I thought that I’m wrongly reading it, a company with a reputable and well known as a payment site own is operating without a license. That’s a shame. If they proven to be doing such criminally associated activities then they surely deserve any punishment that the government imposed. This is not a good news, but it is also a reminder that we can’t hide our secrets forever.
If authorities dig deeper to find unlicensed organizations then the number will not be less whether it is in fiat world or crypto world.


I do agree with that. The problem with unlicensed company, this can be a fiat or crypto related. No exceptions. Both have history and tendency to by pass the law for they know if they come out in the open with licences they are audited mandatorily for taxation. This is also a manifestation that in crypto world, money laundering will leave a trace. So we can conclude that, to launder money in blockchain is a no bueno.

▬▬▬   HODL   ▬▬▬
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March 24, 2018, 11:41:25 PM
 #15

Just because the site was used for money laundering does not mean that the founders were directly involved.

Really?

" MH Pillars, the latest incarnation of the Patel brothers criminal enterprise, began in 2012.

The indictment however goes back further than that, beginning with the incorporation of AlertPay in 2005.

Between 2005 and 2011
"

source: http://behindmlm.com/payment-processors/inside-payza-the-patel-brothers-multi-million-dollar-criminal-enterprise/

if we're being fair, "taking on [money transmission] customers trafficking in child pornography" is not the same is engaging in violence against children. or knowingly processing the illicit proceeds.

where is that sourced from? how do we know that they knowingly entered into partnerships with child pornography rings or knowingly transmitted the proceeds of such?

how do we know---as i assume the case was with BTC-E---that this was not a case of inadequate diligence, or lack of care? running the business with a blind eye to any underlying activities, because it was profitable? that may not be honorable to everyone, but it's not what you're suggesting.

All they do is run the site that accepts cryptocurrencies.

Nope, how many sites accept cryptocurrencies that are being closed? show us!

give it time. look at BTC-E.

If the authorities did not want cryptocurrencies they would have banned it for a long time ago.

honestly, i think it's a lot more complicated due to geopolitics. if all governments would simply agree to ban cryptocurrencies, i believe they surely would. but unanimous agreement among geopolitical powers is a very rare thing. if one power bans it while another accumulates reserves, that can put the former at great disadvantage. major governments know this.

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March 25, 2018, 02:52:42 AM
 #16

Are you stupid?

Did you read every article and the links?

Just because the site was used for money laundering does not mean that the founders were directly involved.

Really?

" MH Pillars, the latest incarnation of the Patel brothers criminal enterprise, began in 2012.

The indictment however goes back further than that, beginning with the incorporation of AlertPay in 2005.

Between 2005 and 2011
"

source: http://behindmlm.com/payment-processors/inside-payza-the-patel-brothers-multi-million-dollar-criminal-enterprise/

All they do is run the site that accepts cryptocurrencies.

Nope, how many sites accept cryptocurrencies that are being closed? show us!

If the authorities did not want cryptocurrencies they would have banned it for a long time ago.

That is an easy target for money launderers, the same way Localbitcoins or another exchange is.

are potential money laundering sites, so they should be inspected periodically and should be properly regulated

Cant you also see what the government and the media is trying to do? They are causing FUD to make us support their campaign against cryptocurrency use.

Dude, this has nothing to do with cryptocurrency.

but I support the freedom to move our money anywhere and anytime we want, with no government interference.

have freedom is very good, but our society has rules and laws that we must respect. you must pay taxes and indicate the source of your money. So there's no way you can do something without the government not knowing


Yes and you will have your documents rejected multiple times you see.

3 years to be precise Grin




Okay. Then would you agree that mixing services are also bad because they assist those same bad and disgusting people in hiding their transactions?

Are you willing to give up your signature campaign if a child pornography ring was using Chipmixer?

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March 25, 2018, 05:40:18 PM
 #17

Thanks a ton for publishing this article. I have been using this service since long time and I am pretty sure my first step after this would be studying the matter in deep. I will surely transfer all my funds from the payza because it could destroy the future of payza at all cost. They also implemented the crypto currency exchanger recently.

One true incident that happen with me was, when I bought 2K USD worth bitcoin from this exchanger then my bank literally called me for verifying this transaction. When I confirmed it and I asked them then they said that we thought your card is being used at terminal which resides in the China. This clearly state that Payza usage some shit processor algorithm that cant even differentiate the location.

But I still continued to use it for its few features that are not available in my country. But now this article has opened my eyes and im gonna stay away from this exchanger.
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March 25, 2018, 08:58:18 PM
 #18

@figmentofmyass

if you think payza and btc-e are innocent, then tell the government of the usa. I do not put my hand on fire for them and I will not use their services.

Okay. Then would you agree that mixing services are also bad because they assist those same bad and disgusting people in hiding their transactions?

it's not the fault of the mixing service, it's the fault of the person who uses the mixing service to do bad things.

Are you willing to give up your signature campaign if a child pornography ring was using Chipmixer?

you should realize that having a mix service does not mean that you are promoting crime, people who use the  mix service for malefic purposes is who are guilty.

In the case of payza, it is the owners who are dishonest

But now this article has opened my eyes and im gonna stay away from this exchanger.

I will also stay away from them, I regret not having done research before using the site


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March 25, 2018, 09:53:18 PM
 #19

@figmentofmyass

if you think payza and btc-e are innocent, then tell the government of the usa. I do not put my hand on fire for them and I will not use their services.

nobody's telling you to use payza or btc-e. i bring up btc-e because they were a trustworthy, reliable service for many years. they had many legitimate traders, including myself. just because the US government does something doesn't make the law moral or precise. and the US government also engages in a lot of morally heinous shit.

i say let them show their case in court before passing these judgments. not that it matters morally. unlicensed MSB and money laundering charges are standard in the financial and crypto worlds. you have any idea how many crypto exchanges are unlicensed MSBs? i just don't understand the surprise or moral disgust here.

Okay. Then would you agree that mixing services are also bad because they assist those same bad and disgusting people in hiding their transactions?

it's not the fault of the mixing service, it's the fault of the person who uses the mixing service to do bad things.

isn't that contradicting what you said above? where is the evidence that payza engaged in anything but money transmission, or knew that funds were tied to child pornography?

In the case of payza, it is the owners who are dishonest

how so?

anyway, much of the global financial system involves endless layers of money laundering. the US picks and chooses who it comes after.

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March 25, 2018, 10:48:00 PM
 #20


This is a very shocking news, I used payza for many years and I always thought they were trustworthy and honest, I can not believe they did these things that are being accused, I hate people that hurt children and know that payza is involved with child pornography? they are disgusting! Angry


Are you stupid? Just because the site was used for money laundering does not mean that the founders were directly involved. All they do is run the site that accepts cryptocurrencies. That is an easy target for money launderers, the same way Localbitcoins or another exchange is.

Cant you also see what the government and the media is trying to do? They are causing FUD to make us support their campaign against cryptocurrency use.

I may not support child pornography and ponzi schemes, but I support the freedom to move our money anywhere and anytime we want, with no government interference.
I am seeing the same motive on here which government is indirectly showing us on how to avoid cryptocurrency transactions.They do include it on the list so that people who aren't aware about crypto existence would start out to avoid since its being already connected into illegal stuffs.I didn't expect that Payza was involved to this issue,i have tried to use this service back in the past and all things went smooth and theres no complaint towards them but having a good reputation do really have a bad doings inside.



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