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Worrying matter. Many providers uses this gateway, including us.
Fine seems insane for not reporting potential "darknet" transactions. Should have registered their company in the US where crypto fraud is legal now. Anyway hope they don't pay it and they just move elsewhere.
What's good about a crypto gateway that requires KYC and follow AML rules? I rather go with stripe
I've never seen them require KYC for customer payments but that's my personal experience. There is anti-money laundering triggers but it's extremely rare, and I think based on wallet addresses known for laundering.
You hope they don't pay the fine they got for enabling payments "[...] connected to trafficking in child sexual abuse material, fraud, ransomware payments and sanctions evasion"?
This is like comparing countries requiring ID verification to use the internet and websites to "protect the children" (See: New Texas law requiring age verification to download apps). If a company is knowingly accepting transactions from CSAM/trafficking that's one thing, but this is crypto, and there are government agencies that investigate this. I'm certain crypto services like Cryptomus and the smaller ones that aren't the big US exchanges comply with government organizations like the FBI in investigations (either way, crypto transactions are public info).
Edit - To clarify, there's no way to avoid this without requiring KYC/government ID verification for ALL crypto transactions. This is why big exchanges like Coinbase (US company) require ID verification now or using a "linked wallet" for verification, and it's why nobody in their right mind uses them for accepting payments for hosting services. Imagine if you had to ask every customer for a picture of their government ID, and had to verify it was legit, and if you failed to verify one the government fined you $50,000. You'd have no clients, and you'd be out of business.
I mean, when it comes to the KYC part I'm on your side.
However, the fine is not (just) for the missing or improper KYC.
It's also for not flagging and reporting transactions from those sources.
Cryptomus handled and exchanged transaction from known wallets connected to the mentioned activities.
I agree, but every exchange on the planet won't be 100% spotless. If Cryptomus or "X... exchange" doesn't have any methods in place to track and block transactions from known wallets from criminal orgs, etc., then yeah that's a big problem. The article mentions transactions from Iran; "failed to report 7,557 transactions originating from Iran". Does that mean all transactions from Iranian citizens should be prevented? And how could they even confirm that with VPN use? It just says "Originating from Iran", but not every person in Iran is an international criminal. This is the big issue for me. Blockchain/crypto is will always be a problem for governments unless governments have centralization and control of them, and the only way to do it is to fine them out of business or require identity verification.
also I'm not even against KYC really, it's absolutely needed in some ways to prevent criminal use, but using blanket methods that affect everyone, or whole groups of people isn't good.
Cogent is the worst in this regards.
It's like every time they hire/replace a sales rep, which is often due to very heavy turnover, prior requests to be removed from mailing/call lists get wiped out.
~ SMARTHOST
Great guys, I like the way they work.
Love me some crypto gateways, but they definitely act shady. From the constant spamming to the fake comments on their site, to the multiple company registrations to the many ways they operate. Crypto is already a shaky market to be in regarding trust and they don't make it easier for themselves.
Cryptomus Virtual Card Makes Crypto Payments Easy
Cryptomus is launching its Virtual Card — a game-changing solution for crypto users who want to spend their digital assets just like regular fiat. It is designed for both regular and advanced users, and allows seamless transactions via Apple Pay and Google Pay and everywhere Visa and Mastercard are accepted.
Key Features of the Cryptomus Virtual Card
Instant Issuance
— Issue up to 10 cards per user after completing a one-time KYC.
— Cards are available immediately for use with USDT or USDC.
Easy Top-Ups
— Fund your card directly from your Personal Wallet in USDT/USDC.
— 3.2% fee on top-ups, with a minimum of $1 USD.
Secure Payments
— 2FA and 3DS verification for extra security and card freezing/unfreezing if necessary.
Transparent Fees
— Transaction fees range from $0.1 to $0.25.
— Decline fees from $0 to $0.25.
No hidden charges — all fees displayed upfront.
Referral Program
— Invite your friends and earn 25% of referral top-up fees.
Flexible Customization for Businesses
— Advanced users and businesses can filter cards based on BIN, Country, and more.
Real-Time Notifications
— Receive instant updates on every transaction via push notifications, Telegram, or email.
Why Choose the Cryptomus Virtual Card?
— Simplicity: Crypto becomes usable in daily life with just a few steps.
— Security: Strong protections with 2FA, 3DS, and immediate card freezing.
— Flexibility: Customize cards and set limits to fit your needs.
— Referral rewards: Share the card and earn rewards with the referral program.
Pretty expensive card, not sure how this is "a game-changing solution for crypto users" with those extortionate fees.