Tag: Andrius Atkocaitis

Lithuanian virtual asset service provider UTRG UAB, operating as utPay, has suspended all crypto-asset services effective January 1, 2026, citing MiCA compliance requirements and awaiting authorization from the Bank of Lithuania. This suspension comes after extensive FinTelegram investigations documented utPay's systematic role as the primary payment facilitator for a sprawling network of illegal offshore casinos targeting German and European players through deceptive "fake bank transfer" schemes.

The UtPay scheme represents a paradigmatic case of how seemingly legitimate, EU-regulated financial service providers can be weaponized to facilitate systematic violations of gambling laws, consumer protection standards, and financial crime prevention measures. This analysis serves as a reference case