A Corporate Battle With Far-Reaching Implications
The cryptocurrency payment processing world has recently been shaken by a high-profile conflict involving CoinsPaid, one of the industry’s leading players, and its former director Frédéric Hubin. The dispute, which has surfaced publicly through legal documents, investigative reporting, and competing press statements, highlights serious questions about financial transparency, corporate governance, and geopolitical influence in the growing crypto payment ecosystem.
Who Is Frédéric Hubin?
Frédéric Hubin, a Belgian national and former executive at CoinsPaid, now finds himself at the center of a legal and reputational battle. Once an insider, Hubin is now a whistleblower — or, as CoinsPaid alleges, a disgruntled former director facing legal repercussions for misconduct.
Hubin has alleged that CoinsPaid is:
- Operating with negative equity (effectively insolvent)
- Facilitating illegal gambling operations
- Controlled or influenced by Russian actors with opaque financial interests
These claims — if substantiated — could have serious implications not only for CoinsPaid, but for the broader crypto payment industry, especially as regulators in the EU and beyond increasingly scrutinize firms operating in the high-risk iGaming sector.
CoinsPaid’s Response: Denial and Legal Action
In response to the allegations, CoinsPaid issued a strong denial, referring to a Belgian court decision that reportedly ordered Hubin to repay misappropriated funds. The company framed Hubin’s actions as an attempt to undermine its reputation and disrupt business operations.
According to CoinsPaid:
- Hubin’s claims are “false and defamatory”
- The company is fully compliant with all relevant laws
- It remains one of the most audited crypto payment providers in the industry
The public statement from CoinsPaid also suggests a broader campaign to discredit the firm, one they believe is being orchestrated by individuals or entities with vested interests.
The SoftSwiss Connection
An important piece of this puzzle involves SoftSwiss, a Belarus-founded iGaming technology provider that has since rebranded as BGaming. FinTelegram and other sources have long reported on the close operational and financial tiesbetween SoftSwiss and CoinsPaid.
This connection is particularly relevant given:
- The shared client base in online gambling and crypto casinos
- Allegations of SoftSwiss’s ownership links to Russian stakeholders
- The use of SoftSwiss platforms to route crypto payments via CoinsPaid
Critics argue that these links raise compliance red flags, especially in jurisdictions with strict anti-money laundering (AML) and anti-gambling laws.
The Role of Payabl and the Cyprus Documents
A new twist came when FinTelegram revealed that Payabl (a Cyprus-based high-risk payment processor) was involved in a legal attempt to file an injunction against FinTelegram. Surprisingly, CoinsPaid co-signed some of the documents submitted in Cyprus.
What’s more disturbing: FinTelegram claims that several signatures appear forged — opening the door to accusations of document manipulation and legal abuse.
Industry Implications
This ongoing conflict is more than a personal feud — it’s a window into the murky world of crypto-based payments, especially in sectors like online gambling, where anonymity and lack of global oversight remain major concerns.
Key implications include:
- Increased regulatory scrutiny on crypto payment gateways
- Renewed calls for beneficial ownership transparency
- Heightened risk for investors and users operating within high-risk crypto ecosystems
What Comes Next?
As legal proceedings unfold in Belgium, Cyprus, and potentially other jurisdictions, the dispute between CoinsPaid and Frédéric Hubin is unlikely to be resolved quickly. Both sides are entrenched, and the outcome may set a precedent for how whistleblower claims, crypto compliance, and corporate disputes are handled in this relatively young industry.
For now, CoinsPaid continues to operate and claims growth — but under a cloud of serious allegations that may yet find their way into regulatory or criminal investigations.
Conclusion
The “SoftSwiss Connection” saga is a cautionary tale in the high-stakes, high-speed world of crypto payments. It highlights the urgent need for transparency, regulatory reform, and corporate accountability — especially when billions of euros in anonymous transactions are at stake.