OSL Pay S.R.L. is a Milan-based, OAM-registered payment processor acting as the primary fiat-to-crypto bridge for blacklisted exchanges like MEXC and WEEX. By providing institutional-grade card acquiring and mobile wallet integration, OSL Pay masks high-risk offshore flows, presenting them as domestic Italian transactions to the SEPA banking network.

R42 Risk Signal

• Traffic Light: 🔴 CRITICAL RISK

• Confidence Grade: HIGH (A+) — Based on verified Italian Trade Register filings, HKEX group disclosures, and real-time transaction forensics.

Key Data Table

Operational Overview

OSL Pay serves as a specialized Merchant of Record (MoR) for the crypto industry. It provides the “Final Mile” financial infrastructure that allows unregulated offshore exchanges to accept Visa, Mastercard, Apple Pay, and Google Pay from EU/EEA citizens. It operates as the high-trust interface that prevents banks from seeing the “Crypto” or “Offshore” nature of the underlying transaction.

Regulatory Framework

While registered with the Italian OAM, OSL Pay operates in a regulatory “grey zone.” It holds a VASP registration which allows it to process crypto-fiat transactions in Italy, yet it uses this license to provide essential financial services to non-MiCA-compliant exchanges (MEXC/WEEX). This creates an “Institutional Shielding” effect where the licensed entity facilitates the activities of unlicensed ones.

Ownership & Executives

• Orlando Merone (General Manager): Strategic lead with significant Western fintech pedigree (ex-Circle, ex-Bitpanda).

• Chuan Chen (Legacy Link): Founder of the original group infrastructure (Ant Financial background).

• Parent Control: Fully integrated into the OSL Group (Hong Kong), which recently received a $90M injection from BGX Group.

Corporate Structure

OSL Pay S.R.L. is part of a multi-layered jurisdictional stack: [Italian Entity (OSL Pay)] < [BVI Holding (OSL MidasPay)] < [Hong Kong Listed Parent (OSL Group)]. This structure is designed to isolate the regulated European “front-end” from the offshore liquidity pools of its primary clients.

Technical Footprint

• Checkout URL: https://www.osl-pay.com

• API Integration: Heavily integrated into the mobile applications and web cashiers of MEXC and WEEX.

• Processing Rails: Utilizes high-trust acquirers to ensure that transactions are coded as “Technical Services” or “E-commerce,” avoiding crypto-specific decline codes.

Merchant/Customer Footprint

The primary revenue drivers for OSL Pay are high-volume, high-risk offshore exchanges:

• MEXC Global: Servicing its “mutated” domains (e.g., MEXC.co).

• WEEX: Servicing the SVG-based exchange and its white-label variants.

Enforcement/Litigation History

• Regulatory Friction: While OSL Pay itself is in good standing with the OAM, its client MEXC has faced Cease & Desist orders and warnings from the OSC (Canada), CNMV (Spain), and BaFin (Germany).

• Institutional Risk: In 2024/2025, the parent group (OSL) underwent a massive management reshuffle following the BGX investment, signaling a pivot toward more aggressive offshore service models.

Red Flags

• Transaction Masking: Statement descriptors appear as “OSL PAY” to hide the destination (MEXC).

• Regulatory Arbitrage: Using an Italian registration to service merchants that are explicitly banned or warned against in other EU jurisdictions.

• Shared Infrastructure: Providing identical services to “clone” exchanges (WEEX), suggesting a centralized high-risk processing hub.

Merchant Due-Diligence Checklist

• [ ] Verify MiCA compliance of the end-merchant. (FAIL)

• [ ] Disclose ultimate destination of funds (Seychelles/SVG). (FAIL)

• [ ] Ensure brand consistency between Payee and Platform. (FAIL)

• [ ] Register all trade names (e.g., “Heuro Bank”) with authorities. (FAIL)

Evidence Box (Sources)

• Italian Register (OAM): VASP Registration IT12920870966.

• HKEX Public Disclosures: OSL Group (0863) Annual/Interim Reports.

• Forensic Payment Logs: Verified MEXC/WEEX checkout telemetry (2025-2026).

• North Data: Historical corporate lineage (SaintPay/OSL transformation).

Update Log

• Feb 2026: Confirmed as primary processor for WEEX.

• Jan 2026: Verification of $2.2M capital increase and “Heuro” rebranding link.

• July 2025: Official partnership launch with MEXC Global.

Whistle42 Call to Action

Are you an employee of OSL Pay in Milan or OSL Group in Hong Kong? We are seeking the internal “Merchant Acceptance Policy” that allows the onboarding of blacklisted entities like MEXC. We also require details on the flow of funds from Milanese collection accounts to BGX-linked wallets. Secure & Anonymous: Whistle42.com