Utrg UAB, operating as utPay, is a Lithuanian VASP identified by FinTelegram as a primary payment rail for illegal offshore casinos (Stellar/Spinbara). As of January 2026, it has suspended crypto services, citing “MiCA alignment.” However, its history as a gambling facilitator and the Bank of Lithuania’s crackdown on unlicensed processors suggest a forced exit. R42 issues a Critical Risk signal.

R42 Risk Signal

• Traffic Light: ⚫ Critical Risk (Black)

• Confidence Grade: Confirmed (Registry + Regulatory Records)

• Rationale: The company has failed to secure a MiCA license by the Bank of Lithuania’s Dec 31, 2025 deadline. Its suspension of services is an admission of its inability to meet strict compliance standards while maintaining its high-risk gambling merchant base.

Key Data Table

What the Company Does

utPay operates as a Fiat-to-Crypto Gateway and Payment Agent. It allows offshore casinos to accept bank transfers and card payments from players by converting the fiat into crypto “on-the-fly.” This masks the transaction from the player’s bank, bypasses national gambling blocks, and settles the funds to the casino operator in stablecoins.

Regulatory & Legal Framework

• MiCA Non-Compliance: The Bank of Lithuania (BoL) mandated that all crypto firms must hold a full MiCA-compliant CASP license by December 31, 2025. Any firm failing this is deemed “illegal” as of Jan 1, 2026.

• The Suspension Loophole: utPay’s claim that it only provides “technical integration” is a common tactic to stay active in the fiat space (Visa/MC sections) while evading crypto regulation—a major red flag for bank partners.

Ownership, Founders, Executives

Utrg UAB is an integral part of the Utorg Group. The group is led by Evgeny Morgunov and has historically marketed itself as a “frictionless” crypto on-ramp. However, the compliance gap between their marketing and their actual merchant risk profile (iGaming) has led to their current regulatory isolation.

Corporate Structure & Related Entities

• Utorg OÜ (Estonia): The primary holding and “backup” license.

• Utorg.pro: The B2C portal.

• Utrg UAB (Lithuania): The now-suspended processing hub.

Products, Integrations & Technical Footprint

utPay provides a “Card Section” widget and an API used in casino cashiers.

The technical footprint is characterized by long “visit durations” (average 10+ minutes), suggesting complex 3D-Secure and crypto-conversion steps.

Merchant / Customer Footprint

Heavily integrated into the Stellar Group and Spinbara casino networks. These casinos operate illegally in jurisdictions like Germany, the Netherlands, and Italy. utPay traffic analysis showed 81% of users coming from Germany in late 2025.

Complaints, Allegations, Enforcement, Litigation

• FinTelegram Investigations: Repeatedly exposed as a key facilitator for offshore gambling.

• Bank of Lithuania Pressure: The BoL has moved to block websites of providers offering financial services outside the law. utPay’s suspension is a direct result of this enforcement.

Risk Factors & Red Flags

• Licensing Void: Operating without a MiCA license in the EU.

• Industry Concentration: Over-reliance on illegal offshore gambling.

• Geographic Risk: Massive traffic from prohibited jurisdictions (Germany).

Merchant Due-Diligence Checklist

• [ ] Verify the current validity of the CASP license (Result: FAILED).

• [ ] Review transaction descriptors for masking (Result: HIGH RISK).

• [ ] Confirm local Lithuanian AML officer presence (Result: UNVERIFIED).

• [ ] Check for recent suspension notices on the domain (Result: CONFIRMED).

Evidence Box (References)

• utPay Official Suspension Notice

• Bank of Lithuania: MiCA Deadline Announcement

• FinTelegram: The utPay Shutdown Report

Update Log (Evergreen)

• Dec 31, 2025: BoL licensing deadline passes; utPay fails to obtain MiCA authorization.

• Jan 15, 2026: utpay.io posts suspension of crypto services.

• Feb 1, 2026: Risk Signal upgraded to Black (Critical).

Call for Information (Whistle42)

Are you a merchant with funds stuck in Utrg UAB? Have you received instructions on how to bypass the Lithuanian suspension? We need your data. Submit anonymously via Whistle42.com.