🏴‍☠️ The European Gaming and Betting Association (EGBA)🇪🇺 has filed an official complaint with the Bank of Lithuania🇱🇹

🏴‍☠️ The European Gaming and Betting Association (EGBA)🇪🇺 has filed an official complaint with the Bank of Lithuania🇱🇹
The complaint concerns Walletto, a payment service provider registered in Lithuania. The regulator alleges that the company processed payments for illegal online gambling operators.

💡 Walletto is alleged to have misclassified merchant category codes (MCCs), which may have allowed the true nature of transactions processed through major payment networks to be concealed.

💡 EGBA conducted its own investigation, analyzing illegal websites and mobile applications targeting European consumers. Test payments confirmed that Walletto’s services were used to fund accounts on multiple illegal gambling platforms. The transactions involved cross-border payments.

💡 Context: Lithuania has become an important European hub for payment service providers seeking authorization to operate across the European Union, attracting increased regulatory scrutiny. The legal basis for possible enforcement measures includes the PSD2 Directive and the European anti-money laundering framework.

💡 The Bank of Lithuania has not yet issued a public response to the complaint. It remains unclear whether the central bank will initiate formal proceedings against Walletto and whether payment networks will impose additional requirements on their main participants.

💡 EGBA is calling for firm action against payment service providers that cooperate with offshore gambling operators and stresses that the complaint against a Lithuanian provider reflects a broader issue affecting the European market as a whole.

#news #gambling #Europe #neighboringcountries

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