Kairos Technologies’ payment processor issued cease and desist
Amid ongoing delays in paying their affiliates, Kairos Technologies announced the use of SchonPay on February 2nd.
Please note that this payment option is functioning in test mode.
We recommend you to register in Schonpay system and to create a withdrawal request in the KairosPlanet Cabinet using the SchonpayID.
The algorithm for creating these applications imply that they will be processed in March.
With March still a fortnight away, Belize’s International Finance Commission has issued SchonPay with a cease and desist.
Not much is known about SchonPay. After months of problems paying affiliates, the SchonPay website domain was privately registered on December 30th, 2016.
As per the ISFC’s warning, Trendtino Limited is
is offering Payment Processing Services on its website (schonpay) without a licence from the IFSC.
Trendtino Limited is therefore directed to cease and desist from engaging in the said unlicensed activities forthwith.
All persons concerned are asked to take note and exercise extreme caution.
Trendtino appears in the footer of the SchonPay website, along with a registration number and address in Belize:
Trendtino Limited (Registration No. 123,970)
#1 Mapp Street, Belize City, Belize
The address belongs to “Belize Offshore Company Formation”, who provide offshore financial services to clients.
Hidden in the HTML code of the SchonPay website is also this message:
The card is issued by Wave Crest Holdings Limited, a licensed electronic money institution by the Financial Services Commission, Gibraltar.
Wave Crest Holdings Limited doesn’t appear to be linked to SchonPay, Trendtino or Kairos Technologies.
Of note is the default HTML language of the SchonPay website is set to Russian. Kairos Technologies is believed to be run by Russians.
The top traffic source for the SchonPay website is Turkey. Turkey is also the top traffic source for the Kairos Technologies website.
By all appearances, SchonPay and Trendtino are likely shell companies set up by the same Russian scammers running Kairos Technologies.
Unable to open their own bank accounts, the idea seems to have been to sign up with Wave Crest Holdings via two layered shell companies (SchonPay and Trendtino).
The reason Wave Crest Holdings mention is hidden on the SchonPay website is Kairos Technologies are still not sure if they’ve gotten away with it yet.
Going by the ISFC’s warning, they haven’t. I suspect Wave Crest Holdings will terminate Trendtino’s account once they catch wind of the warning, leaving Kairos Technology once again unable to pay its affiliates.