According to the survey, the accounts were closed after the identification of atypical transactions and signs of money laundering involving platforms operating outside the rules of the Central Bank and the country's betting legislation.
The action follows the guidelines of the Secretariat of Prizes and Bets, which in March of this year determined that banks and fintechs must terminate their relationship with clients who receive proceeds from illegal bets. The regulation details how institutions should collaborate with the agency in combating irregularities, including the rapid communication of suspicions and the blocking of transactions.
For Leonardo Baptista, CEO and co-founder of Pay4Fun, collaboration between financial institutions, regulators, and authorities is fundamental. “The closure of these accounts shows that payment methods are pillars of the regulated ecosystem. Without access to the financial system, illegal operations cease to be sustainable,” says the executive.
Baptista explains that the main warning sign for identifying an illegal bet is the website's domain. "Since January 2025, only platforms with the '.bet.br' domain are authorized. Sites with international domains or prohibited payment methods, without identity verification, or with marketing campaigns that guarantee profit, indicate irregular operations," he concludes.
Pay4Fun
Founded in 2018, Pay4Fun is the first payment institution in the sports betting sector authorized by the Central Bank of Brazil. The company reached R$8.1 billion (US$1.5bn) in financial transactions in 2023.
It was recognized as the Best Payment Method for Latin America at SAGSE 2022 and awarded Best Payment Method at the Brazilian iGaming Awards.
In 2023, Pay4Fun received the RA 1.000 seal from 'Reclame AQUI', ranked 3rd among the best financial service companies to work for (GPTW), and 2nd in the SBC Awards in Barcelona for Payment Innovation of the Year.
For more information, visit the company’s website or connect on Linkedin.
Source: GMB
