Collect & Exchange Appears in Casino iDEAL Routes; Merchant Links Still Unclear
CySEC-registered CASP and named co-founders; API endpoint seen in multiple casino checkout flows.
Key Takeaways
- Collect & Exchange CY Ltd is listed in CySEC’s authorised-CASP register under CASP003/25 with registration HE456884 in Limassol.
- FinTelegram recorded an api.collectnexchange.cy endpoint repeatedly inside several casino iDEAL checkout routes but did not capture completed settlement.
- Co-founder Yaron Noah named Asaf Hanukaev as co-founder and described proprietary technology in a public LinkedIn post, but that does not prove beneficial ownership or specific integration control.
- Article 70(4) MiCA requires PSD2 authorisation for related payment services, so the euro payment leg in those routes needs a PSD2-authorised party to be identified.
- Resolving the merchant question requires contractual customer records, onboarding documents and settlement-level transaction documentation.
Collect & Exchange CY Ltd is listed in the Cyprus Securities and Exchange Commission register for authorised crypto-asset service providers and its API endpoint repeatedly appeared in casino iDEAL checkout routes examined by FinTelegram. Co-founder Yaron Noah has publicly named himself and Asaf Hanukaev as founders and described proprietary technology, but the public record and FinTelegram’s route captures do not establish which party acted as merchant, who was intended to receive settlement, or whether any euro payment leg was provided under the Payment Services Directive (PSD2).
What the CySEC entry and founder statements show about Collect & Exchange
Collect & Exchange CY Ltd appears in CySEC’s authorised-CASP register under the reference CASP003/25 and publishes its registration number HE456884 with an address at Thessalonikis 13, Limassol. In a LinkedIn post reviewed by FinTelegram, Yaron Noah identifies himself as CEO and co-founder and names Asaf Hanukaev as a co-founder and partner; Noah also states the business operates on technology it developed. Those are attributable public statements but they do not, on their own, prove shareholdings, beneficial ownership or operational control in specific integrations.
The company’s publicly described services include crypto custody, crypto-to-funds exchange, crypto-to-crypto exchange and crypto transfers. FinTelegram noted an inconsistency in licence references: Noah’s post uses the label “PYKS 1/25” while the CySEC register and the company’s own terms use CASP003/25. That discrepancy requires clarification but does not negate the company’s presence in the official register.
The recurring API endpoint seen in casino iDEAL checkout routes
FinTelegram reviewed visible checkout sequences where an api.collectnexchange.cy endpoint appears inside navigation chains. Those recorded routes describe technical navigation steps and are not evidence of completed money transfers, successful crypto conversions or final settlement receipts. Examples captured include:
Viu-Viu: tx.segopay.com → nexorafintech.com → api.collectnexchange.cy → pay.ideal.nl (descriptor shows COLLECT EXCHANGE via Trust Payments)
GXBet: tx.segopay.com → nexorafintech.com → api.collectnexchange.cy → pay.ideal.nl (Collect Exchange descriptor visible)
Byno.xyz: tx.segopay.com → billing-24.com → api.collectnexchange.cy → pay.ideal.nl (descriptor shows COLLECT EXCHANGE via Trust Payments)
Winhero: tx.segopay.com → nexorafintech.com → billing-24.com → api.collectnexchange.cy → pay.ideal.nl (Collect Exchange descriptor visible)
A separate, expired €200 request displayed Collect & Exchange with Stripe, but FinTelegram could not attribute that route to a specific casino and cautioned it should not be treated as proof of a Stripe integration tied to any individual operator.
The repeated appearance of the same API endpoint and recurring descriptor wording supports a technical connection between Collect & Exchange and certain checkout flows, but the recordings do not demonstrate whether Collect & Exchange functioned as the merchant, a crypto-service provider, a payment intermediary, or another participant in each arrangement. They also do not identify the ultimate beneficiary of any settlement.
Why MiCA registration does not resolve the euro payment-leg question
MiCA authorisation covers crypto-asset services but Article 70(4) of the Markets in Crypto-Assets Regulation allows related payment services only where the crypto-asset services provider or the relevant third party is authorised under PSD2. That raises two separate compliance questions: which entity performed a regulated payment service in the observed routes, and under what PSD2 authorisation; and whether any party in the chain carried out payment initiation, acquiring or settlement for euro-denominated flows.
An API endpoint appearing in a navigation chain cannot answer those questions. Identifying the regulated payment service provider or the licensed payment institution responsible for any euro checkout leg requires contractual and onboarding records, merchant-account details and transaction settlement documentation.
Marketing, contractual terms and the iGaming restriction puzzle
Collect & Exchange’s January 21, 2026 product announcement explicitly included iGaming among intended sectors for its crypto-acquiring service, while the company’s own published acquiring terms contain two differently framed restrictions on gambling-related activity. Clause 10.1.4 broadly prohibits gambling-related activities, whereas Section 17, point 24(b)(2) prohibits gambling, betting or gaming without appropriate authorisation or licensing.
The terms also describe an API for payment requests and status retrieval, but the general product description in marketing materials does not establish the operational role of the specific api.collectnexchange.cy endpoint observed in the iDEAL routes. Comparing a marketing announcement and contract terms to the route captures does not by itself establish a contractual breach or regulatory non-compliance.
The merchant and onboarding questions that remain
FinTelegram sets out the concrete follow-ups needed to resolve the merchant-account picture:
Identify the contracting customer for each recorded integration — casino operator, gateway, or other intermediary.
Produce merchant-onboarding records that show which casino domains and target markets were disclosed to Collect & Exchange or to other participants in the chain.
Produce settlement instructions and transaction-level documentation showing beneficiary accounts and whether settlement was performed via a PSD2-authorised entity.
Clarify which party conducted any euro acquiring or payment initiation and under which licence or passporting arrangement.
Until those facts are produced, the public record contains a regulated CySEC-listed CASP, publicly named founders and recurring technical evidence of an API endpoint in casino cashier flows. That combination is a starting point for regulatory and contractual scrutiny, not proof that each connected activity had the necessary payment or gambling authorisations.
How readers can help establish the missing links
FinTelegram invites anyone with direct knowledge of Collect & Exchange’s casino integrations, merchant onboarding, gateway partners or settlement arrangements to contact its confidential channel via Whistle42. Contracts, onboarding packets, transaction receipts or settlement advices would address the core questions FinTelegram has identified and could show which legal entity performed payment services for the euro checkout legs.
If your organisation needs the regulatory context for these questions, see reporting on payments and compliance in our coverage of payments and regulation.
Frequently Asked Questions
Is Collect & Exchange CY Ltd authorised under CySEC?
Yes, Collect & Exchange CY Ltd appears in the Cyprus Securities and Exchange Commission authorised-CASP register under the reference CASP003/25 and lists registration HE456884 with an address at Thessalonikis 13, Limassol. The company’s public materials also reference the same CASP003/25 tag while a LinkedIn post used the label PYKS 1/25, which FinTelegram says requires clarification.
Does the presence of api.collectnexchange.cy prove completed casino deposits?
No, the recorded checkout sequences show a recurring API endpoint in navigation chains but do not demonstrate completed money transfers, crypto conversions or final settlement beneficiaries. FinTelegram’s captures reflect technical navigation steps and not transaction-level settlement documentation.
Who are the founders publicly associated with Collect & Exchange?
Yaron Noah has publicly identified himself as CEO and co-founder and named Asaf Hanukaev as co-founder and partner in a LinkedIn post reviewed by FinTelegram. Those are public statements and do not by themselves establish shareholdings or beneficial ownership.
Why does MiCA not automatically allow euro payment services in these flows?
MiCA authorisation for crypto services does not by itself authorise euro-denominated payment services; Article 70(4) MiCA permits related payment services only where the crypto-asset services provider or the relevant third party is authorised under PSD2. Identifying the PSD2-authorised party is therefore necessary to explain the euro checkout leg.
What evidence would resolve the merchant and settlement questions?
Contractual customer agreements, merchant-onboarding records, transaction receipts and settlement advices would identify which entity contracted for the integration, which jurisdictions and casino domains were disclosed, and which account ultimately received settlement. FinTelegram has asked for such documentation via its Whistle42 confidential channel.
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About the author
Priya Nair
Payments Correspondent
Priya Nair covers payments and fintech in the gambling industry — processor and PSP deals, payment-method launches, crypto rails, and the compliance shifts that decide what players can actually use at the cashier. The stories lead with the deal or launch, name the companies and methods precisely, and translate the jargon into what operators and players gain or lose. From open-banking pilots to stablecoin settlement and chargeback rules, Priya Nair follows the money the industry runs on.
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