The European Gaming and Betting Association has submitted a formal complaint against payment provider Walletto. The association alleges that the financial service continues to process transactions for unlicensed gambling operators across European markets.
Regulatory Scrutiny of Payment Channels
The complaint targets Walletto’s ongoing support of gambling platforms operating without proper regulatory authorization. EGBA representatives state that payment processors determine market compliance. Financial channels that facilitate transactions for unlicensed sites allow non-compliant operators to maintain market presence.Regulatory pressure on financial intermediaries has increased across the sector. Payment providers must verify the licensing status of gambling merchants before accepting accounts. Walletto faces review regarding its verification procedures and transaction approval standards.
The association’s action reflects updated financial oversight requirements. Payment networks need to align merchant onboarding policies with regional gambling regulations. Industry observers will track the outcome of the formal complaint.