The European Funds Recovery Initiative (EFRI) has issued a formal letter to the Malta Financial Services Authority (MFSA)—with a copy to the European Banking Authority (EBA)—urging the regulator to urgently reassess the Electronic Money Institution (EMI) licence it granted to StablR Ltd. in June 2024.
Background: a €200 million fraud story the regulators must not forget
EFRI represents more than 600 European consumers who collectively lost over €20 million to investment scams orchestrated by the transnational crime network led by Gal Barak (“the Wolf of Sofia”) and Uwe Lenhoff. A small part of the tens of thousands of innocent consumers who lost more than €200 million to Barak and Lenhoff (September 2015 – January 2019).
A criminal investigation revealed that Dutch payment institution Payvision B.V. (part of ING Groep N.V.) funnelled approximately €150 million in proceeds from these scams by systematically ignoring obvious red flags, including excessive chargeback ratios and public supervisory warnings. By now, ING Bank N.V. has closed its subsidiary.
In April 2024, the Dutch public prosecutor imposed administrative fines of €330 000 each on former Payvision executives Rudolf Booker and Cheng Liem Li for “structural AML breaches” between 2016 and 2020. For the victims, many of whom have suffered severe economic hardship and health problems, these low penalties felt like a travesty of justice.
The same Actors, a new Payment License
For us back then, we did not understand why the third board member of Payvision, Gijs op de Weegh, the cofounder of Payvision B.V. and board member of Payvision B.V. (2002 – April 2020), was not prosecuted. Barak´s criminal files show that he was the one who signed the contracts with Barak’s shell companies.
Evidence suggests that Dutch entrepreneur Gijs op de Weegh was being groomed as the Netherlands’ next blockchain‑and‑stablecoin hero. In December 2022 the Dutch holding company Plutus B.V.—whose beneficial ownership remains anything but transparent—incorporated StablR Ltd. in Birkirkara, Malta. On 21 June 2024 the Malta Financial Services Authority (MFSA) granted StablR—managed by op de Weegh and another former senior Payvision executive (Corne van der Meijden)—an Electronic Money Institution licence, authorising it, under Title IV of MiCA, to issue its EURR stablecoin. Just six months later, in December 2024, Tether, the world’s largest yet most frequently criticised stablecoin issuer owing to its opaque reserves and historical money‑laundering concerns, took an equity stake in StablR.
Why we are alarmed!
The Maltese “fit‑and‑proper” test for EMI licence holders requires rigorous scrutiny of proposed directors, shareholders, and senior managers. Yet:
AML proceedings ignored: The MFSA appears to have discounted the results of the criminal proceedings against key Payvision executives when approving StablR’s licence. Gijs op de Weegh, being the co-founder of Payvision and an active board member for 18 years of a company with a history of systematic failure to adhere to AML rules, should not be ignored in considerations for licensing.
Opaque ownership chain: The links between StablR, its Dutch holding company Plutus B.V., and entities controlled by Rudolf Booker remain undisclosed.
Risk to the EU financial system: Allowing actors previously involved in large‑scale money laundering to operate a stablecoin under the new MiCA regime jeopardises market integrity and consumer protection.
What EFRI is demanding
EFRI respectfully requests that the MFSA:
Immediately reassess StablR Ltd.’s EMI license, focusing on the honesty, integrity, and competence of its senior management and ultimate beneficial owners;
Disclose without delay all facts relevant to Payvision’s misconduct and the current ownership/control structure of StablR Ltd..
Consider interim measures, including the suspension or restriction of the license, until a fresh suitability and transparency assessment has been completed.
Read the full letter:
Download our complete 8 July 2025 letter to the MFSA and EBA here.
