PIN-UP CEO Defends Ukrainian Partner Amid Russian Ties

Ukraine’s iGaming sector faces turmoil as PIN-UP Global’s Ukrainian partner is under investigation for alleged Russian connections.

With a nine-month business suspension and ₴2.6bn seized, the allegations have cast doubt on the company’s operations.

PIN-UP Global CEO Marina Ilina defends the partner’s compliance, calling the claims baseless and pledging full legal support.

Discover the details behind the investigation, the CEO’s response, and what this means for Ukraine’s iGaming market.

PIN-UP CEO Responds to Allegations of Russian Ties in Ukraine’s iGaming Market

Key Points

1. Allegations Against PIN-UP’s Ukrainian Partner: Ukrainian authorities allege ties to Russian entities and money laundering, citing connections to the Luhansk People’s Republic.
2. PIN-UP Global’s Response: CEO Marina Ilina denies allegations, highlights full legal compliance, and pledges support for the embattled partner company.
3. Industry Implications: The case raises broader questions about the safety and transparency of Ukraine’s iGaming market for international brands.

PIN-UP Global CEO Denounces Allegations in Ukraine Investigation

PIN-UP Global, a prominent iGaming brand, is at the center of controversy as its Ukrainian partner faces allegations of Russian ties and money laundering. The investigation, led by Ukraine’s State Bureau of Investigation (SBI), has accused the partner company of laundering funds tied to Russian entities and operating in the so-called Luhansk People’s Republic.

In response, Marina Ilina, CEO of PIN-UP Global, has categorically denied the claims, emphasizing the partner’s adherence to Ukrainian and European legal frameworks. The partner company, which was a leading taxpayer in Ukraine’s gambling industry before its operations were suspended, has been blocked from conducting business for over nine months.

Background of the Allegations

The SBI has accused PIN-UP’s Ukrainian partner of illegal activities, including:

• Laundering funds tied to Russian capital and entities under Ukrainian sanctions.
• Operating under the guise of third-party entities under investigation.
• Connections to the Luhansk People’s Republic, an area controlled by Russian-backed separatists.

As a result, authorities seized ₴2.6bn (€59m) from the partner company’s accounts.

Ilina has strongly refuted the allegations, highlighting PIN-UP Global’s exit from the Russian market in 2022. She stated that since the exit, PIN-UP has prohibited the use of its trademarks in Russia and severed all partnerships.

A Pattern of Scrutiny in Ukraine’s iGaming Industry

PIN-UP’s Ukrainian partner is not alone in facing such investigations. Earlier this year, Cosmolot, owned by Anglo-American businessman Arnulf Damerau, was also targeted by Ukrainian authorities. Its accounts were frozen amid allegations of financial improprieties. Damerau accused officials of blackmail, claiming they demanded 50% of the business in exchange for dropping the investigation.

Ilina acknowledged this troubling trend, stating:

“This ongoing scrutiny creates uncertainty for international iGaming brands considering entry into Ukraine’s market. The outcome of this case will determine how safe and transparent the market truly is.”

PIN-UP Global’s Legal Stance

Ilina assured stakeholders of the company’s commitment to compliance, stating:

“Operating with platforms certified under European legislation, we maintain full transparency and strictly adhere to legal frameworks. We are confident in our legal position and will support our partner fully to resolve this situation.”

She emphasized that the allegations do not reflect the realities of the partner company’s operations, which have consistently prioritized transparency and legal adherence.

The allegations against PIN-UP’s Ukrainian partner signal mounting challenges for the country’s iGaming industry, raising concerns about regulatory stability and international investor confidence. While Marina Ilina has defended the partner’s compliance and vowed legal action, the case underscores a need for greater clarity and trust in Ukraine’s gambling sector.

The resolution of this case could set a critical precedent for the future of international iGaming brands in Ukraine, defining whether the market can uphold transparency, fairness, and trust for global stakeholders.