Chile’s Financial Market Commission, or CMF, has revoked the registration of Inversiones Plusservice SpA, the company behind crypto platform Plusspay. The decision was announced on June 26. It bars the firm from operating in Chile and requires client deposits to be returned. Regulators said the company only held an initial registration and never obtained the full authorization needed to offer services.
That distinction sits at the center of the case. Under Chilean law, fintech firms must first register and then secure a second, explicit approval before launching operations. According to the CMF, Plusspay completed the first step but promoted itself as a fully regulated platform before receiving the second authorization.
Stablecoin conversions and offshore transfers drew scrutiny
Investigators said client funds deposited in Chilean pesos were converted mainly into USDT and USDC, then moved to offshore wallets and bank accounts. That transfer pattern raised red flags for authorities. Regulators estimate the suspicious transaction volume linked to this network exceeded $84 million.
Prosecutors also allege the funds may be tied to illicit activity connected to Tren de Aragua, a criminal syndicate based in Venezuela. In 2024, the US Treasury’s Office of Foreign Assets Control, or OFAC, designated the group as a global criminal organization. The South Metropolitan Regional Prosecutor’s Office has issued an arrest warrant for 38-year-old Venezuelan national Jose Manuel Rios Guaido, identified as the founder of the platform.
Authorities examine shell companies tied to the “Bex” brand
Prosecutors claim Rios Guaido used multiple shell companies operating under the “Bex” brand to obscure the movement of money through Chile’s banking system. Investigators also found a company registered in Florida that shared the same address. Those details widened the inquiry beyond licensing issues and toward the structure used to move and mask funds.
The CMF has ordered Plusspay to stop taking new customers. At the same time, it may continue processing withdrawals for existing users so their money can be returned. The immediate priority appears to be freezing new activity while allowing client funds to flow back out.
Case adds pressure to Chile’s fintech licensing regime
Plusspay was founded in 2021 and began offering crypto custody and brokerage services in 2023. It completed the registration phase in early 2024, but started marketing before obtaining the required second approval. The CMF said some platforms without full authorization present themselves as licensed entities, creating a false impression of regulatory status.
The regulator said it cannot directly shut such companies down, but it can refer violations to prosecutors, which may lead to measures such as registration cancellation. It is now reviewing all firms listed in the fintech registry to check compliance with updated obligations. Besides Plusspay, other firms have also been flagged for failing to meet revised information requirements. Under Chile’s Fintech Law, operating without proper authorization is considered a serious breach, and the legal exposure can increase sharply if fraud is established.