Finland · Payments & e-money
Paxos Issuance Europe Oy
Paxos Issuance Europe Oy is a Finnish limited company based in Helsinki. The Finnish Financial Supervisory Authority (FIN-FSA) authorises it as an electronic money institution under reference 32368862. It is a wholly owned subsidiary of Paxos Holdings LLC, which completed its acquisition of the firm, then named Membrane Finance Oy, in February 2025. Under the EU Markets in Crypto-Assets Regulation (MiCA), it issues and redeems the Global Dollar (USDG) e-money token for holders in the EEA.
Licences and registrations
Held by Paxos Issuance Europe Oy (LEI 743700KYSSTKZYGEUF50). 1 entry on 1 of the 22 tracked registers, retrieved 25 September 2026.
| Register | Licence | Number | Jurisdiction | Status | Registered | Ends | Activities | Register entry |
|---|---|---|---|---|---|---|---|---|
| EBA PSD2 RegisterFinnish Financial Supervisory Authority | Electronic money institutionE-Money / Stored Value Institution | 32368862 | Finland | Active | 2022-11-23 | — |
|
Search the register ↗ |
- Each licence applies in the country of the regulator that granted it.
- Registers are tracked in 37 countries. Licences granted elsewhere are not recorded here.
Swift network
Swift’s ISO 9362 BIC directory
Holds no BIC in Swift’s directory.
Its LEI is not mapped to a BIC in the Swift and GLEIF BIC-to-LEI relationship file.
Overview
Researched 29 Sep 2026 · Sources
Customers
Not published
Ownership
Group subsidiary
100% Paxos Holdings LLC
Firm type
Stablecoin issuer
Trades as Paxos EU
- Standing
- The firm was formerly Membrane Finance Oy. Paxos completed its acquisition in February 2025, and the firm was later renamed Paxos Issuance Europe Oy. The legacy EUROe euro stablecoin has stopped new minting and trading and is in redemption-only mode.
- Ownership
- Paxos Holdings LLC owns 100% of the firm, which it acquired from the Equilibrium group in February 2025.
- Direct parent
- Paxos Holdings LLC, United States 100%
- Head office
- Meritullinkatu 1 B, 00170 Helsinki, Finland
- Company register
- Finnish Trade Register (Business ID) 3236886-2
- Incorporated
- 18 Oct 2021
- Founder
- Juha Viitala
- Former name
- Membrane Finance Oy
Online
- Websites & references
- paxos.com ↗
paxos.com/eu ↗ EU stablecoin and MiCA information page for the entity
paxos.com/euroe-redemptions ↗ EUROe redemption page published by the entity
membrane.fi ↗ former Membrane Finance website - Official social accounts
- LinkedIn ↗ · X ↗
Sources · 13 pages consulted
- paxos.com/terms-and-conditions/licenses
- paxos.com/terms-and-conditions/usdg-eu-whitepaper
- paxos.com/euroe-redemptions
- paxos.com/eu
- paxos.com/regulatory-record
- paxos.com/newsroom/paxos-completes-acquisition-of-finnish-e-money-institution-membrane-finance
- paxos.com/newsroom/paxos-to-acquire-finnish-e-money-institution-membrane-finance
- paxos.com/newsroom/global-dollar-(usdg)-launches-in-the-eu
- paxos.com/terms-and-conditions/stablecoin-terms-conditions
- sec.gov/files/rules/other/pssc-form-ca-1-exhibit-c-1.pdf
- membrane.fi/company
- euroe.com/blog/avax
- pointzeroforum.com/speakers/spkr14795-tero-reuna
Authorisation
Researched 29 Sep 2026 · Sources
- Operates under
- Its own licences
The FIN-FSA authorises the firm as an electronic money institution under reference 32368862. It issues USDG as an e-money token under MiCA on the basis of that authorisation, and a third-party source reports the licence as passported to 30 EEA states.
| Authority | Licence or registration | Number | Held | Status | Source |
|---|---|---|---|---|---|
| Finnish Financial Supervisory Authority (FIN-FSA) Finland | Authorised Electronic Money Institution | 32368862 | In its own name | Active | paxos.com ↗ |
Licences and registrations the research found, at home and abroad, as the firm and its regulators publish them. The Licences and registrations card shows the entries on the registers the directory tracks.
Partners and safeguarding
Researched 29 Sep 2026 · Sources
- Safeguarding
- Segregated safeguarding accountsThe firm states that USDG reserves are at least 100% of outstanding EEA tokens and are held in segregated, bankruptcy-remote accounts at regulated financial institutions, separate from its own funds.
- Crypto-asset custody
- Not disclosedThe firm issues USDG on Ethereum, Solana, Ink, X Layer and Robinhood Chain. Paxos publishes monthly reserve attestation reports for USDG.
- Payment schemes and card networks
- SEPA Credit Transfer Access not stated paxos.com ↗
Banks and regulated firms the firm says hold its customers’ money, issue its cards, sponsor its accounts or settle its payments, as it discloses them in its terms and notices.
Products and markets
Researched 29 Sep 2026 · Sources
It issues and redeems the US dollar-backed Global Dollar (USDG) e-money token in the EEA, where only onboarded institutions can mint it directly. Retail holders can redeem through the firm's support channel or through Global Dollar Network partners.
It serves the EEA from Finland, and its USDG white paper lists 30 EEA host states.
- Sells to
- Financial institutions · Enterprises · Consumers
- Serves customers in 30 countries
- Finland · Austria · Belgium · Bulgaria · Croatia · Cyprus · Czechia · Denmark · Estonia · France · Germany · Greece · Hungary · Iceland · Ireland · Italy · Latvia · Liechtenstein · Lithuania · Luxembourg · Malta · Netherlands · Norway · Poland · Portugal · Romania · Slovakia · Slovenia · Spain · Sweden
- Total raised
- USD 540m to Feb 2025 · paxos.com ↗
Leadership
Researched 29 Sep 2026 · Sources
- Chief executive
- Tero Reuna Member of the Board of Directors and Managing Director
- Chair
- Charles Cascarilla Chair of the Board of Directors
- Compliance / MLRO
- Patrik E. Johansson Head of EU Compliance & MLRO
- Compliance / MLRO
- Max Atallah Compliance Officer
- Executive
- Otto Wirkkala Member of the Board of Directors
Recent events
Researched 29 Sep 2026 · Sources
-
Other
The firm began issuing Global Dollar (USDG) to holders in the EU under MiCA, with FIN-FSA supervision.
paxos.com ↗ -
Merger / acquisition
Paxos completed its acquisition of the firm, then named Membrane Finance Oy, after regulatory approval.
paxos.com ↗ -
Merger / acquisition
Paxos agreed to acquire the firm, then named Membrane Finance Oy, subject to regulatory approval.
paxos.com ↗
Compliance-relevant events of the last three years, newest first: fines and enforcement, investigations, security incidents, licence changes, funding rounds, acquisitions and leadership changes. Each links to its source.
Identifiers
- Licence no. · EBA-PSD2
- 32368862
- BIC
- Holds no BIC in Swift’s directory
- How the LEI was matched
- Matched by Elucidate to GLEIF on name, country and address
- Elucidate firm ID
- ea9cef62490a
Profile
- Type
- Payments & e-moneyPayment institutions, e-money and stored-value issuers, and account-information providers. Licensed under payment-services law (e.g. PSD2 in the EU and UK, the Payment Services Act in Singapore). Taken from the licences on the tracked registers.
- Regulation
- Prudential licenceAuthorised with capital, safeguarding and conduct requirements, e.g. an authorised payment or e-money institution in the EU or UK, a major payment institution in Singapore, or a MiCA crypto-asset service provider.
- Main licence class
- E-Money / Stored Value Institution
- Activities
- Money remittance
- Payment services
- Card acquiring
- E-money / stored value
- Licensed in
- Finland · Europe & Central Asia
- First registered
- 2022-11-23
Types come from Swift’s BIC classification, the licences on the 22 tracked registers, and the ECB and FSB bank lists. Most banks outside the euro area appear as financial institutions, because their supervisors’ registers are not tracked yet.
Ownership and group
GLEIF relationship records
- Direct parent
- Equilibrium Group Oy · Finland743700XNTIEBHMEK3D98 ↗
Group membership follows the accounting-consolidation relationships reported to GLEIF. It does not show ownership shares or control.
Addresses
- Address on the register
- Meritullinkatu 1 B, Helsinki, 00170
- Country
- Finland
ISO 20022 identification
As an agent in a Swift cross-border payment message (CBPR+)
This institution holds no BIC. A CBPR+ message identifies it by name and postal address, and may add its LEI or a clearing code.
- Identified by
- Name and postal address, with its LEI
- Postal address
- Hybrid: town, postcode and country in their own elements, the rest in one address line
<FinInstnId>
<LEI>743700KYSSTKZYGEUF50</LEI>
<Nm>Paxos Issuance Europe Oy</Nm>
<PstlAdr>
<PstCd>00170</PstCd>
<TwnNm>Helsinki</TwnNm>
<Ctry>FI</Ctry>
<AdrLine>Meritullinkatu 1 B</AdrLine>
</PstlAdr>
</FinInstnId>CBPR+ identifies the instructing and instructed agents by BIC only. An institution without a BIC can be the debtor, creditor or an intermediary agent.
The values are as published by the register. Check them against your own records before use.
Sources & method
Register entries come from the public registers of financial regulators, standardised into one taxonomy. LEIs are matched through GLEIF, and a BIC is linked only through a shared LEI.
An institution missing from these registers is not necessarily unregulated.
Register entries are not matched against the OFAC or EU sanctions lists. Where the legal entity also holds a BIC, the matches for that BIC are on its page. Always screen against the official lists.
An institution is one entry in the directory: a BIC8 in Swift’s directory, or a firm on a tracked register that holds no BIC. Licences held by an institution with a BIC are shown on its page.
Read the methodology →Register for this page
- EBA PSD2 Register—European Banking Authority (EBA) · source ↗ as at 25 September 2026
- Ownership and group—GLEIF Level 2 relationship records (accounting consolidation), matched by LEI.
- Overview, authorisation, partners, products, leadership and events—researched per institution by an AI model with web search, from the firm's own website, terms and filings, regulators' registers and notices, company registers and news. Licences, partners, figures, people and events link to their source, and each card shows the research date. AI research can be wrong or out of date, so check key facts at the source.
Assess the financial crime risk behind a licence
A licence records what an institution is authorised to do; it does not assess it. The Elucidate FinCrime Index (EFI) is an independent score of the financial crime risk of banks and payment institutions.
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