Rudolf Booker, the founder and long-time CEO of Payvision, has officially announced his departure from the company, along with fellow co-founders Cheng Lim Li and Gijs op de Weegh. Booker confirmed the exit in a recent LinkedIn post. While the founders had previously sold their majority stake to ING Bank in a €360 million deal back in 2018, their complete departure now marks the end of an era—albeit one deeply intertwined with controversy.
Ties to Fraudulent Binary Options Industry
Since at least 2015, Booker and Payvision have been heavily linked to the binary options fraud ecosystem, providing payment processing services to high-profile operators like German national Uwe Lenhoff and Israeli Gal Barak. Both men have since been arrested and are facing serious charges related to investment fraud and criminal organization activities.
According to legal files, Lenhoff played a direct role in onboarding Barak as a Payvision client and acted as a distribution partner, helping attract additional scam operators to the platform. Internal records even suggest Booker and Lenhoff discussed coordinated action against FinTelegram’s reporting. In one disturbing allegation, Lenhoff reportedly ordered the assassination of FinTelegram’s publisher—telling Booker afterward that the issue would soon be “resolved.”
Despite repeated warnings from financial regulators about the fraudulent nature of these brokerages, Payvision allegedly continued to process millions in monthly payments for them right up until the arrests in early 2019.
Departure Doesn’t End Legal Accountability
The founders may be gone, but their exit does not absolve Payvision of its regulatory and moral liabilities. The European Funds Recovery Initiative (EFRI), co-founded by FinTelegram, represents victims who lost substantial funds through scams processed by Payvision. According to EFRI’s Elfriede Sixt, the company failed to enforce proper KYC/AML procedures and should be held accountable.
“The exit of Booker and his team doesn’t erase Payvision’s responsibilities. The evidence from criminal investigations clearly shows that Payvision was knowingly complicit in the schemes run by Lenhoff, Barak, and others. We will continue to seek justice for the victims.”
— Elfriede Sixt, EFRI Principal
While the leadership change could offer Payvision a chance at a fresh start, many are watching closely to see if the company will finally address its past. A true reset, some argue, can only begin by acknowledging the damage done—and compensating those affected.