Pin-Up Under Sanctions: How a Global Gambling Giant Found Itself at the Epicenter of War, Crime, and Double Standards

In 2024, the gambling brand Pin-Up, once known for its respectable image and sports sponsorships, crossed into another domain. The company became a symbol of hybrid threats, criminal entanglements, and corruption-fueled concealment. After Ukraine imposed sanctions, the case has now entered the international arena.

Zelensky’s Appeal: The Start of Global Pressure

In May 2025, President Volodymyr Zelensky officially appealed to the governments of the United States and the European Union to synchronize sanctions against all individuals and entities involved in financing the war, evading restrictions, or supporting the aggressor state. While Pin-Up was not mentioned by name, it is clear that the gambling group is among the targets—already sanctioned by Ukraine’s National Security and Defense Council (NSDC) and involved in criminal proceedings.

Earlier, in April, the NSDC imposed 10-year personal sanctions against a group of legal entities and individuals linked to Pin-Up. The list includes both Ukrainian and offshore companies, as well as Russian nationals who, according to Ukraine’s security services and the State Bureau of Investigation (DBR), directly or indirectly control the casino’s operations.

Gambling Business in Disguise

Pin-Up operates in Ukraine through a network of companies with local licenses. The primary entity is LLC “UKR GAME TECHNOLOGY,” the formal operator of the brand. Affiliated IT firms include Turbo.UA, Victoria-Soft, and Tranta Development. Management is executed via offshore structures in Cyprus—Guruflow Team Ltd, Piprose Holding Ltd, and Monak Limited.

But what’s more interesting is not who made the sanctions list—but who didn’t. Notably absent is Marina Ilina, CEO of the international group Pin-Up Global, who serves as the public face of the brand in Ukraine, the licensing representative, and a member of the governing bodies of several key structures. Her absence raises questions: is she part of a scheme to conceal the real Russian beneficiaries?

Dmitry Punin: The Center of Influence

The top figure on the sanctions list is Russian citizen Dmitry Punin, who, according to open registries and investigative findings, is the key beneficiary of the Pin-Up group. Together with Ivan Bannikov and Alexander Matiashov, he forms the financial and managerial core of a gambling empire operating in Russia’s interests.

Punin is tied to the main financial flows managed through Cypriot offshores and directly oversees the business in Russia. His role is not ceremonial—he coordinates Russian partnerships, participates in Pin-Up’s internal PR strategy of “independence,” and orchestrates cross-border capital movements.

Criminal Case: The Evidence Base

On December 5, 2024, Ukraine’s State Bureau of Investigation formally notified the beneficiaries and managers of a licensed online casino—allegedly Pin-Up—of suspicion in money laundering, aiding the aggressor state, and financing the Russian military operation (“SVO”).

The investigation was carried out jointly with the State Financial Monitoring Service and included technical expertise, transaction analysis, and review of ties to sanctioned Russian entities. It was established that companies linked to Pin-Up: operated in temporarily occupied territories; transmitted geolocation data of users, including Ukrainian military personnel; conducted financial transactions benefiting the aggressor’s budget; supported organizations and veterans of Russia’s so-called “special military operation.”

The court seized over UAH 2.6 billion, which was transferred to the Asset Recovery and Management Agency (ARMA). Part of the funds has already been directed toward purchasing military bonds.

In September 2024, within the same case, Ihor Zotko—one of the nominal owners of the Ukrainian licensed entity operating under the Pin-Up brand—was detained. He is believed to be a “front man” used to shield the identities of Russian beneficiaries. After his arrest, Zotko tried to appeal the pretrial measure, but the court kept him in custody.

Traffic Arbitrage and the Figure of Slobozhenko

Another important figure in this story is Oleksandr Slobozhenko, founder of Traffic Devils, which officially partnered with Pin-Up in 2025. The company drives traffic to online casinos and adult websites. Despite claims of a “heroic mission” to extract money from Russians, journalistic investigations reveal that the primary targets were Ukrainian soldiers—trapped in gambling addiction under stress from the front lines.

Slobozhenko is under multiple criminal investigations, including for: tax evasion exceeding UAH 250 million; undeclared income in cryptocurrency (over UAH 1 billion); organizing a criminal group with Russian participants; maintaining off-the-books accounting (“black ledgers”); laundering money through Binance and Tether.

His associate Medyanik has already admitted guilt and entered into a plea deal.

PR Mythmaking and the International Front

As the scandal unfolded, Pin-Up sought to reshape the narrative. Marina Ilina publicly denounced the situation as “raiding,” “pressure on business,” and “injustice.” Nevertheless, the company continued to participate in international events (Affiliate Space Awards, partner conferences with Russian-linked players).

Yet the sanctions machine is accelerating. Following Zelensky’s appeal, international isolation is only a matter of time. The consequences may include: asset freezes in Western jurisdictions; bans on USD and EUR transactions; SWIFT disconnection; visa sanctions and account seizures.

Kremlin Money Under a Ukrainian License: How Was It Possible?

The Pin-Up case is more than a gambling scandal during wartime. It exemplifies how Russian capital, cryptocurrency, offshore jurisdictions, and digital marketing schemes can converge within seemingly legal Ukrainian structures—to launder money, collect sensitive data, and fund aggression against Ukraine.

At the time of the sanctions and criminal charges: Pin-Up operated under a Ukrainian license with support from Cypriot offshores; its partners participated in Russian business events and received awards on Russian territory; individuals with direct Russian ties were embedded in the company, while executives avoided sanctions through their roles as “cover managers”; the proceeds were used to support Russian military forces and occupation administrations.

Russian nationals Dmitry Punin, Ivan Bannikov, and Alexander Matiashov are listed as the true beneficiaries. On the Ukrainian side: Marina Ilina—still unsanctioned—and Ihor Zotko, arrested as a “figurehead” concealing Russian interests.

In a separate branch of the case stands Oleksandr Slobozhenko, founder of Traffic Devils, which partnered with Pin-Up and allegedly targeted Ukrainian soldiers. He faces charges tied to cryptocurrency laundering, tax evasion, and illegal traffic schemes.

Despite official claims of “business persecution,” Pin-Up increasingly resembles a hybrid threat disguised as a legal service. After Zelensky’s call to Western allies, global isolation appears to be a question of “when,” not “if.”

The global financial system does not forgive war disguised as gambling. The next step: asset seizures, SWIFT bans, and total exclusion from Western jurisdictions.