PhotonPay is a global digital financial infrastructure platform founded in 2015, headquartered in Hong Kong, China, with business coverage in over 200 countries and regions worldwide. It provides services including global accounts, cross-border payments and receipts, exchange management, etc. Despite holding financial licenses from multiple countries such as Hong Kong MSO, US MSB, and UK FCA, the company has not obtained a payment business license or cross-border financial service qualification issued by the People's Bank of China, the State Administration of Foreign Exchange, or the China Securities Regulatory Commission in Chinese Mainland.

   Although PhotonPay claims to be "safe and compliant", there is a clear regulatory gap in its operations in Chinese Mainland. According to China's "Administrative Measures for Payment Services Provided by Non-financial Institutions" and cross-border foreign exchange management policies, unlicensed institutions are not allowed to provide services such as cross-border payments and currency exchange for domestic enterprises or individuals.

   The company is suspected of circumventing foreign exchange control by conducting RMB foreign exchange purchase business in disguised forms through products such as "Yifuhui". Users' funds face the risk of being frozen or unable to be cashed. In addition, the legality of its cooperation model with domestic third-party payment institutions is questionable. Once the partner is investigated and punished, the user's capital chain may break.