Volet

Payment processor and wallet operator

Key Data

  • Trading Names: Volet (previously Advcash)
  • Legal Entities: Second February Limited (Seychelles)/Queensland Foreign Exchange Inc.

Overview

Volet (previously Advcash) is a high-risk payment processor and wallet operator. It provides FIAT and crypto payment services, partnering with crypto exchanges like Binance. It offers SEPA and IBAN services, multi-currency debit cards, and supports various currencies, including USD, EUR, RUB, KZT, UAH, and BRL. The platform charges fees for certain transactions, including SEPA deposits/withdrawals, credit card deposits, stablecoin transactions, local bank transfers, and cryptocurrency exchanges.

Under the new brand Volet, the high-risk payment processor offers Visa and MasterCard debit cards.

Customer Review

Volet maintains a “Great” trust level on Trustpilot, with a 4.2-star rating (last check on March 27, 2024).

Investigations

Volet is under investigation in the United States, particularly regarding transactions via Binance. The focus extends beyond money laundering to potential violations related to circumventing Western sanctions against Russia.

Beneficial Ownership

Historically, Artem Abramov and Artem Shulepov were considered beneficial owners of Volet. Following Abramov’s alleged death, Shulepov appears to be the sole beneficial owner.

ADV2 Spin-Off

ADV2 was another high-risk payment brand co-established by Volet. In January 2024, ADV2 was renamed Rocken and spun off.

From Advcash to Volent

Advcash, a high-risk payment processor known for its secretive operations and complex ownership structures, was rebranded into Volet on March 26, 2024. This move accompanies a strategic departure from Belize, citing the jurisdiction’s inadequacy for crypto business operations. Volet will henceforth operate through two new entities: Queensland Foreign Exchange Inc. in Canada and Second February Limited in the Seychelles.

Volet‘s services are now divided between:

  • Queensland Foreign Exchange Inc.: A Canadian entity regulated by FINTRAC, focusing on money service business operations, including credit/debit card deposits in cooperation with Unlimit, a licensed e-money institution in Cyprus.
  • Second February Limited: Based in Seychelles, facilitating cryptocurrency purchases, indicating a strategic diversification of operations across jurisdictions with distinct regulatory landscapes.
  • Limited bank deposits: Bank transfers are only possible for South America via the Brazilian Pix. Previously, bank transfers were processed via the Lithuanian EMI Majestic Financial UAB.

Conclusion

Due to investigations, accusations of money laundering, and associations with questionable activities, Volet remains on our RED Compliance list. This compliance profile serves as a cautionary overview for stakeholders and regulatory bodies, emphasizing the need for continued scrutiny and adherence to compliance standards.

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  2. ADVCASH the russian laundromat

    Throughout 2019 and 2020 the ADV wallet has been used to process the proceed of several
    investment fraud scams, mostly in Germany The ADV service was used to receive the
    proceeds of the fraud and then convert them to BTC and execute multiple wallet-to-wallet
    transfers concealing the destination of the funds. There are several open investigations in
    Germany regarding those cases… It highly suspected that the involvement of ADV Cash in those schemes is voluntary and intended.
    German authorized requested the freezing of funds of ADVCASH.
    Artem Abramov (UBO of ADV Cash Ltd, now deceased) through the UK based entities Advanced Cash Ltd and ADV BILL LTD are connected to LAS International Ltd and Protectimus Solutions LLP is linked to GSL Law (and independently
    It was has established a link between GSL and Adv Cash Ltd Belize, including a former GSL
    employee now being employed at Adv Cash, Julia Popova) and that Artem Shulepov (UBO of ADV Project) is connected to GSL through Atome Investments Ltd.
    LAS International Ltd is registered to 5 Percy Street, WC2, the same address as Advanced
    Cash Ltd. In a report published by Bellingcat on 1 October 20191 LAS was named as one of
    four prolific providers of Scottish Limited Partnerships, almost exclusively registered in
    offshore secrecy locations. The report also states that a number of LAS registered SLPs have
    been involved in money laundering and sanctions evasion. This is one of a significant
    number of reports relating to LAS.
    More information about LAS International can be found in the following link
    https://www.irishtimes.com/business/ireland-marketed-in-russia-as-offshore-location-withimpeccable-
    reputation-1.4693863
    ADV BILL LP has named Advanced Cash Solutions Limited (the Belizean company) as its
    General Partner and Damitra Limited as its Limited Partner. According to Bellingcat, 736
    SLPs have named Damitra as a Limited Partner. They identify a Mr S Valuta as the main
    signatory of these SLPs. Mr Valuta also signed the registration documents for ADV BILL LP.
    Advanced Cash Ltd was registered to LAS Internationals Percy Street office on 11 December
    2018. There is no indication on the Companies House register that it is a non-trading
    company and it carries virtually the same name as the trading Belizean company. Since
    registering, it has failed to provide the mandatory confirmation statement and has been
    moved to compulsory strike off.
    G.S.L. Law & Consulting (of which the UK company was a subsidiary) features prominently in the Panama Papers reporting on the offshoreleaks.com website. It was also named by
    William Browder as the formation agent for one of entities used to move the Magnitsky
    funds out of Russia in 2007.
    More information can be found on https://www.icij.org/investigations/offshore/caribbeango-
    between-provided-shelter-far-away-frauds-documents-show/
    G.S.L. Law is famously in the middle of multiple offshore leaks as can be seen at
    https://offshoreleaks.icij.org/nodes/298170, Head of Legal Julia Popova of ADVCASH, was working for G.S.L Law.
    A UK company called ADV Project FX Ltd named ASV Project Ltd (with a registered address
    in Seychelles) as its sole shareholder. Even though ADV Project FX Ltd was dissolved in 2016, it has connections to other relevant companies. One of its directors, Genevieve Magnan, has been disqualified by Companies House for 12 years for her involvement with a Binary
    Options scam through a company called Eclipse Finance Ltd. According to Ms Magnans
    LinkedIn profile, she is an administrator at Alpha Consulting Ltd, a Seychelles Corporate
    Service Provider, a role she holds alongside Sandra Gina Esparon (who has several aliases).
    Ms Esparon was the Designated Member for Always Efficient LLP, a company at the heart of the BTC-e scandal involving Alexander Vinnik. Always Efficient LLP was registered by LAS the same company that created Mr Abramovs limited company (Advanced Cash Ltd) and his
    Scottish Limited Partnership (ADV Bill LP).
    ADV Cash had processed a significant number of transactions and volumes using BTC-e, and even after the scandal they onboarded and processed transactions for WEX, which is publicly known to be the successor of BTC-e. WEX ex-administrator Dmitry Vassiliev has been arrested recently. WEX became the property of the boss of a Russian separatist armed militia in Ukraine, Dmitry Khavchenko. WEX has also documented ties to Konstantin Malofeev, a close relationship of Vladimir Putin, and, according to a BBC investigation, WEX has also ties to the Russian FSB.
    A lot of useful information is available on https://thebell.io/en/russia-s-orthodox-tycoon-isbankrolling-a-monarchist-movement-but-where-does-he-get-his-money/
    The technical documentation of ADVASH mentions WEX integration.
    In 2020 it was discovered that ADV Cash had onboarded a merchant
    SuperForex, an offshore forex company owned by Mr Ildar Sharipov, and connected to a
    network of offshore forex companies (Instaforex etc.) and several individuals who are
    connected to shady or criminal enterprises.
    Mr Ildar Sharipov was identified as the UBO of SuperForex and our investigations have
    found the following information and connections were determined by a combination of
    public or leaked information in the public domain. Ildar Sharipov founded Instaforex
    (currently operating Instaforex.com and Instaforex.eu, the former being blacklisted by
    multiple regulators inter alia Bulgaria and France and the latter being licensed by the CySEC
    but recently fined for non-compliance with AML regulations –
    https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=c77cf7bf-c9a7-4136-b48dcc579144df14)
    together with Sergey Mayzus, who has been involved at different extents in multiple
    scandals through his huge network of businesses (OKPay was involved with BTC-e scandal
    and just recently the FinCEN links had Mazayus Holdings as the most mentioned company in
    the leaked SARs, he is also connected to a network of other forex websites e.g. LiteForex).
    Instaforex was originally operated by Instatrade Corporation who entered a Consent Order
    with the DOJ for providing unlicensed services to US customers –
    https://www.cftc.gov/sites/default/files/idc/groups/public/@lrenforcementactions/docume
    nts/legalpleading/enfinstatradecomplaint012611.pdf
    Instaforex in Europe is managed by Instant Trading EU Ltd who is regulated by SySEC, Instant
    Trading EU Ltd also operates ForexMart.eu that employs a similar tactic that we see
    repeated throughout companies connected to those individuals – having 2 entities one
    properly licensed and a clone one operated by an offshore company (or a web of
    companies) to create a sense of legitimacy. Similar thing is observed by Mr Ildar Sharipov’s
    EMI whose license was revoked by the FCA in 2018 – Megatransfer operated by Online
    Currency Corp Ltd the company has remained active and can now be found to operate a
    forex website that boasts a fake MFSA license *again the website has disappeared and is no
    longer accessible following our investigation* (https://onlinecurrency.club/). There is also an
    FCA notice regarding Online Currency Corp (clone firm) approaching investors and having
    unlicensed activities (https://www.fca.org.uk/news/warnings/online-currency-corp-ltdclone-
    firm). Another connection is that while Online Currency Corp was licensed it had an
    agent based in Bulgaria Currentec EOOD, who now operates a Forex website that’s quite
    clearly not real as the ‘about me’ section still had placeholder text at the time it was
    originally accessed in September 2020, however the website has now disappeared from the
    internet (http://currentec.com/). Another agent of Online Currency Corp was Grizzio Ltd
    (again owned by Ildar Sharipov), however Grizzio Ltd shared the same address with Ezyfx
    operated by Ezy Group Limited – with a target market in Malaysia but operated by an
    unlicensed UK company. On top of that Ezy Group Limited was Dissolved on 7th January
    2020 while the website ezyfx.la remains active with the same company information at the
    footer clearly misleading visitors. While this could be a coincidence since this is a virtual
    office address, we have noticed that when using addresses or incorporators a lot of the
    related unlicensed forex websites while using different people they like to use the same
    addresses or incorporators in different jurisdictions. This is most likely because having such
    a large turnover of companies (A lot of the websites remain the same but the “operated by”
    section changes quite often).
    A lot more details can be found at
    https://www.forexpeacearmy.com/community/threads/unfolding-the-mystery-behindinstaforex-
    real-owners-and-activities.61329/
    Ildar Sharipov, the ultimate beneficiary owner of SuperForex and Instaforex, is under
    criminal investigation in the UK and has had assets confiscated by the Crown for money
    laundering. His financial license in the UK has also been suspended, due to multiple
    allegations of fraud and money laundering, including the type of one, involving Estonian
    companies, which has been documented here:
    https://www.bankinfosecurity.com/how-63k-was-lost-in-week-on-online-trading-website-a-
    10697
    and there has been a notice from the Estonian authorities regarding this relevant company:
    https://www.fi.ee/et/hoiatusteated/finantsinspektsioon-hoiatab-tegevusloata-ariuhinguteeest-
    0
    Here are several links to different regulators or other sources about the fraudulent nature of
    Instaforex and related entities:
    https://www.osc.ca/en/investors/warnings/instaforex-company-doing-businesswwwinstaforexcom
    https://www.fsc.bg/en/news/investor-warning-7247.html

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