Advcash

Key Data

• Trading Names: Advcash, Advcash Payment Hub, ADV2 Wallet
• Legal Entities: Advanced Cash Limited, ADV Project Limited, Payean Finance Inc.
  
• Activities: Payment processor
• Location: Belize, Gibraltar, Canada
• Regulation: FSC Belize, FNTRAC Canada
• Key People: Yaacov Bitton, Artem Abramov, Artem Shulepov, Max Eirich

Advcash or Advcash Payment Hub (www.advcash.com) are the trading name of Advanced Cash Limited, a company registered in Belize with a license from the Belize Financial Services Commission (FSC Belize).

ADV2 Wallet is the trading name of Payean Finance Inc., a Money Service Business (MBS) registered with FINTRAC Canada.

The Russians Artem Abramov and Artem Shulepov are supposed to be the beneficial owners of the Advcash scheme of which the Gibraltar-registered ADV Projekt Limited, a fintech solution provider, is said to be part. The Gibraltar entity was established in 2013 and, until March 2022, was controlled by Artem Shulepov. Since then, the German Max Eirich has appeared as the beneficial owner of the Gibraltar Entity.

The Offering

Advcash offers FIAT and crypto payment services in a partnership with crypto exchanges such as Binance. Moreover, it offers SEPA and IBAN services to individuals and merchants. Advcash also offers multi-currency debit cards. Clients can fund their accounts in USD, EUR, RUB, KZT, UAH, and BRL.

Deposits and withdrawals from personal bank accounts are free. In addition, the following fees are charged:

• SEPA deposits/withdrawals: €1/€0.5% plus €5
• Credit card deposits: 3.5%/2% plus €3
• Stablecoins (USDT, USDC, BUSD) deposits/withdrawals: $1/different fees
• Local bank transfers: different fees
• Cryptocurrencies: internal exchange rate

Advcash receives a “Great” trust level on Trustpilot with a 4.s-star rating.

Conclusion

We have identified Advcash as a payment facilitator in some scams and hence include it in our “Orange Compliance Light” list.

Last updated: 20 December 2022