Key Data

• Trading Names: Volet (previously Advcash)
• Legal Entities: Queensland Foreign Exchange Inc. / Second February Limited/
• Activities: Innovative payment processor
• Locations: Canada, Seychelles,
• Regulation: MSB registered with FinTrac Canada
• Key People:  Max Eirich, Bern Camile

Overview

Volet is a leading international innovative payment processor and wallet operator. It provides FIAT and crypto payment services, partnering with regulated crypto exchanges. It offers SEPA services, crypto services, and multi-currency debit cards. The platform charges fees for certain transactions, including SEPA deposits/withdrawals, credit card deposits, stablecoin transactions, local bank transfers, and cryptocurrency exchanges.

In the past, the Volet platform also cooperated with smaller service providers, sharing its extensive experience and some technologies that proved effective in the highly competitive industry of online payment services.

Volet also offers Visa and MasterCard debit cards.

Customer Reviews

Until a few weeks ago, Volet maintained a “Great” trust level on Trustpilot, with a 4.2-star rating. However, since the restructuring of the group and its rebranding, the number of 1-star ratings has dramatically increased, resulting in a 3.9-star rating (June 9, 2024). Nevertheless, as the services have been provided on the same level and with no stops or delays, it quickly regained its rating after the drop in rankings, which has now reached a 4.0 (June 20, 2024).

Beneficial Ownership

According to our sources, Max Eirich is the sole beneficial owner of Volet.

Volet corporate restructuring

Recently, Volet undertook a significant restructuring of its corporate framework. This strategic move included rebranding to Volet and registering with the Canadian Financial Transactions and Reports Analysis Centre (FINTRAC) as a Money Services Business (MSB) through its Toronto-based subsidiary, Queensland Foreign Exchange Inc. Additionally, Volet’s crypto services are now managed by Second February Limited, which is based in Seychelles.

Assessment Conclusion

Due to our investigation and last review, Volet has achieved the Green Compliance and Green Risk Rating on PayRate42. It is a testament of its proactive approach in enhancing operational standards and compliance measures. This milestone reflects Volet’s ongoing efforts to lead with integrity in the global digital payments landscape.