Investor warning – FinoMarkets facilitated by Coinicash, AdvCash, and Texcent

FinoMarkets scam facilitated by Texcent and Coinicash and AdvCash
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The Spanish financial markets authority CNMV issued a warning against FinoMarkets (www.finomarkets.com) on September 13, 2021. The scam’s website does not specify an operator or a competent jurisdiction. However, we have again Coinicash acting as a payment processor for credit and debit card payments. Coinicash is again facilitating in its capacity as a registered merchant with Texcent and AdvCash, who actually process the payments. Victims’ deposits are apparently represented and miscoded as purchases of cryptocurrencies on the Coinicash exchange.

In recent weeks, we have found the combination of Coinicash (www.coinicash.com) and AdvCash (www.advcash.com) in various scams such as Cento GX (report here) or QuantumMarket (report here). Coinicash acts as a merchant for different payment processors like SysPay or Texcent. The latter is involved in dozens of scams as a facilitator.

Texcent (www.texcent.com) is an Indian high-risk payment processor with its headquarters in Singapore. The high-risk payment processor operates a total of 12 legal entities in Asia, Europe, Oceania, the Middle East, and North America. It operates in Europe via Texcent UK Ltd in London and Texcent Europe Ltd in Cyprus. Both European companies have Svetlana Umarova, a Cyprus citizen, and Sumedha Goel, an Indian, registered as directors.

Stay far away from FinoMarket and save yourself from losing your money and misusing your data. If you have any information about FinoMarket and its facilitators, please share it with us through our whistleblower system, Whistle42.

  1. Anonymous says:

    Texcent also used a UK payment processor called Globan Ltd, Company number 12746780 which had a relationship with another payment processor in Nigeria called Flutterwave. Texcent could not use Flutterwave direct because Texcent refused to pay a premium to Flutterwave for the high-risk merchants using their account so Texcent looked for new startups to build a relationship with Flutterwave on their behalf ‘hence Globan Ltd’ who opened an account with Flutterwave pretending to sell Telecommunication data and instead put through Texcent’s high risk merchants (the majority being unlicensed gambling) putting through figures of around £1,000,000 a month and Globan Ltd would take a cut of around 7% of this £1,000,000 as their cut.

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