R

Red-Listed High-Risk Processor Volet and Their Strange DMCA Agent!

The network of high-risk payment processor Volet previously known as Advcash
Spread financial intelligence

Update: Unlimit has complained about this article, claiming that Volet is not their customer and that they do not process card transactions for Volet. This is not true. In our new review on June 14, 2024, we were able to confirm once again that the debit card deposits at Volet are processed via Mercuryo at Unlimit. In this respect, it appears that the payment processor, Mercuryo, is the customer of Unlimit and routes the card transactions from Volet to Unlimit.

The recent developments surrounding Volet, formerly known as Advcash, paint a complex and somewhat opaque picture of the high-risk payment processor industry. FinTelegram has had Volet on its radar for several years and has determined that the supposedly Russian-controlled high-risk payment processor has been active as Advcash a scam facilitator in the past. Below you find the latest update on the now restructured and relaunched scheme.

Company Structure and Operations

  1. Volet and Its Evolution: Volet, which originated as Advcash, allegedly serves millions of private and business customers internationally. Despite its widespread usage, the beneficial owners and managers remain undisclosed. There are strong indications of Russian control, and operations are intricately linked with Cyprus.
  2. Spin-off of Rocken (ADV2): Towards the end of 2023, Volet saw the separation of its crypto payment processor segment, which was rebranded as Rocken. Rocken operates independently under Payean Finance Inc. in Canada and Payean UAB in Lithuania, both registered with appropriate regulatory bodies.
  3. Operational Jurisdictions:
    • Queensland Foreign Exchange Inc.: Handles FIAT and credit/debit card transactions from Toronto, Canada, registered as an MSB with FINTRAC.
    • Second February Limited: a company registered on the Seychelles, which processes the crypto transactions for Volet clients.

Customer Feedback and Ratings

  1. Decline in Customer Satisfaction: Since rebranding to Volet, customer satisfaction has noticeably declined. Trustpilot reviews reflect a significant drop in ratings, highlighting issues with fund withdrawals, transfers, and unmotivated account freezes.
  2. Cyber Rating Agency Reports: Volet’s TrustScore on Trustpilot has fallen from 4.2 stars to 3.9 stars within a few weeks. Thus, the cyber rating agency PayRate42 maintained its Red Risk rating but upgraded the compliance rating to Orange due to the FINTRAC registration. However, PayRate42 states that the profiles remains on the status under review.

Go to the Volet profile on PayRate42.

Card Transactions and Controversies

Volet card transactions are processed via Mercuryo and Unlimit
  1. Partnership with Unlimint EU Ltd: Volet’s credit and debit card transactions are processed via crypto payment processor Mercuryo and Unlimint EU Ltd, an e-money institution licensed in Cyprus. In our latest review on June 14, 2024, we have (again) confirmed this. Despite the provision of Visa and Mastercard debit cards to various customers, including Russians, transparency issues persist, such as non-functional links to terms and conditions.
  2. Sanctioned Activities: Volet continues to attract significant traffic from Russia, which raises concerns given the ongoing Western sanctions. This situation suggests potential collaborations with unregistered and possibly illegal crypto exchanges.

Strategic Implications and Regulatory Challenges

  1. Regulatory Scrutiny: Volet’s rebranding and restructuring seem aimed at navigating through regulatory scrutiny. However, the company’s opaque structure, undisclosed ownership, and links to questionable activities present substantial challenges in the current regulatory environment.
  2. Future Prospects: The ability of Volet and similar entities to comply with stringent global financial regulations will be crucial. Their future will largely depend on transparency, regulatory compliance, and the trust they can rebuild with their customer base.

Updated Conclusion

Volet’s transition and operational strategies highlight the challenges and complexities of the high-risk payment processing industry. While aiming for transformation and regulatory compliance, the company must address significant concerns about transparency, customer satisfaction, and legal operations to sustain and grow its market presence amidst evolving global regulations.

Key Data Volet

Trading namesVolet
Advcash (old)
ADV2 Wallet (now Rocken)
Business activityPayment processor and
e-wallet provider
Related domainshttps://volet.com
https://advcash.com
https://adv2.com
https://adv-project.com
https://rocken.com
https://payean.com
Social mediaTwitter (@VoletCom)
Legal entitiesQueensland Foreign Exchange Inc.
Second February Limited
Advanced Cash Limited
ADV Project Limited
Payean Finance Inc.
Payean UAB
JurisdictionBelize, Seychelles, Gibraltar, Canada
RegulatorsFINTRAC Canada for Queensland Foreign Exchange with
MSB registration number: M23153297
PartnersUnlimit (card payments)
Mercuryo (card payments)
Majestic Financial UAB (no longer available)
Related individualsYaacov Bitton (LinkedIn)
Natalja Kauzova
Aleksandr Kauzov
Artem Abramov
Artem Shulepov
Max Eirich
PayRate42 Volet profile on PayRate42 (Red Risk & Orange Compliance)

Call for Community Input

Given these developments, FinTelegram urges caution among stakeholders and invites our readers to share any insights or experiences related to Volet‘s operations. We encourage the use of our secure whistleblower system, Whistle42, to provide confidential and protected information. Your contributions are crucial as we continue to monitor the fintech landscape and safeguard consumers from potential malpractices.

CategoriesRed Compliance

Leave a Reply

Your email address will not be published. Required fields are marked *