Advcash update

[Wellington]

Advcash seemingly have launched a new vehicle/company under a Canadian registration

Announcement: ADV2 Wallet: better way to manage your [digital] money. Buy/sell/store bitcoins, send money worldwide, and more.

01 December 2022
We are launching ADV2, our brand new crypto-enabled wallet!

ADV2 is our all-new crypto-enabled digital wallet for retail users: crypto investors and traders, digital nomads, anyone who manages cash and digital assets.

Here are the goodies:
- Near-market exchange rates for cash and crypto
- Built-in crypto wallet: store, send, receive coins
- Sleek new look and smooth user experience
- 24/7 live agent chat and ticket support
- iOS and Android apps to be released soon
- Coming up: IBANs, cards, and more

We know you probably have questions, so check out this brief FAQ below.

Why are you launching ADV2 instead of improving Advcash?

We will keep improving Advcash as much as possible. ADV2 is a more targeted, streamlined platform for retail (personal) customers. It has everything we can offer retail users today. Later on, we will launch a new platform for business users as well as other exciting products, so stay tuned.

So there finally will be a mobile app?

Oh yeah. ADV2 goes live as web version, but both iOS and Android apps are almost ready for release and will be added soon. Please follow our updates.
Do you plan to retire Advcash? Do I need to switch to ADV2 ASAP?

We love Advcash and do not intend to retire it. The two platforms will coexist. You are welcome to explore the features, the exchange rates etc, and use the one that works better for your needs. Or even both!

Do I need to get verified all over again?

When signing up for ADV2, you can migrate your verification status and your verified cards (but not the funds) from Advcash in just one click.

Can I move funds between Advcash and ADV2?

Automated fiat transfers between ADV2 and Advcash are now in development and will be released soon. Please follow our updates. Right now, you can use your crypto wallet in ADV2 to receive bitcoins from Advcash.

Is it safe to store crypto and cash in ADV2?

Absolutely. ADV2 inherits the best security practices from Advcash. Millions of worldwide users have been trusting us for over 8 years, and we are extremely grateful for that.
Explore ADV2.com, follow ADV2 on Twitter and Telegram, and let us know what you think!
Click to expand...

Not entirely sure what this means as the current company is HQ'd in Belize, and operates via Caribean banks, coupled with Chinese card providers (Unionpay).

New company appears to be Canadian

Payean Finance Inc. is registered in Canada under incorporation number BC1333355, MSB registration number: M21940685.
Click to expand...

Note existing company no longer offers onboarding to cards, so i guess this is related.

Not entirely sure how comfortable people will be transitioning to a Canadian regulated entity which will be CRS compliant (ok for many i am sure) so their risk goes down, but there will likely be added benefits to a Canadian enterprise being regulated so you don't get a FTX like shitshow in the future.

Last edited by a moderator: Dec 2, 2022

 

[JohnLocke]

Thank you, nice sharing. I guess for some of the people using AdvCash it means‌ it's over using them for the benefits we may know them for.

 

[Simon4466]

Damn looks great at a first glance.
https://opengovca.com/money-service/M21940685Interesting that it seems that there are‌ quite a few MSBs running from that exact address?

 

[Masterhack]

I think yet advcash must be report under CRS and FATCA

 

[reallyawesome1111]

When the inevitable crackdown in Canada occurs (can already tell it's coming: Cullen Commission, the‌ usual activist groups complaining about "snowwashing", Russia-Ukraine), I can almost guarantee this will be the‍ first to go.

 

[Fred]

AdvCash tried for last couple of months to launch there dedicated IBAN Service with UK‌ IBAN's - it was ON/OFF mentioned in there FAQ/Terms of Service but never went online‍ in the Dashboard at least not in the way they did describe it in there⁠ FAQ.

It wasn't clear which EMI in the UK.

Seems like they had to finally⁤ beg down and move there operations in a more regulated environment - hands down AdvCash⁣ with there Belize License did last 3-4 years longer as all the other dark grey⁢ area gateways (ePayments, WaveCrest etc.)

They had already SEPA deposit/withdraw shutdown for months after they︀ lost there LT EMI Correspondence Account.

The Credit Card deposit/withdraw option was very unstable as︁ well lately and had more and more decreasing limits over the last time.

Even stablecoin︂ deposits stopped lately for "maintenance" which then takes forever.

So basically AdvCash was just another︃ Crypto Card with Grey Area Benefits and lex regulation.

I guess with ADV2 they want︄ to move out from there Dark Grey Area niche they are currently in to approach︅ a wider range of people - same like did back in the days switching over︆ to being a Crypto/Fiat On-/Off-Ramp while they were 2014-2018 the biggest HYIP/Ponzi Scheme Payment Processor.︇

 

[Masterhack]

Do you know similiar service like advcash where i can︈ withdraw crypto from card ATM ? Because epayments is gone too

 

[USDT]

their support continues to assure that there will be no CRS reporting. This is‍ strange considering the company is registered in Canada

 

[karishi]

Maybe it's registered‍ in Canada as an EMI ( or something similar ) and not as a Bank.⁠

 

[Masterhack]

EMI must report under CRS/FATCA

 

[Wellington]

Different company.

Advcash is Belize
ADV2 is Canada

Being brutally honest, Advcash do SAR's, have a robust AML process in place.

And they work through various banks that correspond via Europe/etc.

I wouldn't say they were doing⁢ 'grey', just that crimes were not reported at the time.

----

Having said that, their︀ current card sit is a cause for alarm, they advised people to deposit funds before︁ the maintenance window started with no idea when it would end... and now no one︂ can spend funds digitally or physically, or withdraw at ATM.

If this was crypto, i'd︃ say 'rug pull' lol

Referring to this inducement.

Now in my case and i'd imagine others per their statement on chat,︌ people can't access these funds as they decline on standing card charges, pos charges, atm's.︍

Apparently "reduce amount", or "network issues" were the points circulated through the chat, but each︎ of which was pointed out as not possible as its rejecting a 50 euro digital,️ 5 euro pos or 100 euro atm

 

[USDT]

I asked‌ them about both companies
I'm using their cards without any problems.⁣ Do you mean stopped deposits with stablecoins?

 

[Wellington]

1. Withdrawals (ATM)
   
2. POS
   
3. Digital Purchase‍
   

 

[USDT]

I've just used Crypto World‌ card at ATM

 

[Fred]

That's my point - whatever︅ they do in the background they don't communicate it honest in the frontend as no︆ 100% legit operation does have such down times they are calling "maintenance".

They are really︇ on the edge and hardliners and I have respect from them as they are doing︈ so since literally years.

However I can only imagine that they struggle so much due︉ to the Belize Entity and that's the reason why they switch over to Canada.

 

[clemens]

If they get regulated at some point under Canada reporting may be a fact!

 

[Wellington]

MICA requires EU reporting crypto EU to Make Crypto Companies Report Tax Details to Authorities‌

Won't be long till other G7 nations follow suit.

 

[VoletCom]

We have multiple cards including Visa, Mastercard, UnionPay, plus multiple account⁤ withdrawal options (that are all up and running). The current card issues are limited to⁣ UnionPay only, our relatively new card product. Card loads are temporarily not working, and there⁢ are temporary limit issues @ the card vendor that we expect to get fixed soon.︀ Other cards, like Visa/Mastercard for Europe, are perfectly fine.

As for allegations of a rug︁ pull, when people load cards it means the funds are out of our system and︂ our control. We literally no longer have them and do not benefit in any way.︃ It doesn't make sense even technically. We just told people to load cards because we︄ knew card loads are about to be disabled for some time soon.

Previously when card︅ vendors would shut down our cards unexpectedly, we compensated the users in full without waiting︆ for the vendors to return the funds from cards. I dare say our track record︇ in cards and customer service is pretty good 🙂

These UnionPay cards will be fine just︈ like all our other card products. We will compensate UnionPay monthly maintenance fees to every︉ cardholder.

Credit card︋ deposit limits did not decrease. They actually went up from 8K a day to 10K.︌

This is purely technical and has nothing to do‌ with regulations. There are still some bugs in the interaction between our platform and the‍ IBAN vendor's to take care of. As soon as they are eliminated, IBANs will be⁠ fully up and running.

The maintenance is actually over and stablecoin deposits are back⁣ now.

We do not expect or force anyone to move from︀ Advcash to ADV2. This was specifically mentioned in our news update about this. Advcash is︁ not shut down, retired or anything like that. You're welcome to stay in Advcash, switch︂ to ADV2, or use both platforms. Whatever works best for your needs.

 

[Wellington]

I don't believe‌ there was allegations of a rug pull, but a side crack "humour".
FYI unionpay card‍ injecting was encouraged.

Now those cards don't allow withdrawals via online/digital/other and come back with⁠ 'this account doesn't exist".

Not sure what's happening behind the scenes but getting the message⁤ out there why this is happening would likely be a prudent move.

I don't think this is⁢ the issue.
The thing is on the site it encouraged people to inject funds into︀ their card before the shut off.

Now the funds are in the cards but can't︁ be utilised, and when you try it informs you that the account does not exist.︂

again - reiterating some transparency and pre-emptive informing to customers would be wise.

I see that - but... again pointing to the above.

I take it you mean the venders shut︅ you down (darn i was looking to open an account directly with that bank).

 

[VoletCom]

We just mentioned it above --‍ we knew that card loads will be unavailable soon, so we recommended people to load⁠ them while it was still possible.

It is an unfortunate coincidence that this was followed⁤ by the vendor's limit issues. At the time we had no information about any such⁣ problems, otherwise that news update would have been completely different, obviously.

Anyone with funds on⁢ our ADV Global UnionPay card can move these funds back to the wallet. Card unloads︀ are fully up and running. Which actually suggests 'account doesn't exist' is a random false︁ message, because without an account users wouldn't be able to move the funds back to︂ wallets, and we see them doing that right now.