We have already warned against the Finomarkets (www.finomarkets.com) scam several times. A few weeks ago, the Spanish regulator CNMV warned, and now the UK FCA issued an investor warning. The Finomarkets website does not specify an operator or a competent jurisdiction. Coinicash is the facilitating payment processor for credit and debit card payments with Texcent and AdvCash, who process the payments. Victims’ deposits are 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 (information 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 a high-risk payment processor with its headquarters in Singapore. It operates 12 legal entities in Asia, Europe, Oceania, the Middle East, and North America. In Europe, the payment processor works 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 FinoMarkets and save yourself from losing your money and misusing your data. If you have any information about FinoMarkets and its facilitators, please share it with us through our whistleblower system, Whistle42.