- Advcash, a money processor for Binance, is suspected of being a Russian money laundering operation.
- Binance’s association with Advcash raises concerns about the use of unknown third parties for onboarding.
- Advcash’s operations primarily focus on the former Soviet Union, with traffic sources and employees located in Russia and Ukraine.
An investigation by Ukrainian journalist, Kollen Post suggested that Binance money processor Advcash is a Russian laundering operation in disguise. On July 18, the crypto news platform Protos reported that the crypto payments processor is a “veritable parade of money laundering red flags.”
Binance money processor Advcash looks like a Russian laundering operationNew investigation from @the_postman_ https://t.co/hX8I33S5li
— Protos (@Protos) July 18, 2023
Protos further claims that Advcash has thinly disguised origins in Russia and suspected links to the government, and suspects its global acceptance of anonymous cash deposits and employment of “ghost staff.”
Next, the report explores Advcash’s role within Binance’s operations, a question that the US SEC had already enquired Binance about. Based on an email exchan…
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