Tether.bet faces scrutiny over its Curaçao gambling license application after an investigation linked it to potentially unverified documents. The issue emerged following a data leak from the Curaçao Gaming Authority.
What Happened
Tether.bet is under investigation regarding the process by which it obtained its Curaçao gambling license, following allegations that its application included documents that may not have been genuine, according to iGaming Today. This issue came to light after hacker Lilith Wittman reportedly accessed systems belonging to the Curaçao Gaming Authority (CGA) last month. This breach exposed thousands of files related to licensed gambling operators, including ownership details, compliance records, and business plans, as reported by iGaming Today.
Information from the data leak was subsequently reviewed by Democracy for Sale and shared with The Times, which conducted further verification of the records. The documents examined by these publications reportedly included materials submitted during the licensing process for the now-defunct Tether.bet. A key record cited was a property sale document, which was reportedly provided as proof that the business possessed adequate funding.
Key Details
- An investigation linked Tether.bet’s Curaçao gambling license application to documents that may not have been genuine, according to iGaming Today.
- The controversy began after a hacker gained access to the Curaçao Gaming Authority’s systems, exposing thousands of files related to licensed operators (iGaming Today).
- The leaked compliance records reportedly listed Hon Kong Yong, a Malaysian accountant and reported friend of George Cottrell, as Tether.bet’s owner (iGaming Today).
- Yong reportedly submitted a document concerning the sale of a Kensington property for £3.75 million as proof of financial means (iGaming Today).
- Land Registry searches confirmed the property transaction in May 2020, but investigation records reportedly indicated Yong was not the seller (iGaming Today).
- The retired French couple listed as sellers and the Swiss banker named as the buyer in both the Curaçao paperwork and Land Registry records reportedly stated they had no knowledge of Yong (iGaming Today).
- George Cottrell’s lawyers denied any executive role or interest in Tether.bet, stating his relationship was limited to being a customer and a friend of the owner (iGaming Today).
Why It Matters
This investigation into Tether.bet’s licensing process, particularly the alleged use of unverified financial documents, raises significant questions about the integrity of gambling license approvals in regulated markets, specifically Curaçao. Such allegations can impact regulatory oversight and the perceived credibility of the licensing bodies responsible for ensuring operators meet financial and operational standards. Previous scrutiny of Tether.bet, including reports of accepting UK betting payments without a UK license, further underscores the importance of stringent international licensing procedures and transparency in operator qualifications, according to iGaming Today.
What’s Next
The source material does not contain explicit forward-looking information regarding next steps for Tether.bet or the Curaçao Gaming Authority concerning this investigation.
Originally reported by iGaming TodayPublished
Sources & References
Primary source
- iGaming Todayigamingtoday.com