An investigation revealed that defunct operator Tether.bet allegedly obtained its Curaçao gambling license using falsified financial documents. The platform’s apparent owner reportedly submitted a fraudulent property sale document and inflated net worth figures to the Curaçao Gaming Authority.
What Happened
Tether.bet, a high-stakes gambling platform that ceased operations in August, is under scrutiny after an investigation indicated it secured its Curaçao license through the use of fabricated documents, according to SBC News. Research by Democracy for Sale focused on Hon Kong Yong, a Malaysia-based accountant identified as the platform’s apparent owner. The investigation found that Yong submitted a 2020 sale document for a £3.75 million Kensington property as proof of wealth and declared a net worth of £8 million, despite an annual income of £40,000, as reported by SBC News.
This information emerged following a data breach into the Curaçao Gaming Authority’s (CGA) systems by Lilith Wittman, which uncovered thousands of documents related to Curaçao-licensed online gambling firms’ ownership and business plans. Democracy for Sale shared this data with The Times, a UK national media outlet, which contacted the purported sellers of the Kensington property. The retired French couple reportedly confirmed they had no knowledge of Yong and had never met him.
Key Details
- Tether.bet reportedly obtained its Curaçao gambling license using a falsified 2020 sale document for a £3.75 million Kensington property as proof of wealth, according to SBC News.
- Hon Kong Yong, identified as the platform’s apparent owner, reportedly declared an £8 million net worth while earning £40,000 annually, as stated by SBC News.
- The alleged property sellers, a retired French couple, confirmed to The Times that they had no contact with or knowledge of Yong, according to SBC News.
- Yong was reportedly declared bankrupt in 2016 and is linked to George Cottrell, an associate of Nigel Farage, who denies involvement with Tether.bet beyond being a customer and friend of its owner, as reported by SBC News.
Why It Matters
The allegations against Tether.bet raise further questions regarding the integrity of regulatory processes for grey market operators holding Curaçao licenses. The reported use of falsified documents to obtain a license could potentially impact perceptions of regulatory oversight within the iGaming sector. This development coincides with calls from Labour Party Chair, Bridget Phillipson, for a Gambling Commission-led investigation into Tether.bet following its August shutdown, underscoring increased scrutiny on such operators, according to SBC News.
What’s Next
Further negative reports concerning Tether.bet could potentially prompt additional regulatory action or investigations, particularly given prior calls for a Gambling Commission-led inquiry by Labour Party Chair Bridget Phillipson, as indicated by SBC News.
Originally reported by SBC NewsPublished
Sources & References
Primary source
- SBC Newssbcnews.co.uk
Additional references
- Gambling site linked to George Cottrell ‘used fake document to get licence’democracyforsale.substack.com
- Tether.bet Curaçao licence: report alleges faked document; Cottrell denies roleaskspinner.com
- Tether.bet Accused of Using Fake Document for Curaçao Licencecryptocasinos.com
- Curaçao Chronicle | Investigation Raises Serious Questions Over Curaçao Gambling License Issued Using Allegedly False Financial Documentcuracaochronicle.com