Genesis Global had its Malta licence suspended in January last year. Full cancellation means it is no longer to offer gambling under the permit.
The operator had been running 23 websites using the licence. These include Vegasoo.com, Sloty.com, Casinojoy.com, Spinit.com and Genesiscasino.com.
As a result of the cancellation, the MGA had ordered Genesis to settle all outstanding fees due to the regulator. Genesis has seven days from the notice of cancellation (11 January) to comply.
Genesis must also file documentation with the MGA confirming funds have been returned to all players across its network of websites. This must also be done within seven days of the cancellation notice.
In addition, Genesis must remove all reference to the Malta licence from its websites.
One year on from Genesis Global collapse
The cancellation ties in with Genesis being wound up in December 2022. The MGA initially suspended its licence shortly after this and has now opted for full cancellation.
Genesis laid off all employees in December 2022, just two days before Christmas, and began insolvency proceedings. This came as it warned it may not be able to pay their wages for the month.
In a letter to staff, Genesis said “the company may not be able to pay all or any of the dues that are due to you in terms of law”. This, it said, included December salaries and notice pay.
The collapse came soon after CEO Ariel Reem departed as the business exited the UK gambling market. Reem did not disclose the reasons for his departure at the time.
Genesis also previously had its UK licence suspended in 2020 but this was later reinstated.
The MGA said it is collaborating with the appointed liquidator at Genesis in the wake of the licence cancellation. This, it said, will mainly focus on ensuring players recover any funds held by Genesis.
The Malta regulator added that the cancellation could be subject to appeal.
Suspensions and cancellations mount up in Malta
Genesis is the third business this year to have its Malta licence cancelled or suspended.
Last week, news broke that online operator Rush Gaming’s licence is being suspended until further notice.
The MGA did not go into full detail on the reasons behind the decision. However, it did state that licences can be suspended if operators breach gambling-specific regulations or laws in Malta.
Rush Gaming operates both the Fansbet.com and Onebet.com websites.
Meanwhile, Betago had its licence cancelled last week. The MGA ordered Betago to return all funds to players and remove any reference to the permit from its websites.
Original article: https://igamingbusiness.com/legal-compliance/legal/malta-regulator-cancels-genesis-global-licence/
