The Malta Gaming Authority (MGA), a Malta-based regulatory organization, has formally terminated Genesis Global Limited’s licensing. This is a recent event. The ruling was made one year after the government first suspended Genesis Global’s license.
Genesis Global Limited is no longer able to provide gaming services under the terms of the prior license, as shown by the cancellation, which has reference number MGA/CRP/314/2015. Regulations 10 (1) (a) and 9 (1) (c), (d), (f), (i), (l), and (m), as well as regulation 10 (1) (b) of the Gaming Compliance and Enforcement Regulations, are among the laws that the MGA cites as grounds for its judgment.
As per the regulatory framework, Genesis Global Limited has the right to appeal the decision under Article 43 of the Act. The MGA has made this decision public, adhering to the stipulations outlined in regulation 12 of the Regulations.
Financial Obligations and Player Fund Remittance
The MGA has directed Genesis Global Limited to settle any outstanding fees owed to the regulator within seven working days, starting from January 11. Additionally, the company, which initiated insolvency proceedings and dismissed its employees in December 2022, is required to provide transaction reports and bank statements to verify the successful remittance of player funds within the same period.
Furthermore, the MGA instructs Genesis Global Limited to promptly remove all references to the regulatory authority and its authorizations as mandated by Article 51 of the Gaming Act, Chapter 583 of the Laws of Malta.
Following the license termination, the MGA is actively working with a liquidator that has been appointed. In order to guarantee the prompt repayment of player payments in compliance with the terms of the license, the regulator is offering assistance when needed.
Genesis Global Limited now has the same licenses as Rush Gaming and Betago, which were also terminated by the MGA at the start of the year. Genesis Global Limited is not permitted to use the MGA permission to run any of its 23 websites, including popular ones like Sloty.com, Vegasoo.com, Spinit.com, and Casinojoy.com.
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