MGA suspends licence of insolvent Genesis Global and freezes player funds
The Malta Gaming Authority (MGA) has suspended the licence of insolvent Genesis Global with dissolution proceedings scheduled to start in February.
The MGA stated that the company, which is currently being wound up, is no longer authorised to carry out any gaming operations, register new players, or accept new customer deposits.
The MGA also confirmed to iGaming NEXT that it is investigating reports of outstanding player withdrawals, while all player accounts have been frozen for the time being.
Last week, iGaming NEXT reported that there are likely multiple withdrawals pending across all Genesis sites, including those previously licensed in Malta, the UK and Sweden.
Withdrawals need to be processed manually. However, since Genesis announced its insolvency and inability to pay any outstanding wages, it is understood there are no staff working to process pending withdrawals.
An MGA spokesperson confirmed that all player funds on accounts related to the operator’s MGA licence have now been frozen in close collaboration with the credit, financial and payment institutions that serviced Genesis.
This action is pending the outcome of dissolution proceedings, that are set to begin in February in the Maltese courts.
Meanwhile, the Swedish Gambling Authority (SGA) said it had no information to share on whether players had been refunded as this does not fall under their regulatory remit.
Players with outstanding claims are instead advised to contact the Swedish Consumer Agency, which told iGaming NEXT it has not received any notification or complaints from Genesis players.
Genesis’ Spanish site, which initially remained live, now appears to have been taken down.
iGaming NEXT’s attempts to contact the Directorate General for the Regulation of Gambling (DGOJ), the Spanish gambling regulator, have so far been unsuccessful.