Online gambling operator Genesis Global has promised to “vigorously” appeal the interim suspension of its license by the UK Gambling Commission (UKGC).
The UK gambling watchdog announced this past Monday that it has decided to suspend the firm’s operating license and that it has instigated a review of Genesis Global’s activities in the UK market under Section 116 of the Gambling Act 2005.
Genesis Global holds a Combined Remote Operating License from the UKGC that enables it to provide online real event betting, virtual betting, and casino services to UK customers. The company boasts a multi-brand portfolio that includes the Casoola, Kassu, Casino Cruise, Genesis Casino, and Vegas Hero brands, among others.
The UKGC said this week that it suspected the operator had breached conditions of its license, which is why the regulator considered it appropriate to suspend its license pending the conclusion of the ongoing review. Genesis Global was instructed to facilitate its UK customers in accessing their accounts to withdraw their funds and to advise them not to place any bets.
In a statement from Wednesday, the gambling operator said that its license was suspended after a routine compliance assessment that the UKGC carried out earlier this month. Genesis Global also noted that it has previously undergone such assessments “without any adverse material findings.”
Operator to Appeal Decision through All Channels Available
Genesis Global said that, following independent legal advice, it believes the UKGC’s decision to suspend its license was “not only disproportionate but also inconsistent with UKGC’s previous regulatory enforcement action in regard to other operators.”
The multi-brand operator also confirmed that it would be “vigorously appealing against the decision” and that it would use “all channels open to it” to do so.
Genesis Global went on to say that while it is looking to appeal the suspension of its operating license, it will fully cooperate with the Gambling Commission in its license review and that it will “continue with its own existing compliance systems, policies, and procedures whilst also continuously improving upon them.”
The company noted that it is business as usual in all other jurisdiction its brands were licensed to operate and that all customer funds “are always 100 per cent fully secured and available for withdrawal.”
Genesis Global expressed a significant “level of disappointment” with the UKGC’s decision to suspend its license and noted that it will remain fully committed to complying with the regulator’s “extensive range of regulations.”
Genesis Global is the latest online gambling company to have had its license suspended by the UK gambling watchdog this year. Earlier in 2020, the regulator suspended the licenses of Stakers Limited, Addison Global Limited, and Multi-Media Entertainments Limited, citing various compliance failures.
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