Curaçao’s Gaming Control Board (GCB) plans to take away BC.Game’s license. BC.Game is a crypto casino and Leicester City Football Club‘s main sponsor.
GCB Scrutinizes BC.Game After Parent Company Bankruptcy and Player Losses
The GCB has concerns about the company’s financial situation and how well it follows rules. This comes after BC.Game’s parent company, Small House BV went bankrupt. People have been looking at BC.Game because it has not been meeting its regulatory duties and has not paid back money to players.
The GCB has given Small House until November 29 to deal with these issues and make sure they do not lose their license, according to a document seen by Next.io. This comes after a Curaçao court said Small House was bankrupt earlier this month.
The court made this decision because players were owed over $2 million, which happened after BC.Game’s assets were moved from its old parent company, Blockdance BV earlier this year. This move caused a lot of problems. Legal papers show that Small House got BC.Game’s assets but not its debts leaving players with big money losses. Arguments about who owns what have made things even more confusing, with some proof suggesting Blockdance might still be connected to the casino.
BC.Game Insists Stability Amid Bankruptcy, Reassures Leicester City Deal Is Secure
BC.Game has told stakeholders its business continues as usual even though its parent companies have filed for bankruptcy. The company says it has enough money and plans to keep its promises, including its $40 million deal with Leicester City FC. The club backs BC.Game saying the company has let them know it still has cash and that the bankruptcy was just paperwork. Leicester City stressed it believes the company can still meet its commitments.
Legal experts think that if BC.Game loses its Curaçao license, it could have a big effect on how the company works around the world. Without this license, the company might struggle to get money and open new bank accounts. However, its operations in the UK, which it runs through a deal with TGP Europe, would stay the same for now.
BC.Game keeps fighting the bankruptcy ruling and says it will appeal. The company claims the court ignored crucial evidence when it made its decision. It believes it can show it followed the rules. At the same time, the GCB seems set on limiting the damage from this case. It plans to watch things more vigilantly and protect those involved. This move by regulators could be a big change for BC.Game.
