MGA cancels Genesis Global Ltd. licence

Shirley Pulis Xerxen 4 months ago
MGA cancels Genesis Global Ltd. licence

The Malta Gaming Authority has cancelled Genesis Global Ltd.’s  licence. This move comes after Genesis Global Ltd. faced initial suspension in January 2023 due to bankruptcy or insolvency.

Genesis Global Ltd. has been found in violation of one or more applicable obligations specified by regulatory instruments and other relevant laws in Malta. Additionally, the company is being wound up and is therefore no longer authorised to carry out any gaming operations, register new players or accept new customer deposits, and must continue collaborating with the Authority.

Furthermore, Genesis Global Ltd. has exhibited a lack of timely commitment towards its players or has been flagged by the Authority for potential failure in meeting such commitments. Additionally, the company has failed to make timely payments to the Authority for the amounts owed.

In accordance with the Authority’s decision, Genesis Global Ltd. has been directed to fulfill the following obligations:

1. Settle all outstanding fees owed to the Authority within seven (7) days starting from the mentioned effective date.

2. Provide a transaction report extracted from their back-end system, accompanied by supporting bank statements, as evidence that all player funds have been appropriately transferred to registered players. This report must be submitted within seven (7) days from the receipt of this letter.

Furthermore, Genesis Global Ltd. is required to promptly remove any mention of the Authority and their authorizations, as outlined in article 51 of the Act.

The decision made by the MGA may be subject to appeal as permitted by article 43 of the Act.

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