Malta-based Genesis Global has had its licence suspended by the Malta Gaming Authority (MGA), after it announced that it had wound up operations last month.
The iGaming firm recently made the headlines after it informed staff just a couple of days before Christmas that it had filed for insolvency, letting go of all of its 150 Malta-based workforce. Workers were informed that their final working day would be 22nd January 2023.
“This sanction is being imposed upon the authorised person for having beached Reg. 9 (1) (f) of the regulations since the authorised person is being wound up,” MGA’s statement read.
It added that Genesis Global is therefore “no longer authorised to carry out any gaming operations, register new players, or accept new customer deposits,” and it must also continue collaborating with the MGA.
The decision to wind up operations came as the company experienced a number of financial issues, which also prompted it to inform workers that it may not be able to pay all or any of wages owed, which could include their “December salary, any outstanding salaries to cover this thirty-day period, and any outstanding notice due that may be due to [staff] or any other statutory payments which may be due”.
Genesis Global faced a turbulent 2022, as it had started it off with a £3.8 million (€4.5 million) fine in January after its licence to operate in the UK was suspended by the UK Gambling Commission. It was first suspended in 2020, yet it was lifted just three months later. However, it continued to be heavily investigated, prompting the later fine.
Additionally, Co-Founder and CEO Ariel Reem announced that he had left the business on 6th December.