The Malta-based authority whose goal is to regulate different sectors of the gaming industry by guaranteeing fair and transparent gaming, preventing crime, and protecting minor and vulnerable players, Malta Gaming Authority (MGA), has published its decision to cancel Genesis Global Limited’s authorization.
The only regulatory body entitled to govern all gaming activities in Malta made the decision one year after Genesis Global first had its license suspended.
Now, the full cancellation of the authorization bearing reference number MGA/CRP/314/2015 translates to the company no longer being able to provide gambling under the old permit.
The decision has been made following terms of regulation 10 (1) (a) with direct application of reg. 9 (1) (c), (d), (f), (i), (l), and (m) and regulation 10 (1) (b) of the Gaming Compliance and Enforcement Regulations.
The License Cancelation Can Be Appealed
The MGA has made the decision public “in terms of the provisos to regulation 12 of the Regulations.” Genesis Global Limited is entitled to appeal it as per article 43 of the Act.
For the time being, the company which sent home all its employees on December 23, 2022, and initiated the insolvency proceedings, has been directed by the MGA to settle all of its outstanding fees that are still due to the regulator within seven working days starting January 11.
The company that bid farewell to ex-chief executive officer Ariel Reem while exiting the gambling market in the UK at the end of 2022 has also been officially instructed to send a transaction report extracted from its back-end system along with all the necessary bank statements to support it.
The documents will be used to confirm that all player funds have been successfully remitted to all registered players within seven working days.
Genesis Global has also been asked to immediately remove all references to the MGA and the authorizations from it according to Article 51 of the Gaming Act, Chapter 583 of the Laws of Malta.
The MGA, Working with an Appointed Liquidator
The Malta-based regulator considered the preferred global remote gaming regulator of many is also actively working closely with an appointed liquidator, assisting them where deemed necessary in their attempt to remit player funds as per the terms of the license.
Genesis Global Limited follows Rush Gaming and Betago, two other businesses that have had their licenses canceled by the same regulator since January 1. Genesis Global will no longer be able to run any of its 23 websites using the MGA authorization. The list includes platforms like Sloty.com, Vegasoo.com, Spinit.com, and Casinojoy.com.