BC.Game Facing License Revocation Due to Financial Problems
BC.Game, a cryptocurrency-focused online casino and the primary sponsor of Leicester City Football Club is under investigation by Curaçao’s Gaming Control Board (GCB).
BC.Game logo on Leicester City Football Club jersey. Curaçao Gaming Control Board reviewing BC.Game license.
LISTEN TO THIS ARTICLE:The regulator is reviewing BC.Game’s financial stability and compliance with regulations following the bankruptcy of its parent company, Small House BV.
According to documents obtained by Next.io, Small House BV has until November 29 to address these concerns or risk losing BC.Game’s operating license. Earlier this month, a Curaçao court declared Small House BV bankrupt after it failed to repay players who are collectively owed over $2 million.
Asset Transfers and Unpaid Debts
The financial trouble stems from an earlier asset transfer between Small House BV and Blockdance BV, BC.Game’s previous parent company. Although Blockdance transferred BC.Game’s assets to Small House left behind substantial debts. This situation has left players with large losses and created disputes about ownership. Evidence suggests that Blockdance may still be tied to BC.Game, further complicating the case.
Despite the bankruptcy filing, BC.Game insists its operations remain unaffected. The company has reassured stakeholders that it has sufficient funds to meet its obligations, including a $40 million sponsorship agreement with Leicester City Football Club.
Leicester City has also expressed confidence in BC.Game, stating that the company assured them its financial standing remains intact and that the bankruptcy is merely procedural.
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Potential Global Impact
Legal analysts warn that losing its license from the Curaçao Gambling Control Board could significantly impact BC.Game’s international operations. Without this license, the company might face challenges accessing funding or opening new banking channels. However, its UK operations managed through TGP Europe, would likely remain unaffected for the time being.
BC.Game is appealing the bankruptcy decision, arguing that the court overlooked vital evidence. The company maintains that it has adhered to regulatory requirements and plans to demonstrate compliance during the appeal process.
Meanwhile, Curaçao’s GCB is taking steps to mitigate the fallout from the case. The regulator has committed to closer oversight to safeguard stakeholders and uphold industry standards, suggesting that there may be a shift in regulatory practices.
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