BC.Game Surrenders License
BC.Game voluntarily surrendered its Curacao license a day before the regulator was set to decide its fate. The company says this measure only applies in Curacao, which it says has become increasingly hostile. However, there is an increasing amount of smoke around BC.Game. We’re starting to look for the fire.
Bankruptcies and Bad Times for BC.Game
The Curacao Gaming Control Board (GCB) was due to meet on December 6th to discuss various issues with BC.Game, including the recent bankruptcy of both Small House BV and Blockdance BV over more than $2 million in player funds.
BC.Game repeatedly claimed this was a minor administrative procedure, and there’s nothing to see here. But now it has ceased operations in the UK and is presumably looking for a new licensing body after giving up its registration in Curacao.
An official statement blamed the “increasingly hostile environment for operators” in recent years. Also, it revealed that the island’s archaic 1931 bankruptcy laws allow bad actors to abuse the legal system and disrupt business.
Citing a lack of critical and non-negotiable protections for operators, BC.Game returned its license a day before it was likely to lose it. The main sponsor of Leicester Football Club and the Argentine national football team once again confirmed its financial strength and its ability to continue trading with a different license.
“Contrary to recent rumors inaccurately circulated questioning BC.Game’s financial position, BC.Game further reaffirms to its stakeholders and the public in general that its financial position remains in good health. “All BC.Game’s international operations remain unaffected, and BC.Game will continue to fulfill all of its ongoing legal and financial obligations.”
The Unpleasant Fallout
Quite why a relatively small case in a Caribbean court has been allowed to cause this much upheaval is possibly best saved for the internal inquiry. Once again, BC.Game has been forced to assure the world of its solid financial position, but being declared bankrupt over $2 million is not a good look and there are lessons to be learned here.
The online casino recently closed all UK accounts, which has to be a serious blow, and it must secure a gaming license of some description in the near future. This relatively small bill is turning into an existential crisis.
BC.Game is one of the best of the new breed of Web3 casinos and it has built an almighty reputation in a short space of time. With revenues exceeding $100 million a year and a sports sponsorship deal worth $40 million, this $2 million court case in a far-off courtroom should not have derailed them like this.
We’ll watch how everything unfolds, but it is a messy position for such a big name in the crypto gambling space.
