Genesis Global responds to recent UKGC license suspension
In early July, Genesis Global Limited was the subject of a routine compliance assessment conducted by the United Kingdom’s Gaming Commission (UKGC).
The Company has undergone these assessments previously without any adverse material findings.
Following the latest assessment, the UKGC decided to review Genesis’s British Remote Operating licence. In addition, a decision was taken by them to temporarily suspend this same licence. Genesis has since taken independent legal advice and is of the opinion that the decision to suspend their operating licence is not only disproportionate but also inconsistent with UKGC’s previous regulatory enforcement action in regard to other operators. As a result, Genesis has confirmed that they will therefore be vigorously appealing against the decision to suspend using all channels open to it.
In parallel, Genesis will fully cooperate with the UKGC in its licence review and has already taken the initiative to voluntarily provide the regulator with an action plan following the assessment, prior to the suspension and review decision. Genesis has expressed their extreme level of disappointed with this determination and outcome and is therefore firmly committed to complying with the UKGC’s extensive range of regulations. This means Genesis will continue with its own existing compliance systems, policies and procedures whilst also continuously improving upon them. This will ensure a responsible and safe gaming environment for all players, where Genesis is confident that this will be clearly reflected during the review process.
Genesis has confirmed that it is important for them to highlight to their customers that all funds are always 100% fully secured and available for withdrawal.
Genesis Global said: “To all our loyal and trusting stakeholders; in particular our dedicated customers, team, suppliers, and others we assure you that it is business as usual in all other jurisdictions in which the Company operates and we appreciate your continued support during these challenging times.”