BC.Game expected to regain Curacao license

Key Moments:

Bankruptcy Reversal Process Underway

Sources have indicated to NEXT.io that the process to overturn the 2024 bankruptcy order against BC.Game in Curaçao has commenced. The trustee responsible for managing the bankruptcy, Barbara Nagelmakers, has submitted paperwork to rescind the previous order. Among the reasons cited for this action is the low probability of successfully recovering the outstanding claims.

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Another contributing factor was the depletion of funds needed to maintain the bankruptcy trust. Sources report that the SBGOK foundation, the party behind the initial filing, could not provide necessary funding after legal guidance over governance concerns.

Background on the Bankruptcy and Its Impact

BC.Game’s bankruptcy in the autumn of 2024 garnered significant attention, leading the gaming regulator in Curaçao to take steps to rescind the company’s license. At that period, BC.Game was acting as Leicester City FC’s front-of-shirt sponsor, as covered by NEXT.io.

The bankruptcy order became possible under Curaçao’s legal framework, which allows third parties to push for bankruptcy proceedings if a company defaults on its liabilities. The sums in question involved over $2.5 million in claims from players.

Legal Disputes Over Player Claims

The most substantial claim within the bankruptcy proceedings has been attributed to an Indonesian national who deposited more than $1 million in USDT and was unable to withdraw the funds. BC.Game attributed the issue to alleged violations such as self-referral and running multiple accounts.

Some parties associated with the case have disputed the accusation of multiple accounts. Sources assert that they have argued a BC.Game system bug generating multiple accounts under a single email address was triggered when using Google Authenticator for registration.

BC.Game’s complex network of shell companies also made it difficult for legal representatives to recover funds associated with the player claims.

Regulatory Developments and Corporate Structure Concerns

In the wake of bankruptcy, BC.Game secured an Anjouan license, maintaining its standing as a major brand in the gray market. However, questions arose over its registration process. For example, the Belize-based entity Twocent Technology Limited — utilized to register the Anjouan license — was reported not to exist, according to the country’s Financial Services Commission in an email reviewed by NEXT.io.

The prior scandal also had wider industry consequences. The UK government stated that white label sponsorships would come “under threat,” and a well-known provider, TGP Europe, departed the market following an investigation by the Gambling Commission.

Future Prospects and Ongoing Risks

Sources have additionally informed NEXT.io that BC.Game is contemplating regaining its Curaçao gaming license under the upcoming regulatory changes and had previously considered resolving the outstanding player cases out of court, though this remains unconfirmed.

There is further concern stemming from fears that European anti-money laundering agencies may work to cut off Anjouan from European financial providers, potentially placing BC.Game and other offshore operators at risk.