Malta Gaming Authority Cancels Arabmillionaire's License

Arabmillionaire, a prominent online gaming operator, found itself in hot water as the Malta Gaming Authority (MGA) decided to cancel its license. This decision came after several warnings and a temporary suspension that allowed Arabmillionaire to address its regulatory and financial concerns. Despite the opportunity to rectify the issues, Arabmillionaire failed to comply with the MGA's demands, leading to the immediate cancellation of its license.

The trouble began in August last year when the MGA first contacted Arabmillionaire regarding several regulatory issues. The MGA cautioned the operator that its license could be revoked unless it resolved issues related to non-compliance with MGA orders, regulatory obligations, and financial commitments. Additionally, Arabmillionaire was found in violation of anti-money laundering and counter-terrorist financing rules and had neglected to pay the required license fees.

In response to the MGA's warnings, Arabmillionaire informed the regulatory authority of its ongoing restructuring efforts and requested a freeze on its license. This freeze would have allowed Arabmillionaire to address all outstanding issues properly.

The MGA decided to grant Arabmillionaire's request for a license freeze in October 2022, providing an opportunity to rectify its regulatory and financial shortcomings. This included the payment of overdue license fees and resolving issues with customers.

Despite the MGA's patience and efforts to communicate with Arabmillionaire, the operator failed to rectify the issues or cooperate with the regulatory body. The breaches continued, leaving the MGA with no choice but to cancel Arabmillionaire's gaming license immediately.

Arabmillionaire has been ordered to pay all outstanding licensing fees, totaling €25,000 for the license period starting from June 13, 2022, and an additional €25,000 for the period beginning from June 13 of the current year. The operator is required to make this payment within five working days of the cancellation notice.

The MGA has instructed Arabmillionaire to notify all customers about the license cancellation through its website and email. The notification must also include information on how players can access their remaining funds, with a guarantee of funds being available for withdrawal within five working days of the request. Failure to comply with these requests may result in criminal action.

As part of the resolution, Arabmillionaire has also been ordered to submit a transaction report to the MGA as proof of transferring player funds.

It's important to note that all license cancellations and suspensions in Malta can be appealed, providing operators with a means to challenge the MGA's decisions.