Genesis Global intends to appeal against the suspension of its UK Operations. The UK Operating License of the online gambling operator was suspended for unspecified compliance shortcomings earlier this week by the UK Gambling Commission.
The Commission has suspended the operations of the gambling operator for the customers through the 12 gambling sites authorized under the license. The UKGC however did not specify the exact compliance issue. It is however conducting a review of the license under Section 116(2)(a) of the Gambling Act 2005. The section focuses on whether an operator is unsuitable to carry out the activities permitted by the license.
On Thursday, Genesis came out with a statement that this is as per the routing compliance assessment of the UKGC and said that the company has previously come out of such assessment unscathed before.
However, the company has said that they have taken the initiative to formulate an action plan after the assessment and prior to the announcement of the suspension of the license by UKGC and that has left them disappointed.
The company further said that it would cooperate with UKGC and would firmly commit to the compliance laid out. However, the company termed the temporary suspension of the license as disproportionate and inconsistent with other enforcements of UKGC against other licensees.
The Genesis Global understands that the customers are facing issues as they are not able to do anything apart from withdrawing funds. The teammates and the shareholders are also left worried. The company said that the business as usual is fine in all other jurisdictions and appreciated the support of everyone in challenging times.