The Malta Gaming Authority (MGA) has published statements declaring that it has no connection to several unlicensed igaming websites based in Malaysia.
The latest pair of statements issued on Thursday and Friday remind users to carefully check that sites are legitimate before opening accounts and to be especially vigilant before depositing funds.
The statements declared, “The MGA would like to remind consumers not to utilise services provided by an entity unless they have ascertained that the entity in question is authorised to provide such services by the MGA.”
Crypto-Linked Sites Implicated in License Misuse
The sites in question included online casinos God55, NagaCash and eBetagency, which all accept crytpo and also deal in crypto trading. As many crypto casino sites aim to appear legitimate, there are often claims to hold licenses issued by the MGA. The organization has issued four such statements this year already.
Additionally, last year, 12 similar statements were issued. With gambling regulations becoming more relaxed across the US and the ability to deposit funds using various payments, including crypto and e-wallets, it is likely that the number of operators falsely claiming to hold valid licenses will increase.
Therefore, users must be wary and do the required checks to ensure sites are reliable and trustworthy. Licensing authorities such as the MGA have transparent lists of their licensee registers, which can be viewed online. The site also allows users to check URLs to verify if a website does indeed hold a valid license issued by the MGA.
Reputable operators typically seek to hold licenses from well-respected authorities such as the MGA as well as the United Kingdom Gambling Commission (UKGC), the Gibraltar Regulatory Authority (GRA), Curacao eGaming, the Isle of Man Gambling Supervision Commission (GSC), and the Kahnawake Gaming Commission (KGC).
Obtaining licenses requires a multi-step process with companies required to submit detailed business plans, financial proof, technical documentation, and compliance policies with gaming regulations. For this reason, companies that do hold genuine licenses are far more trustworthy.
The MGA also offers consumers protection. If a customer has a dispute that cannot be settled directly with the operator, then a complaint can be filed with the MGA who will investigate, review, and mediate the dispute.
If it is found the operator is in breach of regulations then they may be forced to pay penalties, compensation or have their license revoked. Just this week, the UKGC issued fines of £375,000 to Football Pools Limited over compliance failures.
This reminds users that vigilance is required when choosing crypto casino sites and the importance of only gambling with licensed operators.
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