This week the Malta Gaming Authority (MGA) revealed that Arabmillionaire Limited had had its license revoked, including failure to pay two months of license fees.
Initially, in a notice dated August 4, 2022, Arabmillionaire was given 23 days to file an appeal. However, the company instead requested a freeze on its license to resolve outstanding issues.
Following a request made on October 12, 2022, the MGA temporarily suspended Arabmillionaire’s license, giving it the opportunity to resolve the issue. This decision was made despite the many violations committed by Arabmillionaire, which could lead to the complete revocation of the license.
Despite the time given by the authorities, Arabmillionaire were unable to resolve their situation or begin cooperation. All attempts to contact them after November were unsuccessful. Additionally, in addition to owing 2022 license fees, the company also had to pay 2023 license fees by June 13, 2023. As a result, the company owed MGA two years worth of licence fees.
Therefore, the MGA decided to revoke Arabmillionaire’s license. This means that the company is required to notify players of the situation, ensure that all current players are withdrawing funds, and provide guidance on the process. The company is also required to submit a transaction report to the MGA and pay outstanding fees of €50,000 ($52,820) within five days.
Arabmillionaire can go to Administrative Review Tribunal and challenge the MGA’s decision, but the company runs the risk of law enforcement intervention if the MGA decides that this may result in late payments.
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