London-listed Paysafe Group has dismissed a report by Spotlight Research which claimed that the payment solutions provider enabled illegal gambling and Chinese capital control evasion, sending shares in the company down by as much as 38 per cent Tuesday.

The report named Paysafe’s biggest customer as bet365, which it described as operating a business that “appears to facilitate and engage in illegal gambling". It also presented evidence claiming that Payasafe's Asian e-wallet operation Quick Access had continued to run for more than 3 years after the company claimed to have shut it down due to regulatory concerns.

The claims sent shares in Paysafe tumbling by more than 38 per cent on Tuesday to a new 52-week low of 229.21 pence per share, before recovering to close down 18 per cent at 305.70 pence after the company responded to the allegations.

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