Isle of Man suspends licensees amidst criminal investigation

The Isle of Man Gambling Supervision Commission has suspended the operating licences of King Gaming Ltd and Dalmine Ltd, pending a regulatory review.

The Commission suspended the licences due to an ongoing criminal investigation into the two companies, in which the Commission continues to assist its partner agencies.

“As this matter is subject to an ongoing criminal investigation, the Commission is unable to offer any further comment at this time,” said the regulator in a statement.

According to local media, police raided King Gaming’s offices in Douglas yesterday, making seven arrests as part of a fraud and money laundering investigation.

The Isle of Man Financial Services Authority has also issued a written direction to Soteria Solutions Ltd, ordering the company to suspend all designated business undertaken by the firm.

Soteria has been registered with the authority under the Designated Businesses (Registration and Oversight) Act 2015 to undertake convertible virtual currency business, and has shared directors and officers with the King Gaming group of companies.

King Gaming operates the kgaming.com site and has been licenced in the Isle of Man since July 2017. There is little information available on Dalmine Ltd.

King Gaming was in the process of moving to new offices at the former Cunningham’s Holiday Camp site in Douglas, after being granted approval by the Isle of Man government last July.

At the time, Enterprise Minister Tim Johnston said that the proposal represented a “landmark development”, reimagining a site which had been derelict and unused for over 50 years and “turning it into a vibrant campus, not only improving the urban landscape, but also contributing real economic benefit for the Isle of Man.”