Sources have told NEXT.io that steps have been initiated to reverse the 2024 bankruptcy order concerning BC.Game in Curaçao.
The trustee in charge of overseeing BC.Game’s bankruptcy process, Barbara Nagelmakers, has said that, among other reasons, the low chance of recovering the claims at issue has resulted in her submitting paperwork to reverse the original order.
Another issue is the lack of money to keep the bankruptcy trust going, with sources saying the SBGOK foundation, which brought the original claim, was unable to supply the cash after being advised by their attorney of potential governance issues.
The crypto casino’s Autumn 2024 bankruptcy was an explosive story that eventually resulted in the island’s gaming regulator moving to revoke its licence, first reported by NEXT.io. At the time, BC.Game was Leicester City FC’s front-of-shirt sponsor.
This order was a result of Curaçao’s law which allows third parties to bring bankruptcy proceedings against a business if they fail to pay their obligations. In this case, the claims totalled more than $2.5m in player claims.
Lawyers chase millions in BC.Game player claims
Among the many player claims, the most significant is from is an Indonesian national who deposited over $1m in equivalent USDT and was unable to withdraw the money back after BC.Game alleged issues including self-referral and creating multiple accounts.
Whether the player actually created multiple accounts is disputed by some involved in the case, with sources saying that they have argued a BC.Game bug that creates several accounts with the same email address when using the Google Authenticator as a sign-up option was responsible.
BC.Game’s corporate structure, where it operates through a variety of shell companies, also allegedly made it very difficult for the several legal parties interested in chasing the various player claims to actually win the money from the business.
The operator eventually obtained an Anjouan licence, under which it continues operating today as one of the world’s most prominent grey market brands.
One notable mystery came after the Twocent Technology Limited holding company in Belize, the registration used to register the Anjouan licence, was found to not exist, according to the country’s Financial Services Commission in an email seen by NEXT.io.
In the aftermath of last year’s scandal, the UK government announced white label sponsorship agreements would be “under threat” going forward, with notorious provider TGP Europe eventually exiting the market after a Gambling Commission probe.
Sources have told NEXT.io that BC.Game is interested in possibly regaining its Curaçao gaming licence under the new regime, having previously been hoping to settle the outstanding player claims out of court, although this is unconfirmed.
Additionally, sources have also told NEXT.io that there are fears European money laundering bodies may take action to sever Anjouan from the continent’s financial services providers, which would leave many offshore operators in a tricky position including BC.Game.
NEXT.io has contacted BC.Game for comment about whether it intends to attempt to reclaim its licence if the bankruptcy decision is reversed.