Genesis made the decision to declare bankruptcy and, in a sense, shut down as a company last month.
The MGA has now hammered the final nail in the coffin by revoking the company's operating licence, citing Reg. 9 (1) (f), which states that a company is no longer permitted to conduct "gaming operations, register new players, or accept new customer deposits" and is therefore no longer permitted to conduct business in the country.
Although an appeal of the ruling is possible, it is unclear that Genesis will do so considering that its business operations are over.
Following severe social responsibility and money laundering violations, the Gambling Commission fined Genesis £3.8 million ($5 million) and suspended its licence in 2022.
Failures in social responsibility included not engaging a consumer who spent £245,000 in three months in meaningful conversations about responsible gambling. It was also revealed that two more of these clients had each spent £197,000 over the course of six months and £234,000 over the course of six weeks.
The company's money laundering mistakes included asking for funds only after one client had lost $210,000. Before performing a suitable source of funds check, another client was permitted to deposit more than £1,300,000 and lost over half of the cash.
At the time, Commission Executive Director Helen Venn said: "This case should be closely watched by all gaming enterprises. The Commission will employ all of the measures at its disposal to protect consumer safety, including the ability to prevent a firm from starting up in the first place.
