WILLEMSTAD – Online gaming operator BC.Game is moving to reverse its 2024 bankruptcy order in Curaçao, a step that could open the way for the company to regain its local gaming license. Court trustee Barbara Nagelmakers has filed paperwork to rescind the order, citing limited prospects for recovering the outstanding $2.5 million in player claims and the lack of funds to sustain the bankruptcy trust.
The filing marks the latest chapter in a controversy that has stretched from Curaçao to Asia and Europe, raising questions about regulatory oversight, shell structures, and the protection of player funds.
Bankruptcy and Fallout
BC.Game’s bankruptcy in late 2024 sparked widespread concern within the industry. At the time, the company was prominently visible as the front-of-shirt sponsor of English football club Leicester City. The bankruptcy was initiated under Curaçao’s legal framework, which allows third parties to trigger proceedings if a company defaults on its liabilities.
Player claims worth more than $2.5 million were filed, including one from an Indonesian customer who alleged losses exceeding $1 million in USDT deposits that he could not withdraw. BC.Game defended itself by pointing to alleged self-referrals and multiple accounts, though some parties have argued the issue stemmed from a system bug linked to Google Authenticator.
Regulatory and Legal Questions
The fallout extended beyond Curaçao. To maintain operations, BC.Game obtained an Anjouan gaming license. However, doubts quickly emerged when Belize’s Financial Services Commission confirmed that Twocent Technology Limited — the company used to register the license — did not exist.
This revelation intensified scrutiny on BC.Game’s corporate structure and fueled concerns about the broader gray-market licensing model. The case also drew attention in the United Kingdom, where regulators warned that white-label sponsorships were “under threat,” leading to the exit of provider TGP Europe from the market.
Future Prospects and Risks
Sources close to the matter suggest that BC.Game is exploring ways to regain its Curaçao license under the island’s new regulatory framework. The company is also believed to have considered settling some of the outstanding player cases outside of court, though no confirmation has been given.
Meanwhile, European anti-money laundering watchdogs are reportedly weighing measures that could cut off Anjouan-licensed operators from financial providers, a development that could significantly impact BC.Game’s offshore activities.
For now, Curaçao’s regulator will be closely watched as it decides whether one of the industry’s most controversial operators will be allowed back into its new licensing system.
