Cosmolot’s license has been revoked: the regulator uncovered financial violations
22 April 17:44
The state agency PlayCity has revoked the license of Cosmolot, which operated through Spacix LLC. The revocation was due to violations of financial regulations that the regulator considers critical to market transparency. This was reported by the Ministry of Digital Transformation, according to "Komersant Ukrainian".
What is known about the license revocation
During the audit, it was discovered that the company used P2P payments and also allowed account top-ups from third-party bank cards. Such practices open the door to non-transparent transactions and violate requirements designed to ensure control over the origin of funds.
In addition to revoking the license, the regulator also imposed financial sanctions. The total amount of fines exceeded 12 million hryvnias. Specifically, 8.6 million hryvnias were levied for the use of P2P payments, and another 4.3 million for accepting funds from third-party bank cards.
PlayCity emphasizes that a gambling license means not only the right to operate but also the obligation to adhere to clear rules.
According to the agency’s head, Gennady Novikov, the regulator’s task is to ensure constant oversight so that all market participants operate under the same conditions.
Ukraine’s Ministry of Digital Transformation is preparing amendments to the basic legislation
This involves tightening betting regulations and imposing stricter requirements for operator verification.
“To make this oversight even more effective, the Ministry of Digital Transformation has drafted amendments to the basic law on gambling. The goal is to further tighten regulations regarding betting, as well as to raise the requirements for vetting gambling operators,” says Acting Minister of Digital Transformation Oleksandr Bornyakov.
It is worth noting that Cosmolot was the first online casino to receive a license following the legalization of the gambling industry in Ukraine in 2021.
