The Curaçao Gaming Authority (CGA) has published guidelines for license holders regarding the cessation of operations for both B2B and B2C licenses. These rules cover voluntary license surrender, revocation due to violations, denial of license renewal, and closure of specific domains. Here are the key points highlighted by iGN:
Voluntary surrender must be submitted in a letter signed by the local managing director, stating the reason for departure, exact dates for stopping new player registrations, and ceasing betting for existing players. An activity winding-down report must accompany the letter.
In cases of license revocation due to violations, all prohibitions take effect immediately. The company loses its CGA seal, cannot enter into new contracts, service existing ones, register new players, or allow existing players to continue betting.
If a temporary license is not renewed or a permanent license is denied, companies are given six weeks to orderly wind down operations. All prohibitions apply from day one, similar to license revocation for violations.
Closure of a specific domain or application also requires a letter stating the date for halting new player registrations. Removal of the domain from the CGA portal can only occur after regulator confirmation.
The winding down process pertains solely to gaming activities and does not imply the liquidation of the legal entity. Obligations to players remain intact even after the procedure concludes.
Fees paid in any scenario are non-refundable, and the obligation to settle debts with the CGA and the government of Curaçao remains.
Leaving debts unresolved, including player claims, is prohibited. The CGA warns that in such cases, they will exercise all powers and cooperate with authorities, including law enforcement, both domestically and internationally.