SBC News
Tether.bet owner reportedly used falsified documents to obtain Curaçao gambling licence, probe finds
An investigation by Democracy for Sale, followed up by The Times, found that the defunct Tether.bet's apparent owner submitted fake documents to secure a Curaçao licence. Cottrell's lawyers deny he had any involvement with the operator.
Tether.bet, the high-stakes gambling platform that shut down in August, is facing renewed scrutiny after an investigation concluded that its Curaçao licence was obtained with falsified documents. The research was carried out by Democracy for Sale and concerns the operator's apparent owner.
The individual named is Hon Kong Yong, a Malaysia-based accountant. According to the findings, he submitted a 2020 sale document for a £3.75m Kensington property as proof of wealth, and declared a net worth of £8m, although he was reportedly paid only £40,000 a year.
The material emerged after Lilith Wittman hacked the systems of the Curaçao Gaming Authority last month, exposing thousands of documents on the ownership and business plans of Curaçao-licensed online gambling firms. Democracy for Sale passed the information to The Times, which contacted the supposed sellers of the property. The retired French couple said they had never met or heard of Yong. He was also reportedly declared bankrupt in 2016.
The investigation links Yong to George Cottrell, a close ally of Nigel Farage who, according to his lawyers, is a permissible donor to the Farage-led Reform UK party. Yong is listed as the owner of Salon Privé, a private members club in Montenegro that Cottrell is said to visit regularly. Tether.bet was also headquartered in Montenegro.
The report adds to questions over the credibility of grey-market operators holding Curaçao licences. Labour Party Chair Bridget Phillipson had pushed for a Gambling Commission-led investigation into the betting firm shortly after it closed in August. Its domain had redirected users to another partner platform, NNVIP88, but is now inaccessible, at least for UK residents.
The closure came amid allegations that Cottrell acted as an intermediary, or whale, connecting high-stakes UK VIP players with the platform. He has consistently denied involvement. His lawyers said he has never been a shareholder, director, employee or consultant of Tether.bet, never controlled its management or bank accounts, and never solicited clients for it. They described his relationship with the platform as that of a customer who knows and is friends with its owner.
Based on reporting by SBC News.