Sceptic Posted September 6 Share Posted September 6 It seems there are a few compliance folk in FSA regulated businesses now getting increasingly concerned about how the gaming commission seems to be able to walk away from the King situation. Licenses quietly pulled and nobody held accountable for anything whilst the FSA is still issuing huge fines for minor breaches of the codes or regulations for financial services businesses turning over a fraction of what King or associated businesses have been putting through the IOM. The perception after the King situation seems to be that we now have very clear two tier regulation between financial services and e-gaming where for e-gaming anything seems to go and nobody gets pulled for anything. But the financial services businesses are actively being targeted by the FSA for serious fines often for minor procedural matters. Yet they all seem to be ultimately banking with the same banks. Diplomatic immunity because e-gaming is still seen as a key government economic driver when financial services isn’t so who cares who gets fined or shamed in a dying business model? It’s just collateral damage sold to external agencies? 1 Quote Link to comment Share on other sites More sharing options...
The Phantom Posted September 6 Share Posted September 6 13 minutes ago, Sceptic said: It seems there are a few compliance folk in FSA regulated businesses now getting increasingly concerned about how the gaming commission seems to be able to walk away from the King situation. Licenses quietly pulled and nobody held accountable for anything whilst the FSA is still issuing huge fines for minor breaches of the codes or regulations for financial services businesses turning over a fraction of what King or associated businesses have been putting through the IOM. The perception after the King situation seems to be that we now have very clear two tier regulation between financial services and e-gaming where for e-gaming anything seems to go and nobody gets pulled for anything. But the financial services businesses are actively being targeted by the FSA for serious fines often for minor procedural matters. Yet they all seem to be ultimately banking with the same banks. Diplomatic immunity because e-gaming is still seen as a key government economic driver when financial services isn’t so who cares who gets fined or shamed in a dying business model? It’s just collateral damage sold to external agencies? I would have thought they would need to finish investigations before any fines are issued. It was only a few weeks ago. Otherwise, most of this is valid. It is a bitter pill to swallow, to see the nightmare that the FSA creates for smaller bona fide financial businesses and then you see how little real regulation appears to be going on in the Gaming sector. Genuine fear amongst firms of massive fines because some box has not been ticked and no actual real crimes being committed. 7 1 Quote Link to comment Share on other sites More sharing options...
Sceptic Posted September 6 Author Share Posted September 6 5 minutes ago, The Phantom said: I would have thought they would need to finish investigations before any fines are issued. It was only a few weeks ago. Otherwise, most of this is valid. It is a bitter pill to swallow, to see the nightmare that the FSA creates for smaller bona fide financial businesses and then you see how little real regulation appears to be going on in the Gaming sector. Genuine fear amongst firms of massive fines because some box has not been ticked and no actual real crimes being committed. How many fines have been issued by the GSC in the last 5 years and how many issued by the FSA? There is a huge disparity given the huge turnover of e-gaming businesses compared to financial services. The King situation has destroyed a huge part of our global reputation. Government action so far? Nothing but to say the licenses have been closed. And to be fair many people seem to believe this is all that will ever happen as there is clearly two-tier regulation in place between e-gaming businesses we want and financial services business the IOM is clearly no longer interested in so who cares if f those get trashed. Quote Link to comment Share on other sites More sharing options...
manxkinho Posted September 6 Share Posted September 6 59 minutes ago, Sceptic said: It seems there are a few compliance folk in FSA regulated businesses now getting increasingly concerned about how the gaming commission seems to be able to walk away from the King situation. Licenses quietly pulled and nobody held accountable for anything whilst the FSA is still issuing huge fines for minor breaches of the codes or regulations for financial services businesses turning over a fraction of what King or associated businesses have been putting through the IOM. The perception after the King situation seems to be that we now have very clear two tier regulation between financial services and e-gaming where for e-gaming anything seems to go and nobody gets pulled for anything. But the financial services businesses are actively being targeted by the FSA for serious fines often for minor procedural matters. Yet they all seem to be ultimately banking with the same banks. Diplomatic immunity because e-gaming is still seen as a key government economic driver when financial services isn’t so who cares who gets fined or shamed in a dying business model? It’s just collateral damage sold to external agencies? The gaming supervision commission have issued more statements in the last 4 months than they did for the previous 2-3 years. That really does say everything about them being "asleep at the wheel". Doubtless they're still trying to say that this isn't anything to do with them, wasn't in their purview etc, within govt. Chickens are starting to come home to roost, methinks..... 1 Quote Link to comment Share on other sites More sharing options...
Sceptic Posted September 6 Author Share Posted September 6 15 minutes ago, manxkinho said: The gaming supervision commission have issued more statements in the last 4 months than they did for the previous 2-3 years. That really does say everything about them being "asleep at the wheel" The general perception is that they are a joke regulator whilst everyone else is being actively targeted for minor infringements for cash. 1 Quote Link to comment Share on other sites More sharing options...
manxkinho Posted September 6 Share Posted September 6 16 minutes ago, Sceptic said: The general perception is that they are a joke regulator whilst everyone else is being actively targeted for minor infringements for cash. "business friendly" The Isle of Man. Where You Can (make a scam factory). Quote Link to comment Share on other sites More sharing options...
Luddite Posted September 6 Share Posted September 6 I can’t understand how something as scandalous as the King affair even happened? The biggest IoM financial scandal since 1982. According to a Senior Civil Servant we were watertight and the Government examines and understands the type of business that it brings into the island. They “really” understood what they were sponsoring, a Pig Butchering operation and, considered the risk they posed to the Islands reputation so, they must have thought that this type of business fitted into Alf’s plan, that it posed no reputational risk and they subsequently approved it and I quote a certain Lyle Wraxall, CEO of Digital Isle of Man who created an application process and a panel to deal with such a situation. It would be interesting to know who comprised this approval panel? That might give a firmer indication as to whether or not we have a two tier process. In the meantime and until the investigation is complete we surely have to remain open minded. See quote and link below “Well, we’ve got a really good reputation in financial services and in e-gaming so we needed to make sure that we weren’t going to invite businesses in that were going to damage that reputation. I created an application process and a panel which first and foremost really looks at businesses, understands what they’re trying to achieve and make sure there’s not going to be any reputation risk to the island.” https://thefintechtimes.com/lyle-wraxall/ 1 Quote Link to comment Share on other sites More sharing options...
Luker Posted September 6 Share Posted September 6 15 minutes ago, Luddite said: I quote a certain Lyle Wraxall, CEO of Digital Isle of Man You identify the main problem very clearly. 1 Quote Link to comment Share on other sites More sharing options...
Two-lane Posted September 6 Share Posted September 6 Can someone give a somewhat simple description of what the Blockchain Office does, and what a blockchain sandbox is? If it involves Greek letters, that's going to be too complex for me. Quote Link to comment Share on other sites More sharing options...
Sceptic Posted September 6 Author Share Posted September 6 48 minutes ago, Luddite said: I can’t understand how something as scandalous as the King affair even happened? The biggest IoM financial scandal since 1982. This is as big as the SIB scandal in 1982 which brought the financial services regulation in you are right. But if you look at the enforcement section of the FSA Website it’s clear that the situation is far, far, different to that of the joke regulator of gaming who sits over companies generating multiple millions a month which does apparently nothing about anything: even reputation damaging people trafficking and fraud. Yet on the other side you see small CSP or yacht management companies being stung for tens of thousands for minor rule book infringements: https://www.iomfsa.im/enforcement/enforcement-action/ The Isle of Man Where You Can, as long as government officers are up to their necks in it! 1 Quote Link to comment Share on other sites More sharing options...
Luddite Posted September 6 Share Posted September 6 Me too Two lane! But, we have to wait for this investigation anyway before anything further can be deduced. I look at the IOMGSC Board of Commissioners Sceptic: https://www.isleofmangsc.com/about-the-gsc/members-of-the-commision/and, hope that the Constabulary have either requested the attendance of each and everyone of these individuals or that they have attended a police station voluntarily as part of this investigation that we are waiting for otherwise we may just be looking at duplicity as you suggest or maybe something even darker! We have to place our trust in the Constabulary. Quote Link to comment Share on other sites More sharing options...
Luddite Posted September 6 Share Posted September 6 It is past my bed time so good night! For those of you who are interested, the next IoM scandal to break might just be: https://www.rfa.org/english/news/special/prince-group/p2-prince-group-investigation.html 2 Quote Link to comment Share on other sites More sharing options...
TheTeapot Posted September 6 Share Posted September 6 (edited) You might have hoped that someone would have gone "look look we're really serious, we want the best companies working here, we regulate like pros, we are a great place to business, no space for scammers" and really pushed the spin on this story. But of course they can't do that, because ALL the gambling firms are dirty as fuck. Edited September 6 by TheTeapot 1 Quote Link to comment Share on other sites More sharing options...
Luddite Posted September 6 Share Posted September 6 And the next......https://oc88.com/en/home 1 Quote Link to comment Share on other sites More sharing options...
slinkydevil Posted September 6 Share Posted September 6 2 hours ago, Luddite said: Lyle Wraxall, CEO of Digital Isle of Man Making a living off Buzzword Bingo. "People of the Isle of Man, I read an article and the future is blockchain let me tell you why... wait no the future is AI let me tell you why... wait the future is pig butchering let me tell you why..." Kerching. 3 Quote Link to comment Share on other sites More sharing options...
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