Gambling Commission issues ICO warning regarding GlobeCas

In an unusual move, the Gambling Commission has published on its website a warning by way of “information notice” that states as follows:

“We have been made aware that a company seeking investment in an Initial Coin Offering (“ICO”) operation is claiming to be licensed by the Gambling Commission. We would like to make it clear that GlobeCas does not have a Gambling Commission licence to provide gambling despite claims made in a white paper it is providing to potential investors. Anyone wishing to check whether an operator is correctly licensed can use the Gambling Commission’s register of licence holders

We have seen within an review mistaken reference to  GlobeCas having already been granted a licence by the Gambling Commission, so potential investors should take careful note of the Commission’s information notice (that can be downloaded below).

On the subject of ICOs, David Clifton was quoted in a September 2017 Gambling Compliance article by Scott Longley entitled “Isle of Man to Consider ICO Warning Following UK’s Lead”This followed the FCA highlighting the risks involved in ICOs. This chimes with the views of the Gambling Commission, that has separately cautioned against the history of hacking, theft and criminal activity often associated with virtual and digital currencies.