Online gambling company Taichi Tech, trading as Fafabet, has received a £170,000 fine for regulatory failures including the use of unfair terms and conditions.
Great Britain’s Gambling Commission launched an investigation and found the company had stated that “Fafabet have the right at their own discretion to close accounts or forfeit winnings” within their bonus terms for new casino promotions.
The commission concluded this breached the “fair and open” licensing condition by including a discretionary term allowing the operator to close customer accounts or forfeit winnings without clear justification.
On top of this, the investigation also found failures relating to anti-money laundering and social responsibility breaches.
“We expect all operators - regardless of their size or customer base - to comply with consumer protection legislation and ensure their terms and conditions meet regulatory standards,” said John Pierce, director of enforcement and Intelligence at the Gambling Commission.
“Licensed operators must ensure their terms are clear, fair, and transparent, so customers fully understand what to expect.”
