Ukrainian regulator KRAIL wins case against Ibox Bank over cancelled gambling license
The Ukrainian regulator, the Gambling and Lottery Regulation Commission (KRAIL), has won a case against Ibox Bank after it cancelled the bank’s license to offer gambling services
Ibox Bank has lost its legal battle with the Ukrainian regulator, the Gambling and Lottery Regulation Commission (KRAIL), after the regulator cancelled the bank's license to offer gambling services.
The regulator took this decision after Ibox Bank was accused of participating in a criminal conspiracy that involved tax evasion of over UAH400m.
The case revolved around unlicensed online casino and sports betting operations, which were set up to accept payments using miscoding and bank transfers.
The bank had argued that the cancellation of its license had caused reputational damage, but the court disagreed and ruled in favor of the regulator.