Gambling Commission fines SpreadEx Limited to the tune of £1.36 million
In the United Kingdom and the Gambling Commission regulator has announced that iGaming operator SpreadEx Limited is to pay a fine of £1.36 million ($1.61 million) for numerous social responsibility and anti-money laundering failures.
The watchdog used an official press release to detail that its investigations determined that the firm behind the online sportsbetting and financial spread-betting domain at SpreadEx.com had allowed punters to lose large amounts of cash in shorts periods of time without receiving any kind of alarm. The organization stated that the United Kingdom-licensed operator had also not been ‘sufficiently recording and evaluating its customer interactions’ and placed an overreliance on automated alerts ‘to…