Media investigationAllegations reported by Democracy for Sale and The Times; not determined by the Curacao Gaming Authority or a court.
Tether.bet allegedly won its Curacao licence with a document that may have been faked
The Curacao licence of Tether.bet, a betting site that closed in August, was granted partly on a property sale document that appears to have been faked, according to Democracy for Sale and The Times. No regulator or court has ruled on the claim. [1][2]
The story matters well beyond one closed site. The documents come from Curacao's licensing records, and they suggest that a licence was approved even though the compliance team noted missing evidence. For anyone who plays at a Curacao-licensed casino, it is a reminder that a licence is only as strong as the checks behind it. [1]
What is alleged
According to Democracy for Sale, the compliance documents name Hon Kong Yong, a Malaysian accountant, as the owner of Tether.bet. To show he could fund the business, Yong reportedly supplied a copy of a 2020 sale document for a £3.75m property in Kensington. [1]
Land Registry searches confirm that the property was sold in May 2020, but suggest that the seller was not Yong. The Times contacted the sellers listed on public documents, a retired French couple, who said they had never met or heard of him. A Swiss banker listed as the buyer also had no knowledge of Yong. [1]
In an April 2024 source-of-funds submission, Yong reportedly declared a net worth of £8m alongside a salary of £40,000 a year. [1] Yong did not respond to Democracy for Sale's request for comment. [1]
How the licence was approved
The internal due diligence notes are the most striking part of the reporting. The compliance team recorded that Yong had not provided evidence of the loan agreements behind his business plan, but approved the licence on the basis that the ultimate beneficial owner "has the wherewithal to fund both this and his other application", Democracy for Sale reports. [1]
The Curacao Gaming Authority has not published a response to the specific allegations, and we could not verify Tether.bet's licence number or current status in the CGA's register.
How the documents came out
Democracy for Sale says it obtained the records from the Curacao gambling register and shared them with The Times. [1] SBC News links the material to the breach of the CGA's systems by the hacker Lilith Wittmann, the same breach behind the CasinoSecrets leak. [2] The CGA confirmed in September that its former online portal had been accessed without authorisation. [3]
George Cottrell's response
The reporting links Tether.bet to George Cottrell, a close ally of and donor to Reform UK leader Nigel Farage. SBC News reports allegations that Cottrell connected high-stakes UK customers with the site. [2] Democracy for Sale states that there is no suggestion Cottrell was involved in the licensing process. [1]
Cottrell's lawyers said: "Mr Cottrell has no interest in Tether.bet." They said he has never been a shareholder, director, employee or consultant of Tether.bet, has not solicited clients for it in any jurisdiction, and that his relationship with the site "has been limited to that of a customer, in addition to which he knows and is friends with its owner". [1][2]
Why it matters in the UK
A Curacao licence never allowed Tether.bet to take bets from Great Britain. A Sunday Times investigation earlier reported that the company accepted payments for bets through UK companies without a UK licence, and Labour chair Bridget Phillipson wrote to the Gambling Commission in August asking it to investigate. [1]
Tether.bet, which was based in Montenegro, shut down in August. Its domain first redirected to another platform, NNVIP88, and is now unavailable to UK users, according to SBC News. [2] Tether.bet is unrelated to Tether, the company behind the USDT stablecoin.
What it means for players
The allegations concern one closed operator, not Curacao licensees in general. But they show why a licence seal in a casino footer is not proof of thorough checks. Look the operator up in the regulator's own register, not only on the casino's site. Since the breach, the CGA has moved to a new portal; we described what we found when we tested Curacao's new licensing portal.
If gambling is causing you problems, the National Gambling Helpline (GamCare) is free on 0808 8020 133.
Frequently asked questions
Has anyone proved the document was fake?
No. The claim comes from reporting by Democracy for Sale and The Times, based on Land Registry records and the sellers' statements. No regulator or court has found that the document was false, and the Curacao Gaming Authority has not published a response.
Is Tether.bet connected to Tether or USDT?
No. Tether.bet is a separate betting site that closed in August 2026. It has nothing to do with Tether, the company behind the USDT stablecoin.
What does George Cottrell say?
His lawyers say he has no interest in Tether.bet, has never owned, run or worked for it, and that his relationship with the site was limited to that of a customer who knows its owner. Democracy for Sale says there is no suggestion he was involved in the licensing.
Sources
- Democracy for Sale: Gambling site linked to George Cottrell 'used fake document to get licence' (22 October 2026)
- SBC News: Tether.bet under scrutiny over licence documents (26 October 2026)
- Curacao Gaming Authority: Follow-up on unauthorized access to the CGA online gaming portal (22 September 2026, PDF)
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Hannah Whitmore
Hannah Whitmore writes about online casinos from a player's practical point of view: who operates a site, what a bonus really requires, which payment methods appear in the cashier, and what happens between requesting a withdrawal and receiving the money. Her reviews draw on PlayFrankCasino's own account research — registrations, terms checks, deposits and withdrawals — and she keeps an operator's advertised payout target separate from a measured result. She enjoys testing slot features and bonus-buy slots in demo mode, and is currently learning blackjack basic-strategy charts and how betting systems such as Martingale and Paroli work. She also covers UK casino news and writes PlayFrankCasino's guides to wagering, withdrawals, verification, cashback and safer gambling.