Total eGame is shutting down their poker operations due to regulatory challenges in the European market. Affiliates were informed of the news today by e-mail and are still trying to make sense of this fast breaking story.
The e-mail read:
It is with great regret that we have to inform you that Total eGame will have to close down their poker operations on the very short term.
The reason for this closure is that due to European regulations the requirements for online poker are getting very strict and it is required to work under a European poker license that includes strict KYC (Know Your Customer) requirements. It is for this reason that Microgaming doesn’t allow any operator to work without such Poker license any more.
Due to the nature of our business, we cannot guarantee the KYC requirements (not for operators, its network or their players) and therefore it will not be possible to get such license. This automatically leads to a situation where we cannot continue offering the Total eGame poker anymore.”
KYC regulations are part of the European Union’s (EU) Regulation 1781/2006. That rule is designed to clamp down on money laundering and financial fraud by requiring detailed due diligence by financial institutions with regards to customer transactions.
Total eGame isn’t the first igaming company to pull out of the European market because of regulatory issues. Earlier this month Bodog pulled out of 20 European markets for similar reasons.
There’s no word on when, or if, these operations will resume.
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