MoPlay have declared insolvency and have stopped processing withdrawals. As a result, their licences’ have been suspended by regulators in Gibraltar and Great Britain.This will come as a surprise to many as MoPlay have become a prominent brand over the last few years. They’ve sponsored some major events and premiership football teams too.The downhill spiral started towards the end of 2019 when it emerged MoPlay weren’t paying their bills on time and this soon progressed to not paying their bills at all.
MoPlay’s Insolvency Timeline
On 19th February 2020, the Gibraltar Licensing Authority suspended brand owners to MoPlay, Addison Global’s license as a result of the operator’s inability to honour its outstanding debts. Then on 20th February 2020, the British Gambling Commission did the same.At this point in time, MoPlay were still conducting normal services. Customers were able to withdraw funds from their account.But things got worse for MoPlay and on 22nd February 2020 they could no longer process withdrawals.
Details of MoPlay Insolvency
An official statement released by MoPlay stated:“Due to financial difficulties, we are unable to process withdrawals,” a message on the MoPlay website said. “We draw your attention to clause 9 of our terms and conditions which refers to the status of funds in the event of insolvency.”I know many players and customers will be wondering how on earth can this happen and how can withdrawals be stopped?The answer to that question is in the way the company behind MoPlay , Addison Global’s have not only ceased business, but they were essentially forced to cease business.Take a look at clause 9 of MoPlay’s terms and conditions stays, “funds will be held separate from company funds in a mixture of bank accounts and reserve funds which we hold with our payment processors. However, if there was ever a situation where we became insolvent, your funds would not be considered separate to the other company assets and you may not receive all your funds back.”At the moment UK-licensed MoPlay site is offline and cannot conduct any form of business.If you’re unsure of anything as a customer of MoPlay, please contact us and we can advise or point you in the right direction.