Full Tilt Poker subject to worldwide shutdown On Wednesday the Alderney Gambling Control Commission (AGCC) suspended the license of Full Tilt Poker and ordered the company to cease operations immediately. All users of the online poker site, not just those in the US, are now unable to log into their accounts.
The AGCC have stated in a press release that the reason behind the move “follows a special investigation prompted by the indictments unsealed by US Attorney General’s Office in the Southern District of the New York on 15th April 2011, during which grounds were found to indicated that these licensees and their business associates were operating contrary to Alderney legislation. The nature of the findings necessitated the taking of immediate action in the public interest.”
According to Pokerscout, traffic to Full Tilt Poker had declined by 48 per cent since the events of “Black Friday”, mostly due to the loss of its US player base. The site has come under increasing pressure of late to pay back US players whose accounts have been in limbo since the April.
The license suspension also comes on the back of a dispute between Full Tilt Poker and payment processor Moneybookers. The conflict was said to have centered on Full Tilt Poker randomly disabling Moneybookers withdrawals. In an email sent to players yesterday, Moneybookers said it was ceasing its business with Full Tilt Poker.
It states: “As a Moneybookers customer, you already know you are the most important part of our business. We always make sure you receive the safest service. For this reason we have stopped accepting deposits made to Full Tilt Poker. There are extraordinary circumstances behind this situation which are beyond our control. We will not comment on these, just take appropriate action that protects our customers.”
Full Tilt Poker is yet to release a statement in response to the AGCC’s suspension. The only indicator that anything is wrong is an inability to log into their poker client and a “System Status” icon that appears on their website stating that there is “Maintenance In Progress”.
The news has rattled players and Full Tilt Poker pro Tom Dwan voiced his concerns on Twitter yesterday: “Some pretty objective ppl who's opinions I respect are worried now that FT can't payout or find a buyer. Me too more I think about it” and “I'm pretty sick about all this. Its ridiculous that players weren't paid weeks ago. I feel pretty sick to my stomach.”
PokerStars, who have already repaid their US users to the tune of USD $120 million, have released their own statement assuring their customers it is business as usual. It reads: “In light of today’s news that Alderney Gambling Control Commission has suspended Full Tilt Poker’s license, PokerStars wishes to assure our customers that their funds are completely safe and that our operations are completely unaffected. The Isle of Man Gaming Commission today re-affirmed that PokerStars' worldwide licensing is intact and that our operations are in full compliance with all of its requirements. PokerStars' online operations continue as normal and all funds in players’ accounts are safe and available for withdrawal as usual with no delays.”
Full Tilt Poker’s license suspension also threatens to scuttle hopes of a rumoured investment by casino heavyweight Jack Binion in the company. The potential cash injection was said to have been crucial to Full Tilt Poker’s efforts to pay back money owed to its US players.
The AGCC has scheduled a regulatory hearing for July 26, 2011 to address the license suspension. However, rather than wait until that date, one possible move Full Tilt Poker has left is reopening with a permit from the Kahnawake Gaming Commission. It would mean moving its data to servers in the territory but could be a possible solution for the company to start operating again as soon as possible.
Poker Portal Asia will keep you updated on developments as and when they happen.
I'm pretty sick about all this. Its ridiculous that players weren't paid weeks ago. I feel pretty sick to my stomach.
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