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Chinese Government Imposes Fine of $4.2M on Chinabank Payments for its Online Gambling Links

George Miller
November 28, 2019
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Chinese Government Imposes Fine of $4.2M on Chinabank Payments for its Online Gambling LinksReading Time: < 1 minute

 

The Chinese government has imposed a fine of RMB29.4m (US$4.2m) on Internet Banking Online (Beijing) Technology Co Ltd, aka Chinabank Payments, for its links to unauthorised online gambling sites.

Chinabank, the Beijing-based payment processor, was accused of assisting mainland residents in transferring currency overseas, including to internationally licensed online gambling sites. The gambling transfers, which also involved several other mainland payment channels, were made between May 2017 and May 2018.

The online gambling operation was based in Cambodia and featured websites with names suggesting a relationship with popular Macau casino brands, including Las Vegas Sands and SJM Holdings’ Lisboa.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Chinese Government Imposes Fine of .2M on Chinabank Payments for its Online Gambling Links

George Miller

George Miller

George Miller began his career in content marketing before joining the HIPTHER team in 2016 as an Editor and Content Manager. His ability to distill complex regulatory data into newsworthy B2B content led to his appointment as Head of Content in 2017.…

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At the heart of the ever-evolving gaming and technology sectors lies EEGaming.org, a premier B2B platform and the definitive Intelligence Hub for industry leaders. As a flagship publication of HIPTHER, we bridge the gap between regional heritage and global innovation, redefining how the industry connects, informs, and inspires.

Expertise & Evolution – More Than Just News

Reaching a vast network of decision-makers, EEGaming.org goes beyond the headlines to deliver high-stakes intelligence and strategic foresight. From the intricacies of European regulations to the rapid evolution of global tech, we provide comprehensive coverage across the verticals that drive the industry:

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