Tether.bet allegedly obtained its Curaçao licence using false documents, according to an investigation discussed by SBC News. The high-stakes operator closed in August.
Democracy for Sale examined records concerning apparent owner Hon Kong Yong and shared information with The Times, which questioned the supposed sellers of a property used as evidence of wealth.
Property Sale Document Raises Questions About Declared Wealth And Ownership
Yong, a Malaysia-based accountant, submitted a 2020 sale document for a £3.75 million Kensington property. His declared wealth was £8 million against annual earnings of £40,000.
A retired French couple identified as the sellers told The Times they had never met or heard of him. Records emerged after Lilith Wittman accessed Curaçao Gaming Authority systems, exposing ownership and business documents.
Yong was reportedly declared bankrupt in 2016 and is listed as owner of Montenegro’s Salon Privé, visited by George Cottrell. Tether.bet was also headquartered there.
Earlier Calls For Investigation Followed The Platform’s August Closure
Labour Party Chair Bridget Phillipson sought a Gambling Commission investigation following the shutdown. Its domain subsequently redirected users to NNVIP88 as a “partner platform” before becoming inaccessible from Britain.
Closure coincided with allegations that Cottrell acted as an intermediary, or “whale”, connecting wealthy British customers to Tether.bet. Cottrell is a close Nigel Farage ally, whose lawyers describe as a permissible donor to Reform UK.
Cottrell’s Lawyers Deny Ownership And Any Role In Running The Platform
Lawyers for Cottrell said: “Mr Cottrell has no interest in Tether.bet.
“Our client has never been a shareholder of any company that owns Tether.bet, whether directly or indirectly, nor for that matter has he been a director, employee or consultant of Tether.bet, held any management or bank account control of Tether.bet, solicited any clients for Tether.bet (in any jurisdiction), or had any involvement in the running of its operations.
“His relationship with Tether.bet has been limited to that of a customer, in addition to which he knows and is friends with its owner.”
Licensing credibility depends on verifying the transactions behind wealth declarations. Reported inconsistencies warrant scrutiny, while personal associations must be distinguished from evidence of ownership or operational control. Tether.bet closed in August after an investigation revealed its falsified licensing information.
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