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

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6 years ago

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Chinese Government Imposes Fine of $4.2M on Chinabank Payments for its Online Gambling Links
Photo Source: scmp.com
Reading 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.

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Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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