Taichi Tech fined £170,000 for unfair terms and conditions
Taichi Tech Limited, trading as Fafabet, will also have to undergo a third-party audit to ensure it has effective anti-money laundering and safer gambling procedures, the Gambling Commission said.
An investigation found that Taichi Tech's terms claimed that it had 'the right at their own discretion to close accounts or forfeit winnings'.
The regulator concluded that the firm breached the 'fair and open' licensing condition by including a discretionary term allowing the operator to close customer accounts or forfeit winnings without clear justification.
The investigation also found failures relating to anti-money laundering and social responsibility breaches.
These included allowing some customers to gamble large sums within a short period of time and providing insufficient interaction despite 'high-velocity' spending over short periods.
Gambling Commission director of enforcement and intelligence John Pierce said: 'We expect all operators, regardless of their size or customer base, to comply with consumer protection legislation and ensure their terms and conditions meet regulatory standards.
'Licensed operators must ensure their terms are clear, fair, and transparent, so customers fully understand what to expect.'
The firm had acknowledged that it previously fell short of the standards expected by the Commission and had taken steps to address the shortcomings, the commission said.
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Associated Press
29 minutes ago
- Associated Press
How a tear or two spooked markets and dominated UK's political narrative
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Fast Company
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Chicago Tribune
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- Chicago Tribune
After Diddy's conviction, here's where his business ventures stand
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While many of his ventures have unraveled, his music catalog — for now — remains intact. Bad Boy Records may be synonymous with 1990s icons like The Notorious B.I.G., Faith Evans, Ma$e, and 112, but Combs kept the label relevant before his arrest with high-profile releases. In 2023, Combs dropped ' The Love Album: Off the Grid,' which was his first solo studio album in nearly two decades, and Janelle Monáe released her critically acclaimed project ' The Age of Pleasure ' through Bad Boy. Both albums earned Grammy nominations, with Monáe's effort recognized in the prestigious record of the year category. Ahead of the 'The Love Album' release, Combs made headlines by returning Bad Boy publishing rights to several former artists and songwriters, years after he was criticized for how he handled their contracts. Bad Boy Records remains operational, but the label has been significantly shaken by Combs' legal firestorm and it hasn't announced any major upcoming releases. Last week, a surprise EP called 'Never Stop' released by his son, King Combs, and Ye (formerly Kanye West), showed support for the embattled mogul. The project was released through Goodfellas Entertainment. Bad Boy Records remained active through 2022, backing Machine Gun Kelly's 'Mainstream Sellout' under the Bad Boy umbrella. He was a producer on MTV's reality television series 'Making the Band,' and 'Making His Band,' launching the careers of artists like the girl group Danity Kane and male R&B group Day 26. Combs has been sued by multiple people who claim to have been victims of physical or sexual abuse. He has already paid $20 million to settle with one accuser, his former girlfriend Cassie. Most of those lawsuits, though, are still pending. It isn't clear how many, if any, will be successful, or how much it will cost Combs to defend himself in court. Combs and his lawyers have denied all the misconduct allegations and dismissed his accusers as out for a big payday. Federal prosecutors had informed the court that if Combs is convicted, they would seek to have him forfeit any assets, including property, 'used to commit or facilitate' his crimes. It was not immediately clear following the verdict how prosecutors would proceed or whether asset forfeiture would be part of a sentence imposed by the judge. Despite the legal turmoil surrounding Combs, his music catalog remains widely available on major streaming platforms including Spotify, Apple Music and Amazon Music. None of the streamers have publicly addressed whether they plan to adjust how his music is featured. Interestingly, Combs' music saw a roughly 20% boost in U.S. streaming between April and May 2025, his biggest monthly spike this year, according to Luminate. The numbers jump coincided with key moments in the trial, including testimonies from Cassie and Kid Cudi. However, there was a slight drop-off with a 5 to 10% decrease in June compared to the previous month's streams. Streaming makes up a fraction of an artist's revenue and is calculated through a complicated process called 'streamshare.' Most artists see very little pay from digital services. Sean John, founded in 1998, has gone largely dormant, with its presence disappearing from major retailers like Macy's. There are no clear signs of a relaunch on the horizon. In 2023, Combs launched Empower Global, an online marketplace designed to uplift Black-owned businesses and strengthen the Black dollar. He positioned the platform as a modern-day 'Black Wall Street,' backing it with a reported $20 million of his own investment. The platform debuted with 70 brands and planned to expand by onboarding new Black-owned businesses each month, aiming to feature more than 200 by year's end. However, as 2023 came to a close, several brands cut ties with Empower Global. It was reported that some cited disappointing performance and growing concerns over the misconduct allegations surrounding Combs.
