Question Cyprus

[thebigs]

Folks i may have missed an earlier thread on this.
I have noticed lately a lot of the newer casino's have a licence issued through Cyprus.
Has anyone played any of these Casino's and if so what is the reliabilty.

 

[SteveTurk]

i was under the impression Cyprus banned all forms of online gambling except for fixed-odds sports betting and lottery sales

 

[thebigs]

i was under the impression Cyprus banned all forms of online gambling except for fixed-odds sports betting and lottery sales

I may well have read wrong.
I checked one out and they are based in Cyprus but This site is operated by Flavidus Limited (Agiou Antoniou 2, Strovolos, 2002 Nicosia, Cyprus) fully owned by MYEG BV (Emancipate Boulevard 29, Curacao, Netherlands Antiles) License 5536/JAZ.. All rights reserved, © 2014.

I just have noticed a few others seem to be Cyprus operated.

 

[SteveTurk]

its pretty standard, but do check out more than licensing, this one seems to be Curucao licensed.......

its mostly smaller software companies that take this approach, i would put more weight on customer service & response times in this instance

 

[SteveTurk]

PS. in the interest of clarity, i am not critical of Dutch Antilles, (we have the same structure). its just that jurisdictions like isle of man, guernsey etc do have a stricter licensing regime

 

[maxd]

Cyprus may have changed its gambling licencing but in recent years it has been one of worst, most ineffective and unregulated "licencing" jurisdictions in the world.

I dug into this a few years back and discovered all kinds of stuff like bogus addresses, company "headquarters" that were in truth nothing more than a patch of grass out on some side road, etc. It turned out that many companies "licenced" in Cyprus had nothing more than a mailbox and some guy with a briefcase full of papers. Total scammy BS. Not surprising given that it was supposedly a major front for certain Eastern European crime syndicates to launder their money. Beware!

 

[thebigs]

Thanks folks i did intend to avoid them anyway but just wanted to hear if anyone had any experiences.
Will keep to the safe ones i know through here.

 

[nikantw]

The big and powerful always have a “reason” before they attack a country with oil, whether it is “weapons of mass destruction” or “money laundering”.

The worst licensing is not in Cyprus, but it is nearby.

Anyway, yes you can find many rogue casinos there, but if I remember correctly Vegas Joker used to be there, and it was my favorite, before it was merged with CR.

So, my advice is to do your homework before you make a deposit, but don’t dismiss them all just because of Cyprus.

 

[maxd]

The big and powerful always have a “reason” before they attack a country with oil ....

Awhoandawhatnow?

Cyprus has oil? Casinomeister is now in the country take-over business? Do I have to wear a uniform? What shall we call our fearless leader?

I fear this thread may have jumped the shark while I was off having my lunch. :O

 

[nikantw]

Awhoandawhatnow?

Cyprus has oil? Casinomeister is now in the country take-over business? Do I have to wear a uniform? What shall we call our fearless leader?

I fear this thread may have jumped the shark while I was off having my lunch. :O

Sorry for that political comment meant for Germany. Nothing to do with you or CM! Sorry for the derail.


But yes, Cyprous has oil and Natural Gas, just starting production now!!

 

[thebigs]

Sorry for that political comment meant for Germany. Nothing to do with you or CM! Sorry for the derail.


But yes, Cyprous has oil and Natural Gas, just starting production now!!

Sadly i have no oil in my back garden but ive plenty Natural gas coming from my back Passage lol.

 

[chayton]

Sadly i have no oil in my back garden but ive plenty Natural gas coming from my back Passage lol.

Can someone please open a window?

 

[weesie]

My bank refuses to take any and all transaction requests from Cyprus. They told me it is a hotbed of fraud.

 

[hengels]

Nonsense

Cyprus may have changed its gambling licencing but in recent years it has been one of worst, most ineffective and unregulated "licencing" jurisdictions in the world.

I dug into this a few years back and discovered all kinds of stuff like bogus addresses, company "headquarters" that were in truth nothing more than a patch of grass out on some side road, etc. It turned out that many companies "licensed" in Cyprus had nothing more than a mailbox and some guy with a briefcase full of papers. Total scammy BS. Not surprising given that it was supposedly a major front for certain Eastern European crime syndicates to launder their money. Beware!

Cyprus never had any casino licensing. Therefore they couldn't have been something like "one of the worst". It is annoying when everybody who has zero clue believes being qualified to judge about licensing. Do your homework first before you write totally wrong information. People who are writing such comments have so little understanding of how casinos are operating that they even don't understand the difference between a corporate location and a licensing location. Cyprus was popular for holdings due to its low corporate taxes. But that did/does not mean that any licensing was ever in place in Cyprus. A popular casino structure was: Holding in Cyprus and then a subsidiary e.g. in Curacao for the licensing. Getting a gambling license requires mostly that a legal entity gets registered in the country which is granting the gambling license. This entity is the license holder. The focus of Cyprus to create a better framework for financial services (FOREX) made it less attractive to have a legal entity in Cyprus (too much due diligence for casino owners).

So where the casino owner is registered is widely irrelevant. It can be the moon. Relevant is where the gambling license is issued - and that was/is never Cyprus and therefore Cyprus can't be linked to good or bad licenses - only to people who are posting nonsense about licensing.

 

[hengels]

Hard to believe...

My bank refuses to take any and all transaction requests from Cyprus. They told me it is a hotbed of fraud.

I really would like to see more facts here. Cyprus has a very strict due diligence for all financial services - one of the best in the EU. The reason for that is is strong FOREX industry in Cyprus. Although online gambling was always illegal in Cyprus two years ago the laws got further restrictive. Casino websites are e.g. completely blocked in Cyprus. The reason is that Cyprus doesn't want to get involved into casino business at all - it would hurt its flourishing financial industry which relies on a good reputation in financial markets.
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Since Cyprus has all strict directives of the EU in place and also a strong focus to banking services and a tough due diligence system (I can tell you) I am doubting the correctness of what you are posting.

 

[maxd]

It is annoying when everybody who has zero clue believes being qualified to judge about licensing.

I never claimed to be an expert on the technicalities of licensing but I have been around the biz a while -- 1998 on -- and I can assure you that there was a time when certain casinos were claiming to be Cyprus licensed. Of course that turned out to be a complete sham -- in more or less the manner you described -- but that hardly gives you a free pass to start pissing on me because you claim to know better. What I said was fundamentally true even if I may have dropped the ball in terms of making the distinction you now have. Thank you for that clarification by the way but I do suggest you find a less caustic way to make your point.

Bottom line: show a little respect and you'll get the same. Pick fights and I promise you you'll lose.

 

[The Dude]

Cyprus never had any casino licensing. Therefore they couldn't have been something like "one of the worst". It is annoying when everybody who has zero clue believes being qualified to judge about licensing. Do your homework first before you write totally wrong information. People who are writing such comments have so little understanding of how casinos are operating that they even don't understand the difference between a corporate location and a licensing location. Cyprus was popular for holdings due to its low corporate taxes. But that did/does not mean that any licensing was ever in place in Cyprus. A popular casino structure was: Holding in Cyprus and then a subsidiary e.g. in Curacao for the licensing. Getting a gambling license requires mostly that a legal entity gets registered in the country which is granting the gambling license. This entity is the license holder. The focus of Cyprus to create a better framework for financial services (FOREX) made it less attractive to have a legal entity in Cyprus (too much due diligence for casino owners).

So where the casino owner is registered is widely irrelevant. It can be the moon. Relevant is where the gambling license is issued - and that was/is never Cyprus and therefore Cyprus can't be linked to good or bad licenses - only to people who are posting nonsense about licensing.

Just a heads up - but dissing a moderator will not be tolerated here. Do it again and see what happens.

Besides, Max is spot on - at one time Cyprus offered online gaming licenses - I believe that this may have been discontinued, but their department of finance issued them:

Cyprus Ministry of Finance
Michael Karaoli and Gregori Afxentiou
Nicosia, Lefkosia
Cyprus 1439

Website
www.mof.gov.cy

Email
[email protected]

General Information
+357 226 027 23

And while they were in operation, they were crap. Cyprus is just another tax haven - that's about it. Their licenses were about as effective as those from Costa Rica.

 

[weesie]

I really would like to see more facts here. Cyprus has a very strict due diligence for all financial services - one of the best in the EU. The reason for that is is strong FOREX industry in Cyprus. Although online gambling was always illegal in Cyprus two years ago the laws got further restrictive. Casino websites are e.g. completely blocked in Cyprus. The reason is that Cyprus doesn't want to get involved into casino business at all - it would hurt its flourishing financial industry which relies on a good reputation in financial markets.
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Since Cyprus has all strict directives of the EU in place and also a strong focus to banking services and a tough due diligence system (I can tell you) I am doubting the correctness of what you are posting.

Well, excuse me but, I have played on-line since 1999 and my bank has always refuses purchases processed through Cyprus. THEY TOLD me it was a hotbed of FRAUD!