£3.75M Property Record Raises Questions Over Tether.bet Licence

The October 22 Democracy for Sale investigation also found that Yong’s plan to finance the site relied partly on loans for which he provided no agreements. Curaçao’s assessors approved the application anyway.

Property Sellers and Buyer Had Never Heard of Yong

The Kensington property changed hands in May 2020, according to UK Land Registry records. A retired French couple named as the sellers told The Times they did not know Yong. The buyer, a Swiss banker, gave a similar account to Democracy for Sale.

Yong had submitted a document relating to that transaction as proof that he could finance Tether.bet. The sale price was £3.75 million. He did not answer the journalists’ questions about the document.

£8M Wealth Claim and Missing Loan Agreements

In April 2024, Yong told Curaçao officials he was worth £8 million and earned £40,000 a year. He cited savings, crypto investments, accountancy work, pension income and property sales to explain the total.

His supporting papers included an uncertified Revolut statement with a balance of about €50,000. The journalists also established that Yong had been declared bankrupt in 2016.

The business plan envisaged $350,000 from Yong himself, with further financing from shareholders or other lenders. An internal compliance note recorded the lack of loan agreements. The assessors nevertheless accepted that Yong had the means to fund the operation.

Tether.bet posted a closure notice in August. That month, Labour chair Bridget Phillipson asked the UK Gambling Commission to examine reports that the site had taken bets through British companies without a UK licence.

Democracy for Sale also linked Yong to George Cottrell, an associate of Nigel Farage. Cottrell’s lawyers said he was a customer and friend of Yong, denying any ownership or operational role in Tether.bet.

The documents came to light after a breach of Curaçao’s licensing system. In September, 15M reported that more than 40,000 files from the regulator had been made searchable.

CGA Records Show Two Status Labels for GT Holding

Tether.bet’s terms and conditions identify GT Holding B.V. as the company behind the site. 15M checked that name against the Curaçao Gaming Authority’s register dated October 20.

Entry 75 lists:

• License – OGL/2024/898/0783 (B2C);
• Company registration – 156734;
• Expiry date – September 12, 2026;
• Status – assessment in progress.

The CGA’s separate online certificate currently marks GT Holding’s licence as Active. The October 20 register, meanwhile, lists its assessment as still in progress, with a September 12 expiry date. The certificate also states that no approved domains are on file.