Montenegro-based gambling site Tether.bet allegedly submitted a fabricated property sale document as proof of funds when applying for a Curaçao gambling license, according to a joint investigation by The Times and investigative newsletter Democracy for Sale.
The site’s declared owner, Malaysian accountant Hon Kong Yong, supplied a document relating to the £3.75 million sale of a Kensington property in 2020. However, land registry records and statements from the people involved in the transaction indicate that Yong had no connection to the sale.
According to The Times, the property’s registered sellers were a retired French couple who said they had never met or heard of Yong. A Swiss banker identified as the buyer in both the submitted document and land registry records also told Democracy for Sale that he knew nothing about Yong.
The findings raise questions about how the licensing authorities assessed the financial documentation submitted with Tether.bet’s application.
Yong’s Financial Claims and the Licensing Process
In an April 2024 source-of-funds declaration submitted to Curaçao licensing authorities, Yong claimed a net worth of £8 million and an annual salary of £40,000.
He attributed his wealth to savings, cryptocurrency investments, his accountancy business, salary, pension income and property sales.
The submission stated that Tether.bet would be financed through shareholder or third-party loans, with Yong personally contributing $350,000 to the business.
However, internal due diligence documents reviewed by The Times showed that Yong had not provided loan agreements to support the proposed funding arrangements.
Despite the missing documentation, the compliance team approved the application at its stage of the review process.
The team concluded that “the [ultimate beneficial owner] has the wherewithal to fund both this and his other application,” according to the documents cited by The Times.
Yong also submitted an uncertified Revolut bank statement showing a balance of approximately €50,000 as additional evidence of his financial resources.
The investigation reported that Yong was declared bankrupt in 2016, raising further questions about the financial information in his licensing application.
Yong did not respond to investigators’ requests for comment.
George Cottrell’s Connections and Denials
The investigation also examined Tether.bet’s reported connections to George Cottrell, a political associate and donor linked to Reform UK leader Nigel Farage.
The Times described Cottrell and Yong as closely associated. Yong is listed as the owner of Salon Privé, a private members’ club in Tivat, Montenegro, reportedly frequented by Cottrell.
However, Cottrell has denied holding any ownership, management or operational role at Tether.bet.
Through his lawyers, he told The Times that he was “merely a customer” of the gambling site.
His legal representatives provided a detailed statement:
“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.”
The statement maintained that Cottrell’s relationship with the platform was limited to that of a customer.
The investigation did not establish that Cottrell participated in Tether.bet’s licensing application or submitted the disputed financial documentation.
Questions Over Curaçao’s Licensing Oversight
Tether.bet reportedly stopped accepting new business earlier in 2026, but the investigation raises questions about the financial checks carried out during its licensing process.
The central concern is how a property sale document apparently unrelated to the applicant was accepted as evidence of financial resources, particularly when other supporting documentation was missing.
Source-of-funds checks are intended to help licensing authorities establish whether gambling operators and their beneficial owners have legitimate financial resources to support their businesses.
In this case, the compliance documents reviewed by The Times suggest that the application progressed despite unresolved questions about Yong’s proposed funding arrangements.
However, the investigation’s findings do not establish that a regulator has formally determined the document was forged or that Yong committed an offense.
The case highlights the importance of independently verifying financial disclosures during gambling license applications, particularly when operators rely on property transactions, personal wealth and third-party financing to demonstrate their financial standing.
