Tether.bet "used faked property document" for Curaçao licence, report alleges; George Cottrell denies any role

What the documents allegedly show

Democracy for Sale says it obtained compliance documents from the Curaçao gambling register. According to these documents, Tether.bet's application named Hon Kong Yong as its ultimate beneficial owner. The outlet describes Yong as a Malaysian accountant and a personal friend of Cottrell.

As evidence that he could fund the business, Yong allegedly submitted a copy of a sale document for a £3.75 million property in Kensington. Land Registry searches confirm that a sale took place in May 2020, but they suggest Yong was not the seller, the outlet reports. According to Democracy for Sale, The Times contacted the sellers listed in public records, a retired French couple, who said they had never met or heard of Yong. A Swiss banker listed as the buyer in both the Curaçao file and the Land Registry told Democracy for Sale that he did not know who Yong was either.

The report says the application stated that Tether.bet would be funded by shareholder or third-party loans and that Yong would contribute $350,000 personally. According to the internal due-diligence notes cited by the outlet, compliance staff recorded that Yong had not provided evidence of the loan agreements. They nonetheless approved the licence on the basis that "the [ultimate beneficial owner] has the wherewithal to fund both this and his other application".

In an April 2024 source-of-funds submission, Yong allegedly declared a salary of £40,000 a year and a net worth of £8 million. He attributed his wealth to savings, cryptocurrency investments, his accountancy business, pension income and property sales. The outlet reports that Yong was declared bankrupt in 2016 and that he also supplied an uncertified Revolut statement showing a balance of about €50,000.

Neither the Curaçao Gaming Authority nor Yong has commented publicly on the allegations.

Cottrell's response

Cottrell, a long-time Farage ally with a previous fraud conviction, has been linked to Tether.bet in earlier reporting by The Sunday Times. The report notes that Yong is listed as the owner of Salon Privé, a private members' club in Tivat, Montenegro, that Cottrell frequents.

His lawyers told Democracy for Sale: "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." They added that his relationship with the site "has been limited to that of a customer, in addition to which he knows and is friends with its owner."

The UK licensing question

A Curaçao licence does not permit an operator to offer gambling to people in Great Britain. Providing gambling facilities to British customers without a Gambling Commission licence is an offence under the Gambling Act 2005.

The Sunday Times previously reported that Tether.bet accepted payments for bets through UK companies while not holding a UK licence. In August, Labour chair Bridget Phillipson wrote to the Gambling Commission asking it to look into Tether.bet and Fispay, a UK payments company owned by Reform UK's data protection officer, Mowbray Jackson, The Guardian reported. Jackson told The Sunday Times that his company "exclusively" brokered private jet travel. Tether.bet posted a closure notice on its website on 12 August.

None of the allegations has been tested by a regulator or court, and the Gambling Commission has not said publicly whether it has opened an investigation. The Commission has recently stepped up action against illegal operators, removing more than 267,000 illegal links in a year. In a separate case, it fined the operator of All British Casino £900,000.

Sources: Democracy for Sale (22 October 2026); Left Foot Forward; The Times; The Guardian (18 August 2026).