Junket Operators Exit Philippine Casinos Amid ₱200M Crypto Ransom Laundering Investigation
Two major junket operators—9 Dynasty Group (Jiuding Group) and White Horse Club—have ceased operations in Philippine casinos after being linked to the laundering of a ₱200 million ransom via cryptocurrency and casino e-wallets. The Anti-Money Laundering Council (AMLC) is coordinating with national law enforcement and regulators to investigate the flow of funds tied to the kidnapping and murder of businessman Anson Que. Authorities report that the ransom was converted to crypto to obscure its origins, using e-wallets and digital assets. Major casinos, including Solaire, Okada Manila, and Resorts World, are severing ties with these junket firms. Investigators found that ₱4.5 million in crypto was funneled through unlicensed e-wallets associated with these junkets and later moved via virtual asset service providers, leading to subpoenas for two local crypto exchanges. The case highlights the challenges of tracing crypto transactions in crime, bringing regulatory pressure to exchanges and prompting closer scrutiny of casino e-wallets with crypto features. The news increases attention on anti-money laundering controls in the Philippine crypto sector, with ongoing cooperation between domestic and foreign financial intelligence units.
Bearish
This news signals increased regulatory scrutiny on cryptocurrency transactions in the Philippines, specifically concerning anti-money laundering (AML) measures within casinos and crypto exchanges. The linkage of cryptocurrency to a high-profile ransom/murder case and the subsequent exit of junket operators from major casinos create a risk-averse environment, likely tightening compliance for local platforms. In previous instances, such as after high-profile hacks or laundering cases in other jurisdictions, market sentiment turned cautious, impacting local trading volumes and increasing oversight. The emphasis on subpoenas, regulatory actions, and the challenge of tracing illicit crypto flows could dampen market appeal for crypto assets in the short term, especially among high-net-worth and institutional traders operating in or through the Philippines.