VGW settles with New York Attorney General Letitia James and makes a payment of $8 million. Former sweep coin customers are entitled to a one-time redemptions.
The Assurance of Discontinuance covers VGW Holdings Pty. Ltd. as well as affiliates that operate Chumba Casino, Global Poker, and Lucky Land Casino. The company shall make the payment of $8 million within 14 days from the date when the agreement shall become effective on August 301, 2026.
VGW neither admits nor denies the findings made by New York Attorney General’s Office. The agreement covers a redemption procedure for some of the former customers. A request for redemption can be submitted by August 31, 2027.
VGW also agreed not to allow New York residents to stake any redeemable virtual item on a chance-based contest or future event.
The same condition also applies to successors and transferees. In case VGW is willing to return to the conduct prohibited by this law, it has to inform the relevant authorities and send them a written notice.
According to the spokesperson of VGW, Michael Bennet, the company wishes to continue its operations in New York by using Gold Coins that cannot be redeemed for cash.