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Curaçao Licensing Leak: How Stake Got Its License Before Ownership Was Clarified – A Comprehensive Guide

By jili tutorial · September 25, 2026

Curaçao Licensing Leak: How Stake Got Its License Before Ownership Was Clarified – A Comprehensive Guide

Overview

Stake, one of the most prominent names in crypto gambling, has built a multibillion-dollar business with high-profile endorsements from celebrities like rapper Drake. But leaked documents from the Curaçao Gaming Authority (CGA) reveal a controversial licensing process: the operator behind Stake, Medium Rare N.V., was granted a gambling license while regulators still had unresolved questions about the company’s true ownership. This guide breaks down the leak, the regulatory decisions, and what it means for the broader crypto gambling industry.

Background: Stake and the Curaçao Licensing System

Who Owns Stake?

Stake operates through Medium Rare N.V., a company incorporated in Curaçao. Publicly, Stake is widely associated with founders Ed Craven and Bijan Tehrani. However, the official license application submitted to the CGA named Mladen Vuckovic as the sole ultimate beneficial owner and CEO. This discrepancy—where the public face of the company differs from the legal owner—became a central issue during the licensing review.

Curaçao as a Gambling Hub

Curaçao has long been a popular licensing jurisdiction for online gambling, especially crypto casinos. Its relatively light regulatory framework and low taxes attract operators worldwide. However, recent reforms aim to strengthen due diligence and transparency. The leaked documents illustrate the gap between stated regulatory goals and actual enforcement practices.

The Leak: How the Documents Came to Light

On September 22, 2025, a joint investigation titled “Casino Secrets” was published by multiple media outlets coordinated by Follow the Money (FTM). The investigation relied on tens of thousands of confidential documents obtained from the CGA’s licensing system by Berlin-based security researcher Lilith Wittmann. Wittmann, a well-known hacker and data activist, discovered the files and partnered with FTM and other reporters to analyze the records.

The leak includes internal licensing reports, timelines, and conditional approvals—offering an unprecedented look behind the curtain of Curaçao’s gambling regulation.

Key Findings: License Granted Despite Unresolved Ownership Questions

Conditional Approval on June 9, 2025

According to the licensing timeline revealed in the leak, the CGA conditionally issued a license to Medium Rare N.V. on June 9, 2025. The internal review report acknowledged multiple uncertainties:

Despite these concerns, the reviewers concluded that “a license could be granted subject to certain specific license conditions.”

The Five-Week Remediation Period

One of the conditions was that Medium Rare had five weeks from the date of license issuance to provide clarifications. Specifically, the CGA required the company to explain:

In essence, the regulator issued the license first and asked for the missing information later.

Follow the Money’s Additional Findings

FTM reported that Curaçao officials had identified loans and payments involving companies and individuals linked to Craven and Tehrani, further raising doubts about whether Vuckovic was truly the sole owner. These financial links suggested a more complex ownership structure than the application claimed.

The CGA’s Response and Rationale

“Step-by-Step Compliance”

The CGA did not dispute the finding that it granted licenses before ownership questions were resolved. In a statement to FTM, the regulator explained that under the responsibility of the Minister of Finance, it was decided not to implement all requirements at once. Instead, companies are given “the opportunity to comply with them step by step.” The CGA also said it would not “immediately refuse a licence or terminate existing activities whenever there is a question or uncertainty.”

Defending the Due Diligence Process

In a press release on September 22, the CGA stated that it “followed robust internal procedures in performing due diligence of its applicants.” It cautioned against drawing conclusions from individual documents taken out of context, since the full application files were not publicly available.

However, the leaked records show exactly how this “robust” process worked in practice: regulators identified serious gaps but chose to conditionally approve the license rather than delay or deny it.

What Happened Next? Unanswered Questions

The records reviewed by Gambling Insider do not indicate whether Medium Rare provided the requested clarification within the five-week deadline. This leaves a critical question open: Did the company satisfy the CGA’s conditions, or did the license remain in effect without full transparency?

Implications for the Crypto Gambling Industry

Regulatory Credibility

This case highlights a persistent tension in Curaçao’s gambling regulation: the desire to attract operators while also meeting international standards for anti-money laundering (AML) and beneficial ownership transparency. The leak suggests that the CGA may prioritize speed and revenue over thorough verification.

Risks for Consumers and Investors

When ownership structures are opaque, it becomes harder to hold operators accountable for misconduct, financial irregularities, or fraud. Players and investors have less assurance that the entity they are dealing with is legitimate and properly governed.

A Precedent for Other Jurisdictions

Other licensing bodies—such as those in Malta, Gibraltar, or the Isle of Man—often require full disclosure of ultimate beneficial owners before issuing a license. The Curaçao approach, as seen here, may serve as a cautionary tale for jurisdictions considering more lenient regimes, especially for high-risk crypto casinos.

Conclusion

The Curaçao licensing leak reveals a system where a multibillion-dollar crypto casino like Stake can receive a gambling license even though the regulator itself acknowledges unresolved questions about who truly owns and controls the company. The conditional approval with a five-week window to fill in the gaps suggests a “license now, ask questions later” philosophy that undermines the purpose of due diligence.

As the crypto gambling industry continues to grow, this incident underscores the need for stronger, more transparent regulatory frameworks—not just in Curaçao, but globally. For now, the full ownership story behind Stake remains partially hidden, and the effectiveness of the CGA’s post-license conditions remains unknown.