Spreadex has been slapped with a £1.36m [$1.61m] fine by the gambling watchdog after it found social responsibility and anti-money laundering failings.
The investigation by the Gambling Commission found that the sports and financial spread betting platform neglected to provide effective financial alerts, which would stop customers from losing a significant amount of money over a short period of time.
One customer was able to deposit £1.7m on Spreadex and lose £500,000 in just one month, whilst another paid out £365,000 and lost £284,000 within three months.
For anti-money laundering failures, the commission revealed that one Spreadex punter had been met with a £25,000 financial deposit alert, but was allowed to increase the alert for further review to £100,000.
