Ukraine’s Bureau of Economic Security (BEB) has secured convictions against three individuals involved in operating an underground casino and alleged cryptocurrency investment fraud from a business centre in Kyiv.
According to the BEB, the illegal gambling venue operated from the ninth floor of the building, while an associated call centre functioned from the fourth floor.
Investigators said the group targeted citizens with offers to invest in what was described as an automated cryptocurrency trading platform promising returns of up to 5% per day.
Authorities alleged communication with victims ceased after funds had been transferred.
A Kyiv court found the three defendants guilty under Part 3 of Article 28 and Part 2 of Article 203-2 of Ukraine’s Criminal Code, covering the illegal organisation and conduct of gambling by an organised group.
The organiser of the operation received a fine of UAH 799,000 ($19,200), while two accomplices were each fined UAH 765,000. The court also ordered the confiscation of more than $20,000.
The criminal proceedings linked to the call centre activities have been transferred to Ukraine’s National Police for further investigation.
The case adds to a broader enforcement push across Ukraine’s gambling sector following the restructuring of the country’s regulatory framework. Earlier this year, the Ukrainian Government replaced the former gambling regulator KRAIL with PlayCity, a new authority operating under the Ministry of Digital Transformation.
The transition followed mounting political pressure for tighter supervision of gambling operators, stronger anti-money laundering controls and increased monitoring of illegal online activity during wartime conditions.
Ukraine’s legal gambling market has continued operating despite the ongoing conflict with Russia, although regulators and law enforcement agencies have intensified action against unlicensed operators and payment-related breaches.
Authorities have also focused on illegal online casinos and fraudulent investment schemes exploiting cryptocurrency interest among consumers. The BEB has conducted multiple raids in Kyiv and other regions over the past year targeting underground gambling operations disguised as IT businesses or financial services centres.
Meanwhile, licensed operators in Ukraine have faced increased compliance scrutiny relating to payment systems, customer verification procedures and technical certification requirements.
Earlier this month, a Kyiv court suspended PlayCity’s decision to revoke Speysix’s Cosmolot licence while legal proceedings continue over alleged payment processing violations and regulatory bias claims.
Ukraine’s gambling market generated more than UAH 17bn in tax revenue during 2025 despite continued disruption caused by the war
