Curaçao Gaming Authority Granted Stake License Amid Ownership Questions

Leaked records from the Curaçao Gaming Authority (CGA) have revealed that Medium Rare N.V., the operator behind crypto casino Stake, received a gambling license despite unresolved questions regarding its ultimate beneficial ownership. The conditional license was issued while regulators were still seeking clarification on the company's relationship with Stake founders Ed Craven and Bijan Tehrani, a development brought to light by an investigation based on tens of thousands of confidential documents obtained from the CGA's licensing system.

Key Takeaways

• Curaçao Gaming Authority granted a license to Stake's operator, Medium Rare N.V., with conditions.
• Regulators issued the license despite identifying uncertainties about the company's true beneficial ownership.
• Medium Rare N.V. was given five weeks post-licensing to clarify its ownership structure and relationships.

Compliance and regulatory context

The CGA's internal licensing report for Medium Rare N.V. identified Mladen Vuckovic as the sole ultimate beneficial owner and CEO, yet noted the public association of Ed Craven and Bijan Tehrani as Stake's founders without specific disclosure in the application. The report explicitly stated, "There has been no specific disclosure of either individual in this application." Consequently, the license was issued with conditions requiring Medium Rare to clarify its ownership structure and contractual relationships with Craven, Tehrani, and several associated companies.

The CGA has acknowledged granting licenses to gambling companies before full clarity on ownership and corporate structures, a common challenge for many new crypto casinos.

"Under the responsibility of the minister of finance, it was decided not to implement all requirements at once, but to give companies the opportunity to comply with them step by step," the regulator told Follow the Money. The CGA added that it would not "immediately refuse a licence or terminate existing activities whenever there is a question or uncertainty." In a September 22 press release responding to the leak, the regulator stated it had "followed robust internal procedures in performing due diligence of its applicants" and cautioned against drawing conclusions from individual documents out of context.

Incident details

The confidential documents, obtained by Berlin-based hacker and researcher Lilith Wittmann, were part of an investigation published as Casino Secrets on September 22. Wittmann collaborated with Follow the Money and other media outlets to analyze the leaked records, which included an internal licensing report for Medium Rare N.V. The report highlighted concerns about the applicant's "true beneficial ownership" and its connections with Craven, Tehrani, and entities like Easygo, Primedice, Sweepsteaks, Mebit d.o.o., and Well Done STK. The conditional license was issued on June 9, 2025, with a five-week deadline for Medium Rare to provide the requested clarifications.

Sources: Curaçao Leak Shows Stake License Was Granted Before Ownership Questions Were Resolved