Balls Limited - Registration Withdrawal

Gibraltar FSC News

Filed February 3rd, 2026

Detected March 25th, 2026

Summary

The Gibraltar Financial Services Commission (GFSC) has withdrawn the registration of Balls Limited, an Initial Coin Offering (ICO) and Virtual Asset Service Provider (VASP), for failing to comply with anti-money laundering regulations. The firm is no longer supervised or registered by the GFSC.

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What changed

The Gibraltar Financial Services Commission (GFSC) has issued a Decision Notice withdrawing the registration of Balls Limited, which was registered as an Initial Coin Offering (ICO) and Virtual Asset Service Provider (VASP) under the Proceeds of Crime Act 2015 (POCA) Regulations. The withdrawal stems from the firm's failure to comply with key POCA provisions, specifically regarding the appointment of a Money Laundering Reporting Officer and a designated director/senior manager for compliance. The GFSC is publishing this outcome to inform the public that Balls Limited is no longer under its supervision or registration.

This action signifies a removal of regulatory authorization for Balls Limited. Compliance officers should note the specific POCA sections cited (Section 28 and 9B) and the associated registration requirements (Regulation 6) that were breached. While no specific compliance deadline or penalty is detailed for other entities, this serves as a clear enforcement action highlighting the GFSC's commitment to enforcing AML regulations within the virtual asset space. Firms operating as VASPs or involved in ICOs should ensure they have robust internal reporting procedures and designated compliance personnel in place.

What to do next

Review internal AML reporting procedures
Ensure appointment of a Money Laundering Reporting Officer
Confirm designation of a senior manager for AML compliance

Source document (simplified)

Statements

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Statement regarding Balls Limited

04 Mar 26

Balls Limited (“the Firm”) was registered with the Gibraltar Financial Services Commission (“GFSC”) as an Initial Coin Offering (“ICO”) on 27 August 2024 under the Proceeds of Crime Act 2015 (Relevant Financial Business) (Registration) Regulations 2021 (“POCA Regulations”). An ICO is a type of Virtual Asset Service Provider (“VASP”) for the purposes of receiving, whether on its own account or on behalf of another person, proceeds in any form from the sale of tokenised digital assets involving the use of DLT or a similar means of recording a digital representation of an asset.

Regulatory Outcome

On 3 February 2026, a Decision Notice was issued by the GFSC withdrawing the Firm’s registration under Regulation 9(1)(b) of the POCA Regulations for failure to comply with:

Section 28 Proceeds of Crime Act 2015 (“POCA”) (Internal reporting procedures) in not appointing a person responsible to carry out the role of Money Laundering Reporting Officer
Section 9B POCA (Responsibility for compliance) in not appointing a director, senior manager or partner to ensure compliance with Part II and Part III of Proceeds of Crime Act 2015
Regulation 6 of the POCA Regulations in not complying with its registration requirements due to its breaches under Section 28 and 9B of POCA. The GFSC has decided to publish its regulatory outcome to ensure that public awareness is drawn to the fact that the Firm is no longer supervised or registered by the GFSC.