Curaçao Regulator Issues Conditional License Amid Beneficial Ownership Concerns

The Curaçao Gaming Authority (CGA) has come under scrutiny after leaked records revealed that Medium Rare N.V., the operator behind crypto casino Stake, was granted a conditional stake license on June 9, 2025. The license was issued despite concerns over the company's beneficial ownership and links to its publicly identified founders.

The internal report identified Mladen Vuckovic as the sole ultimate beneficial owner and CEO of Medium Rare N.V., but noted that Ed Craven and Bijan Tehrani had not been disclosed in the application, despite their reported roles with Stake. The CGA required Medium Rare N.V. to clarify its relationships with the founders within five weeks of issuance.

The regulator has defended its step-by-step compliance policy, stating that it does not immediately refuse licenses when ownership questions exist. According to a September 22 press release, the CGA follows robust internal due diligence procedures and warns against judging the process from isolated documents.