On October 17, Jiuding Group from the Philippines announced that it will officially cease all business operations starting October 31, 2025, and requested customers to retrieve their account balances before the deadline. The group had previously announced on May 6 that it would exit the Philippine market and close its offline VIP lounge operations, marking a complete cessation of operations. Concurrently with the announcement, the US and UK jointly seized approximately 127,000 bitcoins (valued at about $14 billion) from Cambodia's Prince Group, involved in a transnational fraud and money laundering network. Industry insiders speculate that the dissolution of Jiuding might be linked to the financial disruption caused by the investigation into the Prince Group, as well as the Philippine government's ongoing crackdown on illegal gambling and money laundering activities. Recently, the Philippine government shut down over 300 illegal gambling venues, and President Marcos Jr. rejected the citizenship application of a Jiuding executive, indicating a strict regulatory stance.
Dissolution Announcement and Confirmation of Dates
Jiuding Group announced on October 17, 2025, the "Notice of Closure," stating that it will officially stop all business operations from October 31, 2025. The announcement was stamped with the company seal, requiring customers to withdraw their account balances before the deadline and provided a Telegram customer service channel for subsequent handling.
This decision to cease operations has attracted industry attention. The company had previously announced its exit from the Philippine market in May, but only closed its offline VIP lounge operations.
Historical Background and Initial Exit
On May 6, 2025, Jiuding Group announced a "strategic adjustment to exit the Philippine market," suspending its offline VIP lounge operations. This decision was directly related to the kidnapping and ransom case of Anson Que, where investigations revealed that the ransom was laundered through gambling intermediaries like Jiuding using cryptocurrency channels and flowed into the casino system.
The police subsequently investigated the involved companies, revoked their gambling service qualifications, froze some accounts, and filed money laundering charges.
Related Events and Impact on the Crypto Market
In mid-October, the US and UK jointly seized about 127,000 bitcoins from Cambodia's Prince Group, valued at approximately $14 billion. The UK froze the London luxury property assets of related personnel of the Prince Group, and the US filed a civil lawsuit seeking permanent confiscation, accusing the assets of being involved in a transnational fraud and money laundering network.
Due to this event, Bitcoin dropped from $115,000 to $107,500 within 24 hours, Ethereum plummeted by 5%, and over $700 million was liquidated across the network, affecting 200,000 people.
Case Linkage and Associated Suspicions
Binance cooperated with the Philippine police to track the funds from the Anson Que case, discovering that the ransom flowed through multiple cryptocurrency channels in the Philippines and Cambodia. Some accounts were linked to wallets under the Prince Group, indicating that Jiuding and the Prince might operate within the same gray money laundering network.
Industry insiders speculate that the investigation into the Prince Group might have cut off the financial chain, directly leading to the collapse of Jiuding.
Government Regulation and Policy Background
Since President Marcos Jr. took office, the government's stance on POGO and crypto money laundering has become stricter. Multiple departments including the Ministry of Interior, Immigration Bureau, and Anti-Money Laundering Council have jointly rectified the situation, shutting down over 300 illegal gambling venues and tightening the registration and identity verification of high-risk companies.
Marcos Jr. personally rejected the citizenship application of a Jiuding executive, stating "this person and their influence are full of danger," showing a strong regulatory stance.
Industry Reaction and Impact Analysis
The closure announcement by Jiuding has raised concerns about the stability of the gray industry chain in Southeast Asia. Some believe this is a "preventative self-destruction" aimed at cutting off financial traces and stopping circulation; others think it is a planned "disengagement," with funds already transferred in advance.
An anonymous employee revealed, "The company isn't out of money, but doesn't want to play in the Philippines anymore. The money left early, leaving behind a shell to close the scene."
Economic Environment and Gray Industry Transformation
In 2025, the Philippine economy faces challenges such as an expanding fiscal deficit, withdrawal of foreign capital, and sharp reductions in gambling taxes. Although the government has stated its intention to combat the gray industry, insiders believe that some covert channels are still contributing to the economy's "blood transfusion."
The dissolution of Jiuding may represent a "metabolic renewal" of the cross-border gray financial system, rather than a complete end, with operations possibly continuing under a new name and license.
Future Outlook and Industry Trends
The Philippine government continues to strengthen the regulation of gambling and crypto funds, expected to keep shutting down non-compliant operators. The gray industry might shift to more covert operations or move to regions with laxer regulations.
Industry consolidation is accelerating, and compliance requirements are increasing. Operators that survive will need to adapt to a stricter regulatory environment.
International Cooperation and Law Enforcement Trends
The joint seizure of assets by the US and UK from the Prince Group indicates strengthened international anti-money laundering cooperation. Transnational law enforcement actions may continue targeting gray financial flows utilizing cryptocurrencies, increasing risks for operators like Jiuding.
Enhanced international cooperation improves law enforcement efficiency, putting greater pressure on cross-border gray industries.
Market Adjustments and Investor Responses
The crypto market is sensitive to regulatory events, with the investigation into the Prince Group causing significant fluctuations. Investors need to be aware of policy risks, strengthen fund management, and enhance compliance reviews.
With increased market uncertainty, it is advisable to diversify investments and avoid excessive reliance on a single channel or region.
Compliance and Long-Term Development
In the long run, compliance in the gambling and crypto industries is inevitable. Operators need to strengthen internal controls, ensure transparent fund transfers, and avoid involvement in illegal activities such as money laundering.
While compliance operations increase costs, they help gain government permits and user trust, achieving sustainable development.
