The well-known Philippine gambling operator Jiuding Group has recently announced the cessation of its operations in the Philippines due to its involvement in the ransom flow of the kidnapping case of Chinese businessman Mr. Guo, triggering a chain reaction. A large number of Chinese users rushed to various venues overnight to withdraw money, and some venues experienced a run on the bank. Police investigations revealed that the Jiuding platform was used by kidnappers to transfer ransom, exposing the risks of cross-border money laundering in the gambling industry.
Currently, several casinos in the Philippines have terminated their cooperation with Jiuding, and relevant regulatory bodies have also initiated investigations, posing a significant challenge to the gambling industry in terms of money laundering regulation.
Jiuding Group was established in 2021, covering operations of casino VIP rooms, financial stewardship and guarantees, and high-end travel customization services, with over 2000 employees and business expansion to Japan, Thailand, Vietnam, and Cambodia. Its platform provides convenient currency exchange and cross-border transfer services, becoming a major currency exchange channel for many Chinese in the Philippines.
However, this convenience also provides opportunities for criminals. The Philippine police pointed out that Jiuding's platform has a low registration threshold, does not require complex verification to open an account, and does not require proof of source of funds for deposits, which is far less rigorous than the banking system, thus becoming an intermediary for kidnappers to demand ransom.
In the case of Mr. Guo's kidnapping, the kidnappers used Jiuding as a platform, asking the Guo family to transfer funds into the Jiuding platform, which were then transferred multiple times and eventually flowed into a cryptocurrency wallet, making it impossible for the police to continue tracking.
Jiuding Group issued a "strategic adjustment" announcement, announcing the cessation of its business in the Philippines, which caused a stir on social media and WeChat groups. Many users in Manila rushed overnight to Jiuding's venues—Solaire, Resorts World (Genting), and Okada—hoping to retrieve their deposits before the platform completely shut down.
However, as crowds surged in, some Jiuding venues began to limit withdrawals, such as Solaire, where a single account could only withdraw up to 100,000 pesos (10WP). Many people then turned to Genting, hoping to exchange for USDT withdrawals. A netizen posted at 5 a.m. the day after the announcement: "Just came back from Solaire, waited all night to get the money! Genting can now only exchange for U, and Okada has already closed."
By noon, another netizen reported that all of Jiuding's VIP rooms in the Philippines had ceased operations, leaving only the online platform open for withdrawals.
The Philippine National Police stated that they would take the following actions against the involved casino intermediaries: revoke their licenses as hospitality operators and their qualifications for cooperation with casinos; freeze and seize related assets; and bring money laundering charges against all individuals involved in receiving, transferring, and exchanging ransom.
Additionally, insiders from the Philippine Gaming Company (PAG) reported that the Philippines' two largest luxury resort and casino operators, Solaire and Okada Manila, have severed ties with Jiuding Group, and another large casino, Resorts World, is also preparing to terminate cooperation. Comments suggest that the current shutdown is more like a helpless move under multiple pressures.
The sudden closure of Jiuding Group has exposed the risks of cross-border money laundering in the Philippine gambling industry. As regulatory efforts intensify, the gambling industry will face stricter regulation and scrutiny. Meanwhile, Chinese users should also be vigilant and choose legal and compliant platforms for transactions to avoid becoming part of the money laundering chain.
