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A message from AC88 management
"Due to the current situation, we have implemented a 10k maximum withdrawal per customer. We have reserved funds in Europe, but after one week of huge withdrawals, we realized that this will eventually not be enough if withdrawals keep coming in. With all Asian countries in lockdown, it is hard to move money for all books. Finally, we are not in any financial difficulty and when things get back to normal ( Major soccer leagues start playing), you will be paid."
"we are not in any financial difficulty"
"10k maximum withdrawal per customer"
Yes. Yes, you are in a financial difficulty if you are not paying up your customers.
Banks are working normally, eWallets are working normally, BTC is working normally; ie. there is no reason to wait for covid to pass in order to pay customers up. This really sounds very bad, at least for me.
Agree 100%. They do not have the funds.Originally Posted by Alfie White
BS. Capital movement not restricted in any way.
Does Hong Kong have any regulators? Isn't that where their business license is?
Licensed in Curacao. Located in Manila, Philippines.
Hong Kong!!! where did you came with that?
All brokers have fake license like Curacao, Montenegro, Philippines, there are no regulations it's a matter of trust.
Did AC post that message on SBR or even direct to someone at SBR? Why have you edited my original post with their message? Strange behaviour from a moderator.
No problems with your funds guy - no financial difficulty whatsoever. We just can’t pay you. Wtf? Sounds legit..
A friend has 140k GBP there and they will only give him 10k. No one has been in touch with him. Nothing.
AC emailed about this thread with that message.
And it's normal to edit post #1 with an explanation in threads where it is helpful to posters.
I did it this time as your thread title is inflammatory and I am sure genuinely concerned people with money in here would like to hear both sides, for their own piece of mind.
Optional, you are doing great work - please don't get me wrong, but...
I would say if genuinely concerned people want their MONEY, they want their MONEY and not "peace of mind". You can't buy bread with "peace of mind" so it has become very hard to defend AC and they are in problems.
Oh agree. If I had a big balance and could only get 10k until an uncertain date in future, I would be worried too.
I have no idea of AC88 financial position and have hardly had any contact with them in the last year or so. But this message they sent displays exactly the same "brutal" honestly as I have seen from them in several situations in the past when uplines did not pay them or did the wrong thing. And they have always done exactly what they said they would.
Them being open enough to say if we don't restrict withdrawals, we will run out money, is not something I hear from other books. As 'bad' as that sounds in the raw, it does give me a little extra confidence they are making sure they survive. As it's the same way they have spoken in the past. They do not lie by default.
There is a situation here where this broker is not paying players their funds.
AC say they aren’t in any difficulties despite being unable to pay their players their money.
By editing my original post with AC’s apparent response and writing it in bold gives people a false sense of security. Are you/SBR going to guarantee those player’s funds at AC?
Also - just to reiterate - they won’t pay me via BTC either.
Requested a payout for €2000 yesterday they paid in less than 5 minutes via BTC. Doesn't get any better than that
Few days ago requested 3000€ via Skrill and get paid within 30 minutes.
I am playing with EU residence. Fully verified account for years.
Have you taken the 10k yet another way?
If not, would you like me to reply to their email and ask if you can be allowed Bitcoin, or if not why not?
PM me your account ID if so.
I was paid the 10k via Neteller.
I asked them to pay the rest via BTC when they came up with the “difficulties moving funds to Europe” excuse.
They refused to pay the rest of my balance via BTC. They still have my money and many others too.
And for the guys above talking about 2/3k withdrawals. Read the thread properly. The issues are for people with balances above 10k.
I had withdrawed 10k last week. Today, I tried to withdraw once more and I received the same message. I believe this is fair to show understanding and tolerance to agents in this hard period but they must pay 10k at least a month.
They need to define a period of time.
I have no way of knowing this for certain but the evidence based on testimonies suggest that AC88 - including other Agents/Bookmakers/etc. - reserve a portion of their deposits in very liquid accounts. The remainder is likely swept into higher yielding, less liquid accounts.
This is a typical operating model for deposit taking institutions, regardless of their principal business activity. Obviously the jurisdiction in which these institutions are domiciled and licensed will dictate the type of regulations that govern this activity.
If this is in fact the case, operating in this manner is essential to their over all business plan. Most won't understand this and clearly AC88 is under no obligation to disclose their capital structure to stakeholders. Both reasons are why I suspect that a company like AC88 is not more transparent about this.
Optional's note from AC88 Management is what I would write given what I've just noted. Their statement about "not {being} in any financial difficulty" while not being able to honor all withdrawals immediately is not incongruent on its surface.
I say this with sympathy to those who cannot access some or all of their balances: Perfectly normal to feel anxiety around this. I just wouldn't immediately call these people liars, deceptive, or suggest that they are in financial distress (implying insolvency) without providing evidence.
so...its 10k per customer regardless of transactions (for instance 2k...5k...3k) or 10k at once. What is the beginning date they use to determine when the 10k accumulates?
I'm thinking for a majority they dont have problems with balances under 10,000, but I guess lots of pinny whales?
I think in this business, sadly, a book/broker should be considered insolvent until proven otherwise. Waiting around for hard evidence did not help anyone at cascade, wsex, camelot or betislands.
"AC88 is under no obligation to disclose their capital structure to stakeholders."
A depositor is a not stakeholder.
Fair point on your first note.
On your point about depositors, I think you should look up the definition of stakeholder.
I deal in finance, where "stakeholder" generally means you own a part of the enterprise.
As far as them not having an obligation to "to disclose their capital structure to stakeholders," it turns out that no illegal, unregulated operation has an obligation to disclose anything to anyone. So I have no idea what your point is. It's not about obligation; it's about using decades of experience to judge whether a company is in trouble. In my estimation, AC88 is in trouble. Reasonable minds may disagree.
Lol....An individual who owns a part of an enterprise is undoubtedly a stakeholder, just as much as a depositor is as well. But it's clear that you've confused the definition of a shareholder and a stakeholder.
Shareholder: an owner of shares in a company
Stakeholder: 1.) a person with an interest or concern in something, especially a business
2.) Groups without whose support an organization would cease to exist
Also, i'm not sure why you are talking about illegal operations. That's quite a sweeping statement.
Lastly, I agree that reasonable minds can disagree about this particular situation concerning the subject of this thread. Your note about waiting around for evidence followed by examples was a good point, which I acknowledged.
But since you are having trouble comprehending my point, i'll restate it for you: I believe AC88s position given the exogenous circumstances that we are all aware of doesn't necessarily mean they are in financial trouble, are liars, or are deceptive. I tried to make my point in the framework of how I understand many deposit taking businesses - from many different types of industries and jurisdictions - operate. I offered this to try and ease some emotions here given that people feel pretty helpless at the moment. This was all caveated by saying "I have no way of knowing this for certain."
Now I refer back to your last point...
Do they pay their customers? - No.
That means they are in financial trouble, no matter in what foil you wrap it up.
They implemented it retroactively. My 3 last withdrawals (withdrawn 2x in March and 1x in April) are more than 10k. My 2 last withdrawals are less than 10k. Now they decline a withdrawal of [10k - (my 2 last withdrawals)]. So, the beginning date could be 1. March. But they decided to implement it retrospectively, not before 7. April (my last succeeded withdrawal).
but...can anyone explain wtf does "end of virus" means....???
Word is when major leagues continue
By the way, just received a mail from AC.
They told me I can withdraw another 10k.
Looks like AC is back on track, no financial worries..
Bundesliga is set to restart on 15 May. Poland, Hungary, Portugal are expected to resume thru the end of May.
Football returns!
racingpost is saying UK races will find out from government at the end of the week. If they get ok, could be back in a weekBy the way, just received a mail from AC.
They told me I can withdraw another 10k.
Looks like AC is back on track, no financial worries..
Bundesliga is set to restart on 15 May. Poland, Hungary, Portugal are expected to resume thru the end of May.
Football returns!
The other forum is informed from Asianconnect that they start paying people like before
https://arbusers.com/index.php?topic...77154#msg77154
Maybe dantheman gets the money back?
Yes, I can confirm it, I have just withdrawn
AC88 emailed to confirm that withdraw limits are now back to normal.
Yes. I also received this e-mail earlier. I requested a withdrawal an hour and money is on my skrill now. I guess they were telling the truth the whole time about the reason why withdrawal got limited for almost 2 months. Seems they have a lot of resources and back on track now with no withdrawal limitation.
"To start this month with good news, we are glad to announce that we will be lifting the withdrawal transaction limit across all payment methods available to use, effective today.
Provided that the account has already undergone our KYC Verification Process and has already completed the Rollover Requirement only if applicable.
We encourage everyone to still and always follow withdrawal guidelines for smooth and hassle-free transactions.
If you have question or clarifications, kindly let us know.
Thank you very much for your continuous patronage to Asianconnect88!"
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