The company, which runs the Matchbook sports betting exchange, had its UK license initially suspended on 18 February, following a two-year review of its business.

At the time, Triplebet told Gambling Insider it is boosting its compliance in response to the Commission's review.

Now, the Gambling Commission has released its reasons for the suspension, with the investigation finding failings in Triplebet’s anti-money laundering policy, along with the monitoring of business relationships and a lack due diligence checks into members of gambling syndicates.

The operator’s approach to social responsibility was also found to be below requirements, with one player able to gamble a large sum of money over the course of two days without any interaction.

One customer was able to stake more than £2m in a single day without any source of funds checks.

The suspension will remain in place until Triplebet is able to prove it has implemented remedial measures required by the Gambling Commission, along with the fine.

In response, a Triplebet spokesperson says the firm "welcomes" the outcome of the review, telling Gambling Insider in a statement: "Triplebet welcomes the conclusion of the GC’s two-year review.

"Through working with the experienced compliance consultants we appointed in the middle of last year, and in spite of the impact of COVID-19 on our industry, we have already implemented all of their recommendations.

"We are committed to upholding every aspect of the GC regulations and we are proud of all the hard work our teams have put in to get us to these final stages. We are excited about relaunching for our UK customers, who tell us they are looking forward to our return.”