On October 31, 2024, the established platforms Phoenix and Boma officially announced their shutdown, declaring an immediate permanent cessation of global operations. The announcement attributed the closure to adjustments in the Philippine Offshore Gaming Operator (POGO) policies and changes in the market environment, after a comprehensive and prudent assessment, deciding to cease operations from that day. This news undoubtedly caused a stir among users and partners, attracting widespread attention.
Operational Review and Reasons for Shutdown
According to the announcement, since their inception, Phoenix and Boma platforms have adhered to a "customer-first, integrity-based" business philosophy, complied with local laws and regulations in the Philippines, and strictly implemented various POGO regulatory policies. However, recent policy adjustments and market turbulence prompted their difficult decision to exit. This not only raised doubts about the platforms' credibility among users but also attracted high levels of industry attention: why would a long-operating, established platform suddenly become "incapable of continuing"?
Post-Shutdown Arrangements and Liquidation
To ensure the protection of user rights, the platforms have committed to a 30-day liquidation and refund process starting from November 5, 2024, with each withdrawal to be completed within three business days of application. The platforms specifically remind users that the withdrawal application period is from November 5 to December 4, 2024, with service hours from Monday to Friday, 9:00 to 17:00. This arrangement demonstrates the platforms' sense of responsibility but also raises concerns among some users, particularly regarding the safety of funds and efficiency of liquidation.
User and Market Reactions
Upon the announcement's release, there was a swift surge of heated discussions among the user community. Many expressed shock and dissatisfaction with the sudden shutdown, worried about whether they could successfully withdraw their account balances, and some even suspected the platforms might delay or evade payment responsibilities. Meanwhile, market observers believe that the shutdown of Phoenix and Boma reflects the severe situation currently affecting the industry due to policy and market environment influences, suggesting that the Philippine government is intensifying its regulatory efforts on the gambling industry.
Industry Impact and Trends
Industry insiders believe that the shutdown of Phoenix and Boma might just be the beginning, with more platforms likely to be affected by policy changes in the future. As an important gambling business hub in Southeast Asia, this move will have profound implications on the gambling industry. Many other platforms may reassess their business models or even consider relocating to other regions with more lenient regulations.
Conclusion
The shutdown of Phoenix and Boma platforms is undoubtedly a major shake-up in the current industry development. Whether the platforms can handle user funds as promised and whether more platforms will be forced to shut down remain focal points of industry attention. The shutdown could cause greater disturbances in the industry and serves as a warning to users and investors: in the face of policy changes and market risks, choosing reliable and safe platforms is particularly important.
