Phoenix Thoroughbreds has been suspended from having runners in Britain until further notice by the BHA after the troubled group had its racing accounts frozen on Monday.

The BHA, which is understood to have taken the decision on financial grounds rather than suitability, is the second racing regulator to take action against Phoenix, following last month’s decision by France Galop to stop taking entries from the organisation and the affiliated Phoenix Ladies Syndicate following concerns over the source of funds.

Phoenix has been in the spotlight since November when founder Amer Abdulaziz Salman was alleged to be a key money-launderer for fake cryptocurrency scam OneCoin before stealing €100 million from the fraudsters. Abdulaziz categorically denies the allegations.

Last month Phoenix declared its intention to exit British racing “with immediate effect” but it has continued to have runners, including Deja in the Ebor at York, and winners, with Frankenstella scoring at York on Sunday for trainer John Quinn.

However, trainers are no longer able to make entries for horses owned by Phoenix Thoroughbreds, or Phoenix Ladies, “until further notice” after their accounts were suspended.

In a statement released on Thursday, the BHA said: "Following Phoenix Thoroughbreds' recent decision to leave UK racing, the BHA can today confirm that effective as of Monday, September 7, Phoenix Thoroughbreds are no longer able to have runners in races in Great Britain until further notice. Any horse currently entered will not be permitted to be declared in its current ownership.

"The racing administration accounts of all registered ownership entities that involve Phoenix Thoroughbreds have been suspended.

"Whilst the BHA can confirm that they are in regular correspondence with Phoenix Thoroughbreds, having reviewed the information available to date, the BHA has taken the decision to suspend the relevant accounts meaning Phoenix Thoroughbreds are unable to make entries until further notice."

Racing Post