Just when you think you’ve got a handle on this whole virtual currency thing, you receive an email from e-wallet and bitcoin buyer/seller Coinbase warning you about using your account for online gambling purposes. First, you were restricted from transferring bitcoins using Circle, so you start using their partner, Coinbase, and now you’ve been informed that even that account may be suspended. Sound like you? Well, you’ve come to the right place for the lowdown on just what to do.
Most importantly, we must note that they are a US company based in San Francisco, California. With that said, naturally their every move is on the federal government radar. In the terms of use, gambling falls under the appendix for prohibited use and is classified as “Lotteries; bidding fee auctions; sports forecasting or odds making; fantasy sports leagues with cash prizes; internet gaming; contests; sweepstakes; games of chance.”
Games of skill fall under the section of:
Conditional Use
“Express written consent and approval from Coinbase must be obtained prior to using Coinbase Services for the following categories of business and/or use ("Conditional Uses").
…“Games of Skill: Games which are not defined as gambling under this Agreement or by law, but which require an entry fee and award a prize.”
Where does this leave you? Luckily LCB has some really savvy members. Using Coinbase is one step in the process. Purchase your bitcoins using it and keep a second e-wallet on hand to transfer balances and fund casino accounts. If your account is being monitored for suspicion of unauthorized casino activity, stop making gambling related transactions to avoid closure. For more and to give your feedback, check out the forum topic to read all about it.
tommygunn6969
7 years ago
Sr. Newbie
this article was very interesting and i have a coinbase account and only use it for that reason. what the big deal!
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bR0k3N0J0k3
7 years ago
Full Member
Before this was known I use to make deposits to all of the casinos I played at directly from Coinbase and cex.io and now I guess I am banned from buying with either based on risk :( I really don't understand how I can be considered a risk for spending my own money on something that I want to do. Seems a little unfair to...
Before this was known I use to make deposits to all of the casinos I played at directly from Coinbase and cex.io and now I guess I am banned from buying with either based on risk :( I really don't understand how I can be considered a risk for spending my own money on something that I want to do. Seems a little unfair to me but I guess it is what it is. When will the government just stay out of our wallets?
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2Late4Me
7 years ago
Hero Member
This article applies to my Coinbase account. I had no idea Players were not allowed to make such transactions as gambling. So I received a warning email of caution. I opened a Blockchain wallet and begin transferring my Bitcoins from Coinbase. But I am still not comfortable, because it was stated no relations or transactions...
This article applies to my Coinbase account. I had no idea Players were not allowed to make such transactions as gambling. So I received a warning email of caution. I opened a Blockchain wallet and begin transferring my Bitcoins from Coinbase. But I am still not comfortable, because it was stated no relations or transactions should not be utilized with Coinbase. Somewhere I must have made a mistake, because other players are still using Coinbase to gamble according to the comments I have read. Also, I have been noticed a change in activity fees between both. I have several other registered Bitcoin Wallet accounts, but have not been totally convinced that they are safe. The fact that using Bitcoins is more profitable, I do not want to loose my credibility with my Bitcoin Wallet sites. I am very lost as to what action to take, as far as, staying with one reputable, profitable, safe and secured Blockchain to trust. I am very interesting in finding a highly trusted Wallet to trust for long term investing. I do want to do the right thing to avoid being banned, and focusing on gaming fun and profits that will lead me to the next level. That is INVESTING.
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jade
7 years ago
Super Hero
I think it is the perfect solution to the problem. It is no crime to purchase bitcoin. If that is the only thing you do at Coinbase, (buy bitcoin ) you are perfectly fine. After you retrieve your newly purchased bitcoin into your wallet, Coinbase has nothing more to do with it and their transaction, your transaction...
I think it is the perfect solution to the problem. It is no crime to purchase bitcoin. If that is the only thing you do at Coinbase, (buy bitcoin ) you are perfectly fine. After you retrieve your newly purchased bitcoin into your wallet, Coinbase has nothing more to do with it and their transaction, your transaction is complete. Perfect!
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judasgoat
7 years ago
Sr. Newbie
at least they warn you first
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desire4all
7 years ago
Jr. Member
That's terrible. Another one restriction for US online gamblers.
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nirvana
7 years ago
Super Hero
ccc more bad news for the US players
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zuga
7 years ago
Admin
this might imply some sort of privacy breach as bitcoin transactions are suppose to be anonymous.
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