OKX terms of service on gambling | Bitcointalksearch.org

Doan9269

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Quote from: _act_ on Today at 02:14:18 PM

OKX modified their terms of service recently. I have not gone through it before in details but I decide to go through it today as it has been modified just recently and got notified through email. As I was reading it, I saw this about gambling:

Quote

3. PROHIBITED BUSINESSES

3.1 Any use of our Services in connection with any of the following categories of activities or businesses is prohibited (“Prohibited Businesses”), and we reserve the right at all times to monitor your transactions or accounts for the purpose of enforcing this Section 3.1:

...

(j) gambling activities, including but not limited to sports betting, casino games, horse racing, dog racing, lotteries, games of chance, sweepstakes, games of skill that may be classified as gambling (i.e. poker), or other activities that facilitate any of the foregoing;

Is this just added? I have gone through their terms of service before but I only used to glance through it and I thought I did not see gambling included.

For people that deposit from gambling site to OKX, do not do that again. It is better you first send the coin to a noncustodial wallet before sending it to OKX.

To be frank, i also have little or no idea on this until now, but the question to further ask about it is that, are they actually serious about this or they are only stating it for the sake of government regulation, because am yet to see a gambler complaining before regarding any account being freeze due to this act, or maybe most gamblers are not depositing to thier exchange from their gambling platform wallet.

ajiz138

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With the new conditions of the OKX service, have you ever withdrawn from gambling to OKX and had problems with frozen funds?

I once made a withdrawal directly to the exchange and it didn't get a problem but I didn't do it often so maybe the exchange didn't detect this suspicious activity.

yeah indeed if you want to be safer then withdraw to your own wallet rather than directly to the exchange this will definitely be a bit of a worrying risk.

Blowon

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The CEX probably doesn't want to be labeled as gambling either, and in my opinion futures are not much different from gambling, they should also ban futures trading, the CEX only takes a safe position from the rules of the country connected to the CEX, even so it is better to use a personal wallet to make deposits and withdrawals from the casino

salad daging

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Quote from: Cantsay on Today at 02:51:46 PM

I thought most exchanges (if not all) prohibits gambling related activities - from what I’ve read before I think the main reason they don’t all their account to be associated with anything that has to do with gambling is due to money laundering related.

I just checked Binance ToS and they had the similar thing there - I couldn’t check other exchanges since I’m not able to open their site due to my phone restriction.
But here’s that of Binance.

Binance prohibits transactions from gambling activities? Owh a few days ago I made a withdrawal to Binance and it didn't get any problems, but I saw this condition and I was afraid to withdraw from gambling to the exchange.

Why I did that was because I wanted to make it easy to convert to other assets without having to send back.
But it is safest to withdraw to a non-custodial wallet first and then send to CEX, maybe it will be safer than directly to CEX.

Accardo

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Traders are close to gamblers, and most of them use casinos, so exchanges wouldn't want the government to think there're affiliated to casinos. Hence, staying mute wouldn't do no good, that could be the purpose for such rules, to enlighten traders that gambling funds on exchanges would terminate their accounts.

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Quote from: Ultegra134 on Today at 02:54:01 PM

I just checked the website's archives; the oldest I could find was in October 2023, and the prohibition of gambling activities was right there, in the third section of prohibited businesses. On the one hand, I don't understand the reason, but on the other, I'm sure there is an explanation that makes sense on their end. There's also a decent chance it's not strongly enforced, but if you're using them to move money to and from casinos, there's always the possibility of having your account closed, as you're breaking their TOS.

https://web.archive.org/web/20231003162110/https://www.okx.com/help/terms-of-service

So it was added just last year. But this is not surprising anymore. There have been many companies related to finance that prohibit gambling including PayPal. In my country, there are crypto exchange platforms that also prohibit coins coming from casinos. When they tried to suspend many accounts, people moved to another platform, and their exchange almost died.

Since crypto is known for casinos, Korean accounts that trade in OKX and also send coins coming from their casino accounts may encounter such problems if they strictly enforce these rules.

swogerino

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Well I saw some exchange from the bestchange website which I have used for years and always exchange Bitcoin, Litecoin, Ethereum and many other major currencies directly to my credit card without problems, the only time I tried USDt which usually shows where you withdraw from and that time it had the name of the casino that I received funds from immediately made them to froze my funds. Based on such experience I would not be surprised not only from OKX exchange but from many others that they would have a tough stance against coins coming from gambling. Personally I tried the next time to send the money to another exchange which I am not naming here as I don't want to give ideas to others but they didn't give a damn that the money was from a casino wallet as they took USDt, I exchanged them with other crypto and easily withdrawn them. So yes I would not be surprised if many other exchanges get the same behavior against such funds.

Ultegra134

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I just checked the website's archives; the oldest I could find was in October 2023, and the prohibition of gambling activities was right there, in the third section of prohibited businesses. On the one hand, I don't understand the reason, but on the other, I'm sure there is an explanation that makes sense on their end. There's also a decent chance it's not strongly enforced, but if you're using them to move money to and from casinos, there's always the possibility of having your account closed, as you're breaking their TOS.

https://web.archive.org/web/20231003162110/https://www.okx.com/help/terms-of-service

Cantsay

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I thought most exchanges (if not all) prohibits gambling related activities - from what I’ve read before I think the main reason they don’t all their account to be associated with anything that has to do with gambling is due to money laundering related.

I just checked Binance ToS and they had the similar thing there - I couldn’t check other exchanges since I’m not able to open their site due to my phone restriction.
But here’s that of Binance.

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Quote from: _act_ on Today at 02:14:18 PM

Is this just added? I have gone through their terms of service before but I only used to glance through it and I thought I did not see gambling included.

This has been part of their terms for sometime now, I have come across it a couple of times while checking through their website, but it will be great if we can find an archived version of their terms to be extra sure.

Most exchanges state in their ToS that proceeds from gambling websites are prohibited, so even if you cannot find it explicitly in their terms, I'll still not comfortably withdraw directly from my gambling account to an exchange.

Quote from: Davidvictorson on Today at 02:35:12 PM

What is their intention for this? To control gambling addiction or money laundering?

To protect themselves I believe. Gambling is prohibited in many countries, so exchanges protect themselves by stating that they do not accept funds from it.

Davidvictorson

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Quote from: _act_ on Today at 02:14:18 PM

Is this just added? I have gone through their terms of service before but I only used to glance through it and I thought I did not see gambling included.

For people that deposit from gambling site to OKX, do not do that again. It is better you first send the coin to a noncustodial wallet before sending it to OKX.

What is their intention for this? To control gambling addiction or money laundering? This is what I am thinking. And I think they care less about gambling addiction they may be more concerned about money laundering. But they shouldn't have outrightly prohibited it. They should have named a particular amount that is prohibited to be sent or received. Well whatever their reason it, happy that there are a thousand and one options out there .

Adbitco

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Quote from: _act_ on Today at 02:14:18 PM

OKX modified their terms of service recently. I have not gone through it before in details but I decide to go through it today as it has been modified just recently and got notified through email. As I was reading it, I saw this about gambling:

Quote

3. PROHIBITED BUSINESSES

3.1 Any use of our Services in connection with any of the following categories of activities or businesses is prohibited (“Prohibited Businesses”), and we reserve the right at all times to monitor your transactions or accounts for the purpose of enforcing this Section 3.1:

...

(j) gambling activities, including but not limited to sports betting, casino games, horse racing, dog racing, lotteries, games of chance, sweepstakes, games of skill that may be classified as gambling (i.e. poker), or other activities that facilitate any of the foregoing;

Is this just added? I have gone through their terms of service before but I only used to glance through it and I thought I did not see gambling included.

For people that deposit from gambling site to OKX, do not do that again. It is better you first send the coin to a noncustodial wallet before sending it to OKX.

I was also thinking about how they suddenly implemented a gambling platform in their exchange platform, most times I think they raised this concern for their personal purpose knowing too well that they don't have any gamble platform incorporated to their site. Since you posted this I have just been wondering whether they have casino site or gambling site that they didn't want to mention out for people to know. Yes of course, no one should deposit or withdraw directly from gambling site because this shows how someone's funds would be freezed or for misplaced.

_act_

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OKX modified their terms of service recently. I have not gone through it before in details but I decide to go through it today as it has been modified just recently and got notified through email. As I was reading it, I saw this about gambling:

Quote

3. PROHIBITED BUSINESSES

3.1 Any use of our Services in connection with any of the following categories of activities or businesses is prohibited (“Prohibited Businesses”), and we reserve the right at all times to monitor your transactions or accounts for the purpose of enforcing this Section 3.1:

...

(j) gambling activities, including but not limited to sports betting, casino games, horse racing, dog racing, lotteries, games of chance, sweepstakes, games of skill that may be classified as gambling (i.e. poker), or other activities that facilitate any of the foregoing;

Is this just added? I have gone through their terms of service before but I only used to glance through it and I thought I did not see gambling included.

For people that deposit from gambling site to OKX, do not do that again. It is better you first send the coin to a noncustodial wallet before sending it to OKX.

Topic: OKX terms of service on gambling (Read 68 times)