OKX terms of service on gambling - page 2.

Apocollapse

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Withdraw the coins from casinos, convert the coins to no KYC exchange, send it to OKX, now there's nothing need to worry. Cool

Quote from: freedomgo on October 03, 2024, 04:22:05 AM

Use fiat to buy Bitcoin through a P2P trade. If you win and want to withdraw, send the funds to your Bitcoin wallet, then sell that Bitcoin through P2P to convert it back to cash. Depositing into exchanges should be straightforward, whether it’s from your bank or another wallet, just make sure that wallet isn't associated with any gambling activities.

Casino --(withdrawal fee)--> wallet --(on chain fee)--> P2P exchange.

I don't see any reason you need to use wallet, P2P exchange will not block any of your transactions because that's the reason why they were created.

Quote from: Hirose UK on October 03, 2024, 01:41:18 AM

Previously, I used Binance several times and there were no problems whatsoever, not even any warnings regarding deposits or withdrawals from each transaction with gambling sites, it just that it would be safer if we use personal wallet when some exchanges have provisions like this.

They can still trace the source of your coins, it's not hard to find the information when blockchain is completely transparent.

freedomgo

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This is becoming normal for exchanges, especially those operating across multiple jurisdictions. If you want to gamble without risking your account or funds being frozen, here’s the best way to handle it:

Buy Bitcoin through real P2P transactions--not through P2P features offered by licensed exchanges. This means finding a genuine person-to-person trade.

Avoid using a wallet to bridge between exchanges and gambling sites. Transactions can be traced, so it's best to keep those activities separate.

So, if you’re planning to deposit into a casino:

Use fiat to buy Bitcoin through a P2P trade. If you win and want to withdraw, send the funds to your Bitcoin wallet, then sell that Bitcoin through P2P to convert it back to cash. Depositing into exchanges should be straightforward, whether it’s from your bank or another wallet, just make sure that wallet isn't associated with any gambling activities.

Yaunfitda

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I can't find a old or archive policies of OKX, so not sure if this is new, but I will assumed it is because majority of us here heard it when the OP open this one. And I speculate that the reasons would be,

- AML policy, as they have to comply as this is a international law
- the exchange are against gambling per se, and they don't want their platform to be involved with the washing tainted money coming from gambling

So what we have learn?

- do not used this platform, depositing directly from any crypto based casinos that we play
- winnings from gambling should be deposited first to our non-custodial wallet to be safe

coin-investor

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Quote from: _act_ on October 02, 2024, 01:14:18 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:

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.

This is the reason why people should not discard newsletters coming from your exchange or read their terms from time to time. I remember doing this in the past and was almost caught.
I just activated my OKX desktop wallet as some airdrops on Telegram utilize OKX for withdrawals and was planning to use it to fund my OKX using my profit from the casino. Now this will stop me from doing this.

Not all casinos are casino friendly because some users are utilizing casinos to clean their money before depositing to exchange, again, educating yourself on the proper use of exchange and having the habit of reading terms are important to protect your account, its hard to get caught by surprise.

CryptoHeadlineNews

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Quote from: Nwada001 on October 02, 2024, 04:27:35 PM

Quote from: Cantsay on October 02, 2024, 01:51:46 PM

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.

I have seen such policies on Binance too, but I still can't find a simple and direct explanation to what they mean there because, if I can remember correctly, I withdrawn crypto from a casino account before down to my Binance account some month ago, which I experienced no problem with while I did that, and I also made a direct deposit from the exchange to a casino account; there was also no problem, which made me wonder what they mean by those rules.

Looking at these rules from a standard point of view, I think it seems this new rule by OKC and Binance might have been meant for receiving huge amount like $10,000 and above from casinos, because just few days ago I made a deposit into my casino betting via using crypto and everything went successfully as always. So on that note, I think it will be very wise if these two exchange could clarify what they mean by this statement, and likewise, I will advise people should avoid using exchange to receive huge money from casino account, to avoid account restrictions.

BABY SHOES

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This is like what I experienced a few weeks ago but not from OKX but to Whitebit Exchange.

In the beginning I won a decent amount in gambling... Then I decided to withdraw to Whitebit and after a successful withdrawal from the casino but at Whitebit the balance was frozen because it was against the rules with the terms and conditions.

Finally, the exchange asked me to verify the source of funds etc... including clarification through a video that must be sent to their email... And indeed now the rules have become strict on withdrawals from casinos to exchanges directly.

This was definitely a learning experience for me... And the lesson will not withdraw from casino to exchange again.

EluguHcman

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Quote from: Davidvictorson on October 02, 2024, 01:35:12 PM

Quote from: _act_ on October 02, 2024, 01:14:18 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 .

We are aware about some individuals having accounts in the casinos not really because they are gamblers because to hide in there while running their illegal transactions just as scammers tends to believe that the fact that cryptocurrency is a digital and decentralized technology, they are possible or executing their illegal transactions.

So literally i also think the OKX is more concerned about regulating their firm conciously regarding that they are begining to gain global tops with the lessions that has happened to some exchanges like Binance.

But still to me, restricting the funding of gambling with the exchange was not too good to say. Moreover, that is a CEX which means every of their clients has uploads of their profile on the KYCs to get them on track.

Hirose UK

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Quote from: Cantsay on October 02, 2024, 01:51:46 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.

I just heard about it, although I have never used OKEx as crypto exchange to make deposits or withdrawals directly to gambling sites, but I think this is quite surprising because some platforms or exchanges can still be used without any specific provisions related to transactions from gambling sites.
I don't know what the reason is, but what is clear is that this is quite confusing condition because gambling itself in most countries has been completely permitted and OKX itself is one of the largest exchanges, maybe this can cause some sentiments among gamblers who use crypto-based gambling sites.

Previously, I used Binance several times and there were no problems whatsoever, not even any warnings regarding deposits or withdrawals from each transaction with gambling sites, it just that it would be safer if we use personal wallet when some exchanges have provisions like this.

viljy

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I saw the notification about the rule change, but I didn't read anything. Moreover, I did not know that there are such restrictions on this exchange. Well, now I will know that it is better not to withdraw funds of this origin directly to OKX. Is this really due to the fact that the exchange is Hong Kong-based? There didn't seem to be such problems with exchanges from Singapore. These are bitget and kukoin, although I'm not quite sure about the latter that this is the Singapore exchange.

traderethereum

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Maybe that is just already added following the regulations from the regulators because I also see that in my email. An exchange just follow what the regulator said to obey the rule.
It seems OKX see many transactions come from gambling site so they decide to modify their rules and warn their members. It is a prevention from OKX to avoids any problem that can occurs because they want to protect their business from illegal transaction.
It is a warning for those who often use OKX for the transaction from gambling site. It is better not to break the rules if we still use OKX or if we feels that is not comfortable to us, we can move to the other exchanges but I think the situation can be the same.

Franctoshi

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Quote from: Davidvictorson on October 02, 2024, 01:35:12 PM

Quote from: _act_ on October 02, 2024, 01:14:18 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 .

I kind of think this is way more of to controlling money laundering, than to gambling addiction or could be something that they're licenced or regulated in a country where they don't allow gambling platforms to operate and this could be one of the terms and conditions given by the government in charge to run their business office in that very country.

Smack That Ace

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Quote from: Dr.Bitcoin_Strange on October 02, 2024, 06:09:52 PM

Although I don't use OKX but I wonder what must have triggered this sudden change of terms and policy and their decision to stop deposit from gambling sites. So far, we have not heard that there was any bad incident between their exchange and any casino, so they would just wake up one morning and enact a new terms without any cause. Well, thanks for bringing this up, it will save some people from blocking their account.

OKX is from Hong Kong and as far as I know, Asian countries like China, and Japan...are not very friendly to gambling and they have quite strict regulations on gambling. In many Asian countries, gambling is considered a bad practice and even banned, it is not as popular and free as in Western and African countries. The government believes that gambling is the cause of social evils, related to money laundering...so they are very strict with the gambling.
I think OKX is just following the government directive, this is not their intention or what they want because this will cause them to lose some customers.

seoincorporation

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Quote from: _act_ on October 02, 2024, 01:14:18 PM

...
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.

That will not save yo, let's say you send from the casino to your atomic wallet, then to OKX, that way you will be tracked and the casino will be the source of those coins.

My recommendation is to deposit in another exchange and then withdraw to that exchange, that way the coins should be legit (in theory).

These kinds of restrictions are absurd and i don't understand why exchanges make moves like that, i mean, what can wi do with our cryptos nowadays, we can Trade, Gamble or pay for services, we as users are really limited, and the fact that we can't deposit from casinos is stupid, i even feel like it's an excuse to steal your coins.

danherbias07

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That is big news. I am not a fan of reading the terms once they update them because I already did once before signing up for them. So, thanks a lot for sharing this.
It should be normal for us to avoid depositing money from a gambling site to an exchange directly but I know many investors/gamblers are thinking about the transaction fees which is why they do it directly. Just spend a bit of money on sending it to a wallet first because it's better than losing your whole account and all the cryptocurrencies that you deposited in that exchange. Also, it's difficult to create a new account if you are already banned since submitting KYC will be a problem afterward.

Our local exchange has the same terms and I was already questioned about it. Thankfully, I got away from it, but I considered it as a warning so I did not repeat it.

PX-Z

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Quote from: _act_ on October 02, 2024, 01:14:18 PM

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.

Isn't this always the case in relation of exchanges (financial KYC required platform) and gambling platforms? For safety reasons, sending from non-custodial wallet is always recommended when sending to exchanges, as well as vice-versa.

jcojci

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I am not use OKX for trading but I understand if OKX modify their regulation to control the incoming funds from their members. It is normal if they will monitor the transaction or accounts from the thing that is prohibit in their site. Sooner or later the other exchanges can modify their rules (or they already did that). They do this maybe they already found some suspicious transaction in their site so they modify it and warn their members not to do prohibit thing. They are watched by the regulators so they take it seriously by doing that so we need to stay away from sending our funds to that exchange.

Lida93

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Quote from: Fivestar4everMVP on October 02, 2024, 06:16:36 PM

Quote from: Lida93 on October 02, 2024, 05:57:47 PM

Is gambling an illicit means of making money? Cause the actions of these exchanges portrays this notion from my viewpoint about their prohibition on transactions from gambling platforms.

Don't get why some exchanges has a problem with receiving money from a gambling platform because am not sure it's just mainly a cautionary step towards AML security measures that necessitates these policies in their ToS. Or guys am I missing something here!

The later reason you gave or speculated is the actual reason if you ask me, gambling is not an illicit or illegal way to make money, and it's not a crime to gamble as long as you don't use it to commit any form of or category of scam.

Like I mentioned on my previous comment on this thread which is just a few comment above, this terms does not say or state that we can not deposit money from our casino accout to the our exchange account, as a matter of fact, I actually on multiple occasions have sent money to my exchange account through a direct withdrawal from the casino and deposit the exchange, no issues has ever arised as regards to this.

If so be the case base on what you saying, then don't you think that a much better approach could have been them (the exchanges) working in synergy with these betting sites or casinos, or more understandably could have been that they make some listed reputable casino's they can allow for transactions from into their exchanges and if any transaction raises some suspicion they could behind the scene gather more details from the casino about how the funds came about. That's if actually for a certainty that their intent was aimed at AML because in as much as there is an existing prohibition they can wake up at any point in time and decide to freeze your funds on the background of such existing policy and you'll have no case against it.

JeffBrad12

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Quote from: _act_ on October 02, 2024, 01:14:18 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.

It's just added recently. I logged in to my OKX account a few minutes ago, and i got this.

I guess it's related to their new gambling policy. So, i withdraw all of my money from there.

CryptSafe

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What a policy! I am afraid if this update is new then so many people might likely fall for this if they did not send out notification to their users in general. Obviously, the thought of money laundry scares them because it attracts the government to their exchange and that put their services at risk hence their continuous policy changes to suite their interests and the government of the jurisdiction where they find themselves.

This calls for extra caution for gamblers to not send their funds directly from casino so as not to get it seized by the exchange. It is better you send to your private wallet and send to your exchange wallet so that no body would worry you rather than having issues with casinos who are looking for all means to get at users funds for themselves.

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Quote from: nelson4lov on October 02, 2024, 05:42:43 PM

Quote from: passwordnow on October 02, 2024, 04:14:54 PM

Most of the exchanges have this rule about gambling and if found and traced that the funds sent to them, there will be a consequence to the user. You're lucky if they will spare you for the first time and will give you a second chance but most of them are likely to ban you with your first attempt. So, whether OKX just changed that recently or not. The majority of the exchanges do have that rule and they really prohibit funds that came from gambling regardless of the games that have been played.

I've done it a several times only because I didn't know about the policy in their Terms of Service. I didn't get punished for those past defaults but I won't be pushing my luck anymore.

Don't do it anymore, you're lucky that they were not able to trace it back and punish you like banning your account. Because it's a common thing for most exchanges so, yes, don't do it anymore. Otherwise, don't make a mistake and forget that rule because you'd definitely be surprised once they tell you that they're stopping the service on your account.

Quote from: nelson4lov on October 02, 2024, 05:42:43 PM

So it's going to be:

Gambling > Personal wallet > Exchange

Vice versa for the way round.

Yes, that's it!

Topic: OKX terms of service on gambling - page 2. (Read 563 times)