Maybe they are trying to keep their site clean from in involving in some prohibited activities such as the gambling which is pronounced illegal in most regions.
But this scrutinization of staying out of illegal transactions would not be guaranteed because the do not have legitimate records of incoming and outgoing transactions.
Topic: OKX terms of service on gambling - page 3. (Read 563 times)
legendary
Activity: 2422
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Leading Crypto Sports Betting & Casino Platform
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.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!
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.
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 .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.
They are probably concerned about money laundering because they get more profit if people become more addicted to gambling because they will always lose more than they will win. The reason why they will not talk about money laundering because they wouldn't want people to understand that they are aware that some people actually launder money through them so by updating their tos people will already understand why they did what they did. People will have to be careful now because they will be monitoring the amount of deposits and withdrawals that comes in and out of the company any amount that comes in to their account without following the right channel, it automatically becomes there's.
hero member
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Leading Crypto Sports Betting & Casino Platform
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.
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!
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!
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.
Gambling trail is still prohibited as said in their terms but not everything will be detected by their system. I've read about people doing the same with mixers and never got banned though iirc, it was only a small amount. Actually, who knows how much effort is put in for such, it could intentionally be made dumb lol.
That's not what I said, the latest snapshot is from late 2023, I just checked again and it wasn't October, but somewhere between late August to early September. We can't accurately predict when it was added, or if it was there since their launch, unless someone from OKx or a member can confirm if they'd had seen it before 2023. From my understanding, it's a relatively standard procedure for a large number of exchanges to include it in their TOS, without necessarily enforcing it (yet).
Looked it up and the gambling clause in question seems not as old as I thought 'twas
On August 28, 2022 archive, there was no gambling clause yet, see: https://web.archive.org/web/20220828093140mp_/https://www.okx.com/support/hc/en-us/articles/360021813691
Then on November 30, 2022, the clause in question was present: https://web.archive.org/web/20221130213408mp_/https://www.okx.com/support/hc/en-us/articles/360021813691
Darn it OP. I absolutely didn't know that most (if not all) crypto exchanges prohibit any connection to gambling sites. Prior to this post, I normally withdraw to exchanges or deposit from exchanges. That will stop now moving forward. Can any one confirm if it's the same for bybit exchange as well? I will check later.
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. So it's going to be:
Gambling > Personal wallet > Exchange
Vice versa for the way round.
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. So it's going to be:
Gambling > Personal wallet > Exchange
Vice versa for the way round.
legendary
Activity: 2422
Merit: 1083
Leading Crypto Sports Betting & Casino Platform
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:
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.
This terms is just there to be honest with you, i would say that it's a really common line in every crypto exchange's terms and conditions, and it means absolutely nothing as long as you keep to the rules and regulations of the exchange, which to me, is the most paramount thing to do.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;
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.
Whether or not you choose to withdraw funds from your casino account to your private wallet before then proceeding to deposit it to your exchange account makes absolutely no difference, because if the exchange is really interested to finding the place or source the fund you deposit to their platform came from, they will still see that you withdraw the funds from a casino, uncountable number of times I've withdrawn funds from my Stake account directly to my Binance account, bybit account, kucoin account, and even okx account when they were still functioning in my country.
So, there is really nothing here to panic over, this is just a normal and common line in a terms and conditions, every crypto exchange have a line like this, it's not peculiar to OKx alone.
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.
Very well you make a lot of point here, exchange will always have this in the terms of service but the reality is that most exchange still allowed for Casino direct deposit into their exchange because actually we haven't hard or read any where on this forum where someone get blocked on the account of withdrawing into excahge from casino's account.At least I have being depositing directly from my stake account into my excahge for sometimes now and both on bybits and binance I have never encountered any issues on those excahges and I am sure that their all have similar rules as regards to Gambling deposits.
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.
That's not what I said, the latest snapshot is from late 2023, I just checked again and it wasn't October, but somewhere between late August to early September. We can't accurately predict when it was added, or if it was there since their launch, unless someone from OKx or a member can confirm if they'd had seen it before 2023. From my understanding, it's a relatively standard procedure for a large number of exchanges to include it in their TOS, without necessarily enforcing it (yet). 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.
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.
That's what is safe to do when your funds are coming from the casinos. Withdraw them from casino to a wallet of yours beforehand moving it to the exchanges.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.
I wonder how the exchanges can track funds that comes from the casinos. Do they have a list of these addresses that comes from the withdrawals of casinos?
I was just curious to know because they won't make it a rule if they don't have a way to verify.
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.
The fact that you didn’t get any problem or warning now doesn’t mean you should continue it - as long as it’s in their ToS it’s possible for them to use it against you and block off your account or start asking you for some additional information about yourself if your account should receive a larger amount of money than it usually receives.
Whenever I want to withdraw from my gambling account I always make sure to send it to my non-custodial wallet first before I’ll send out the amount I want to trade with to my exchange account, I don’t want to take the risk of doing something that goes against the exchanges Terms and condition.
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Afaik, when I registered (back in February ish) it's already been a thing. Idrk about it being earlier than that. And afaik exchanges do that just to avoid being included in anything that's a pain in the ass for them. This can range from AML instances to other regulatory policies imposed upon them to simple issues like them being blamed by the customer for letting them deposit towards a casino. Nothing new really, it's just a business trying to save themselves from issues in advance. While I do agree that it's unfortunate, I can see the reason why they would do so. 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.
It's probably just a warning as well as some proof if they ever have the need to ban you due to the issues I listed above (or more). They can also avoid responsibility maybe if an issue ever pops out with it? 
Most, if not all, exchanges and other platforms doesn't allow gambling related transaction to be deposited directly on their website. One of the most common app or website here on my country that doesn't allow gambling related transaction is Coins ph. I've personally experienced it and was only given a warning but there are more users that gor permanently ban from using it.
I guess, there are certain wallets and addresses that are marked or known from gambling platform as you'll get warned or blocked once they're notified of a deposit from those addresses but there are some which are not. Best thing to do, is to deposit funds to your personal address before adding it to your exchange wallet.
I guess, there are certain wallets and addresses that are marked or known from gambling platform as you'll get warned or blocked once they're notified of a deposit from those addresses but there are some which are not. Best thing to do, is to deposit funds to your personal address before adding it to your exchange wallet.
I don't like the idea either. It spoils the whole reason why an investor would come to the exchange. In my own opinion, I think it is another way for them to take money from investors or users for their platform. Because gambling can be very tempting and imagine an investor or trader making a profit today, he might desire to make a profit in gambling not knowing he is being pushed to lose his money.
Trading and gambling all in one place. If I am a user of OKX ill quickly leave the exchange. The idea will surely attract more scammers and online thieves to attack the exchange.
Trading and gambling all in one place. If I am a user of OKX ill quickly leave the exchange. The idea will surely attract more scammers and online thieves to attack the exchange.
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. But here’s that of Binance.
Or are their people who can directly or indirectly make use of their service for gambling purposes aside from using it to deposit and withdraw funds from casinos?
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.
Lots of sites do not condone gambling and will close your accounts and seize anything in them if you are depositing from them to a gambling site. Coinbase being 1 of the top sites here in the USA that will close your account. Cashapp will not allow you to send money to them from a gambling site. I am sure there are more sites that use these same practices.
What I suggest is sending your money to your normal wallet, then depositing to the site from your wallet. You lose a little extra in fees, but fees are low these days and it's not really a big deal.
What I suggest is sending your money to your normal wallet, then depositing to the site from your wallet. You lose a little extra in fees, but fees are low these days and it's not really a big deal.
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.
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.
I remember seeing flagged cases before but with other exchanges.
Though I doubt any CEx out there has 100% accuracy tech when it comes to detecting gambling trails thus it's safe to assume it can be a hit or miss. But it is always better to err on the side of caution.
Way back around 2019 or much earlier, there are a lot of CEX that are really against depositing any to them from a gambling sites especially big win from casino. I might have thought that it was due to some AML and that's why most of them requires you to verify your account and do KYC.
So OKX might have been flag down by it and so they have to amend their ToS to comply.
Although in my case, I usually doesn't deposit any directly from casinos-> CEX as I have learn the hard way when my accounts was closed down and then ban for good by our local exchange.
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.
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.
I remember seeing flagged cases before but with other exchanges.
Though I doubt any CEx out there has 100% accuracy tech when it comes to detecting gambling trails thus it's safe to assume it can be a hit or miss. But it is always better to err on the side of caution.
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