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Topic: Stake.com does not deem crypto earnings as legal - page 2. (Read 788 times)

legendary
Activity: 1932
Merit: 2354
The Alliance Of Bitcointalk Translators - ENG>SPA
Nope, Stake didn’t mention that only mining is acceptable as source fund in crypto. They just do site an example for this case but anything that can have valid proof is ok with them for example trading. He can request for notarized document for his trading history as source of his fund his trading volume is sufficient to tally on the original deposit that he made on the casino account. OP is just making this issue worst by assuming that Stakes on accepts mining as source of income in crypto.
What the heck are you talking about? Op clearly mentioned that they deemed mining earnings as the only acceptable form of crypto earnings and even shared a screenshot to prove his statement.

It's pretty evident that Stake is in the wrong here which is why they should rectify this issue asap in my opinion.

When I read the OP and the first posts I thought this could be a particular case, or even an attempt to tarnish the name of Stake.com. But it seems that it is their policy. Although it is legitimate that they want to prove the origin of the funds, and the most provable origin is through mining, they should improve their policy and accept different origins, as there must be many people depositing their lawfully earned funds in the platform, and they may be unprotected if they eventually win big.

Not to blame only Stake, it keeps being one of the trustworthiest platforms in the crypto sphere. As other members stated before, this is a critical point in many custodial platforms, and many people are not aware of it, because almost nobody reads the T&Cs.

Remember that, not your keys, not your coins.
hero member
Activity: 3178
Merit: 977
www.Crypto.Games: Multiple coins, multiple games
Nope, Stake didn’t mention that only mining is acceptable as source fund in crypto. They just do site an example for this case but anything that can have valid proof is ok with them for example trading. He can request for notarized document for his trading history as source of his fund his trading volume is sufficient to tally on the original deposit that he made on the casino account. OP is just making this issue worst by assuming that Stakes on accepts mining as source of income in crypto.
What the heck are you talking about? Op clearly mentioned that they deemed mining earnings as the only acceptable form of crypto earnings and even shared a screenshot to prove his statement.

It's pretty evident that Stake is in the wrong here which is why they should rectify this issue asap in my opinion.
legendary
Activity: 2576
Merit: 1860
2 consecutive days of stake attacking threads, doesn't that sound coordinated?

Or doesn't that sound that there's indeed a problem with Stake?

Stake asked the OP to provide his source of funds statement. They have suspended his account and requested for those documents. OP will be able to access his account again if he can successfully go through the verification process.

If it is so, they're stealing from OP. They have no right to keep his money regardless of whether he can prove it was earned by him through mining or whatever else.
Imagine that he was given this money for free and cannot prove that it's legit, it's still his money. No company has the right to act like a judge and jury and steal that.
I don't know how Stake will approach this but there's only 2 legal ways. Either they accept the money, or return it back to OP.

I agree. And this is really a bad precedent among gambling platforms, especially considering that Stake is a whale in this industry.

Stake is acting as if its players are guilty of having dirty money until proven otherwise. This is a very familiar behavior as this is the behavior of banks and many custodial services and centralized platforms.

But the worst thing in the case of Stake is that the money is held hostage. It's not only unfair, it's indeed stealing.
legendary
Activity: 1596
Merit: 1027
Hello friends, I am a platinum 4 player at stake.

Today my account was suspended and I was asked to submit proof of funds as I am already verified upto level 3 and proof of funds comes in as level 4

I have asked support and they have confirmed that they do not deem any crypto earnings as legal and valid source of income apart from income made through mining. This means if you are a service provider, a seller or simply a trade you cannot provide proof of funds at stake as they only deem mining earnings as legal and everything else is illegal and invalid.

So if you have money at stake.com and you don't have any of these ready (https://help.stake.com/en/articles/5328395-acceptable-documents-for-source-of-funds) , please withdraw your money right now.

It is really confusing why stake is disrespecting people who work hard and earn their money from small crypto tasks



I earn my money from trading, and selling some services and sometimes airdrops and stake tells me I am invalid


Well, if they are asking you to clarify the origin of the deposited funds they must have found something suspicious. Always remember that you can have in your possession "Tainted coins" and this can generate red flags to be raised. For instance, if someone sent you some coins to pay you for a service and these coins were coming from a mixer they can possibly raise an alert. Given that the coins you have deposited may have been identified as already being used for illicit purposes, Stake's Compliance team may be compelled to act.
sr. member
Activity: 1372
Merit: 348
...

I have asked support and they have confirmed that they do not deem any crypto earnings as legal and valid source of income apart from income made through mining. ...


I earn my money from trading, selling some services and sometimes airdrops and stake tells me I am invalid

This is the shittiest statement i read from a reputed platform today if they are following some regulation then it is stupid too how come it was approved.

I agree, this term should be revised.  Mining isn't the only way to acquire cryptocurrency.  Anyone can acquire cryptocurrency through freelancing and offering services which can be properly documented through the agreement of both parties.

So now, they only see miners as legal crypto jobs/works others are all illegal, what kind of brain they have.
The assumed money laundering isnt the case, he probably will got a reply about that

This is so dumb.

Whats the reason for suspending the account, what did they say?
Just the sae question i was abiut to ask, what i can deduce from the op's statement is the fact that he may have been involved in some money laundering activities that have led to the stake asking him for such legal documents as proof of funds.

It is very possible, stake is probably suspecting OP to have some shady transactions and used stake as platform to wash that transaction.
hero member
Activity: 1554
Merit: 880
pxzone.online
...

I have asked support and they have confirmed that they do not deem any crypto earnings as legal and valid source of income apart from income made through mining. ...


I earn my money from trading, selling some services and sometimes airdrops and stake tells me I am invalid

This is the shittiest statement i read from a reputed platform today if they are following some regulation then it is stupid too how come it was approved.

So now, they only see miners as legal crypto jobs/works others are all illegal, what kind of brain they have.
The assumed money laundering isnt the case, he probably will got a reply about that
legendary
Activity: 2954
Merit: 1153
I have somewhat the same issue though with my local crypto wallet that asked my source of funds, they don't accept earnings from online employment agreement which they prefer to look into a salary record with my IDs on it. Maybe they are just complying what government told them. I uninstalled that wallet after it.

I also have the same experience, my local crypto wallet also asked me for proof of funds twice, the first time they asked me, they acknowledged my proof but the second time (after 2 years) they invalidate it.  They refuse to recognize any crypto earnings coming from online crypto freelancing.  I also think it has something to do with government guidelines.  I just abandon their service after capping my monthly transaction to $500.



The way I see it, Platinum 4 is a high rank with a high amount of wager requirement. With that amount of money for gambling, it should be pretty easy to prove your source of funds (for most whales) since you are expected to have six+ figures job, legitimate businesses, etc. Without that proof, there are only drug dealers and the like. Trading should be fine though if you have the record, should be treated fairly similar to this:

Quote
Sales of shared or other investments / liquidation of investment portfolio / bonds
Source: ToS

@OP mu_enrico had stated, you can use your trading history as source of income.  Just prepare a proper documentation of your trading profit.  Since you stated that you had your fund from tradings and services, I am sure there are records of those transactions.

Whats the reason for suspending the account, what did they say?
Just the sae question i was abiut to ask, what i can deduce from the op's statement is the fact that he may have been involved in some money laundering activities that have led to the stake asking him for such legal documents as proof of funds.
Just curious here too, maybe he deposited big and Stake finance team tracked it back to shady original crypto adress. Maybe OP has deposited big in short timeframes or used prepaid debit card on MoonPay that is main cashier partner of Stake.

It is also possible that the stake.com had seen irregularities on OP's fund movement.
member
Activity: 742
Merit: 12
Global peace initiative
Whats the reason for suspending the account, what did they say?
Just the sae question i was abiut to ask, what i can deduce from the op's statement is the fact that he may have been involved in some money laundering activities that have led to the stake asking him for such legal documents as proof of funds.
hero member
Activity: 2590
Merit: 644
Stake asked the OP to provide his source of funds statement. They have suspended his account and requested for those documents. OP will be able to access his account again if he can successfully go through the verification process.

If it is so, they're stealing from OP. They have no right to keep his money regardless of whether he can prove it was earned by him through mining or whatever else.
Imagine that he was given this money for free and cannot prove that it's legit, it's still his money. No company has the right to act like a judge and jury and steal that.
I don't know how Stake will approach this but there's only 2 legal ways. Either they accept the money, or return it back to OP.
^Since then I did not play Stake when I saw more complaints against them even though they have a lot of promotions.
You are definitely right, they have no right to freeze an account that has money not unless this was on the ToS which is OP there is nothing to do because upon opening the account he agreed with the terms. Stakes should not do this because it is ruining their reputation, a warning could be the right approach to this and if OP can not do the requirements at least withdrawing the fund is much better. So my question is, if they are doing this to other users, what will they do to the banned account that has money? That money does not belong to them.
legendary
Activity: 2772
Merit: 1028
Duelbits.com
This is simply unacceptable, they need to be more specific about required documents of this verification level. Telling users anything related crypto except mining illegal can not be tolerated, they have to accept any form of documents that prove user earns his money this way in crypto industry since stake is also crypto casino. If they refuse permanently block account and go gamble somewhere else.
legendary
Activity: 2744
Merit: 1174
Stake asked the OP to provide his source of funds statement. They have suspended his account and requested for those documents. OP will be able to access his account again if he can successfully go through the verification process.

If it is so, they're stealing from OP. They have no right to keep his money regardless of whether he can prove it was earned by him through mining or whatever else.
Imagine that he was given this money for free and cannot prove that it's legit, it's still his money. No company has the right to act like a judge and jury and steal that.
I don't know how Stake will approach this but there's only 2 legal ways. Either they accept the money, or return it back to OP.
legendary
Activity: 1946
Merit: 1026
In Search of Incredible
~snip~
I have always seen hateful speech from you against Stake. BTW, I thought you have knowledge about the crypto casinos license and KYC requirements, but now it seems like you have no idea about that. You are comparing Freebitco.in with Stake.com! Freebitco is one of those casino who doesn't have gambling license and KYC requirements. Source of funds verification is rarely asked by a casino.

I just shared my opinion here, but you have made an attack on me. I'm platinum 3 VIP at both Stake and Primedice, I haven't submitted any personal documents at those casinos. In the same way, I have wagered millions of dollars at few other casinos. I don't know why Stake has requested the source of funds verification from OP. But I never said that Stake has done the right thing there.

I have previously said you that I don't want to engage in an argument with you (see here). Still you are trying to do it here. Congrats for being the first forum member to get in my ignore list Smiley
legendary
Activity: 2604
Merit: 2353
why don't they say we won't allow u to play if u can't provide the source of your funds? it is only after u have won and try to withdraw that they get so worried about these things.
I also hate this part of online casinos. Most of the online casino doesn't ask the user to submit these personal documents during registration. But suddenly they apply these terms to some users. I have found at least 30 casinos who reserves the right to ask for the source of funds documents (see here). I doubt that any casino will consider crypto earnings as source of funds. Casino will ask for the bank statement at least.
You always say it's the same with other casinos when someone is scammed by this one but what are your proofs? You are discrediting all the crypto gambling industry and misleading other users just because one casino is doing bad things to its customers. I'm sorry but I have never heard one casino locking funds of a customer for a so-called bad source of funds after wagering more than $2.5 million there and even getting a dedicated VIP host. Why do they only care about that now, if it's so important that they can't give him back his funds? I don't understand. On Freebitcoin for example, you can gamble as much money as you want, deposit and withdraw funds whenever you want and bet on whatever event you want, you will never get your account restricted and you will never be asked one single personal information(even your name) to withdraw your funds. So all casinos are not doing this kind of things obviously. You said that reputable casinos only lock accounts when customers cheat, but if OP has cheated what his source of funds has to do with it?

No casino will allow you to withdraw always if you don't wager with your deposits. Where you have done it couple of times at Stake (based on your initial post). Every casino will consider it as money laundering activity.
I'm wondering why you are thinking it in this way! No reputable casino will ban your account if you win on your large bets. They will only ban you if you do it by cheating. Stake or any other casino will lock your account if you continuously win on big bets with suspicious activity. They will unlock your account if your winnings are legit.
hero member
Activity: 2926
Merit: 795
So it makes more sense that in those instances Stake is more strict on their requirements compared to the verification a small gambler needs to pass.
KYC verification for higher level gamblers makes sense for obvious reasons, but asking op to provide his source of funds doesn't really make much sense. Deeming mining as the only legal source of crypto income makes things worse.

Nope, Stake didn’t mention that only mining is acceptable as source fund in crypto. They just do site an example for this case but anything that can have valid proof is ok with them for example trading. He can request for notarized document for his trading history as source of his fund his trading volume is sufficient to tally on the original deposit that he made on the casino account. OP is just making this issue worst by assuming that Stakes on accepts mining as source of income in crypto.
sr. member
Activity: 2520
Merit: 280
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It seems kind of weird to know that a crypto casino doesn't accept crypto earnings as proof of income unless its coming from mining, just talking based on whats written in their tos.

But as a customer he also has the right to know what should be the procedure for verification for crypto earnings if its from trading, gambling and others. What I believe is the user should submit the tax return document along with bank statement since its high tier.
hero member
Activity: 3178
Merit: 977
www.Crypto.Games: Multiple coins, multiple games
So it makes more sense that in those instances Stake is more strict on their requirements compared to the verification a small gambler needs to pass.
KYC verification for higher level gamblers makes sense for obvious reasons, but asking op to provide his source of funds doesn't really make much sense. Deeming mining as the only legal source of crypto income makes things worse.

Why they consider mining could be that you have your mining equipment which cost much already and  you Will continue to mine irrespective of the bear or bull of the market.
What the heck are you talking about? So many miners end up joining/quitting due to bull/bear market which is why what you stated makes zero sense.
hero member
Activity: 1638
Merit: 576
Leading Crypto Sports Betting & Casino Platform
I doubt that any casino will consider crypto earnings as source of funds. Casino will ask for the bank statement at least.

Decentralized exchanges are also like that and any regulated institutions. When you're a whale trader and reached a point where they ask for an enhanced verification, you should never tell that your source of funds are from crypto earnings or else it will just complicate things. As long as you don't have documents verifying your source of funds, they won't believe whatever your story is.

This is an eye opener to me and it is also telling everyone to go look for job that crypto earnings including trading is not a jobe. I think they did so knowing how volitile the crypto is, that anyone could lose everything. Why they consider mining could be that you have your mining equipment which cost much already and  you Will continue to mine irrespective of the bear or bull of the market.
sr. member
Activity: 1330
Merit: 289

2 consecutive days of stake attacking threads, doesn't that sound coordinated?

I have somewhat the same issue though with my local crypto wallet that asked my source of funds, they don't accept earnings from online employment agreement which they prefer to look into a salary record with my IDs on it. Maybe they are just complying what government told them. I uninstalled that wallet after it.
Your own case is different from op, in your own scenario government is involved for the process whereby the platform doesn't accept payment with cryptocurrency, and you must provide your identity to show the direction you are earning the money from. So what i want to that did op violent any of the of the rules of stake, and does it have done KYC verification with stake, because if KYC has been done, i don't think that such issues will be raised
hero member
Activity: 2702
Merit: 704
Bitcoin is GOD
I doubt that any casino will consider crypto earnings as source of funds. Casino will ask for the bank statement at least.

Decentralized exchanges are also like that and any regulated institutions. When you're a whale trader and reached a point where they ask for an enhanced verification, you should never tell that your source of funds are from crypto earnings or else it will just complicate things. As long as you don't have documents verifying your source of funds, they won't believe whatever your story is.
We also need to take into account he claims to be a platinum 4 player but he is only verified up to level 3 and he is trying to pass the verification up to level 4, this means that this is something only whales will ever have to go through.

So it makes more sense that in those instances Stake is more strict on their requirements compared to the verification a small gambler needs to pass.
hero member
Activity: 2800
Merit: 595
https://www.betcoin.ag
I am telling my problem and I still love stake but they should change their terms

Well Sorry bout that. I was just suspicious because there were many newly registered users coming to taint casinos. Its amazing to actually see them registered all for posting scam accusation. I guess you're not one.


Stake asked the OP to provide his source of funds statement. They have suspended his account and requested for those documents. OP will be able to access his account again if he can successfully go through the verification process.

This is surprising for all of us, as they only accept profit in mining as the only source of income they can accept in Cryptocurrency when in fact the market is so huge that you can make money in hundreds of ways here in Cryptocurrency, this will not be the last time it will happen because not all gamblers are miners, I believe many of us are traders and investors or developers there is more money to make on these three niches than on mining now, they should have a change of their terms and include other forms of earnings.
Let's see what will be the outcome of this issue, this is interesting to follow.

The problem with this is that mining earnings will not provide a substantial data for authorities to check that they won't suspect something else is happening.  This is related to KYC/AML so Stake will not face issues.
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