Topic: [WARNING!] For gamblers using coins.ph - page 4. (Read 1223 times)
Coins.ph is losing customers because of their strict rules but members failed to realize that it's the AMLA the money laundering council and BSP are the ones that laid down the rules and they just follow what on the rules because they are compliant, so it's better to monitor your transactions and follow what Coins.ph tells its members because it's still the number exchange in the country.
This warning is very timely as the government of the Philippines is already starting to imposed stricter rules on crypto industry.
No choice but to follow. Coins.ph is just following regulations given to them by the BSP so others should not blame them if they feel not comfortable with these terms and regulations by the exchange.
We should really expect that while crypto is becoming popular in every country, stricter regulations will be imposed on any crypto-related companies. There are alternatives to transact safely with gambling sites and that's more important.
Better than being in a country where crypto and gambling are totally banned.
Wallet providers and Exchanges are very strict when it comes to casinos, because a lot of money laundering takes place through illegal gambling sites. The regulated gambling sites, should not be a problem ...because they verify users as part of their agreement with the license that are awarded to them.
I will rather use a desktop wallet like Electrum or a hardware wallet and then push the coins through a Mixer service to "clean" them, before I use wallet providers like this. (Centralized services can lock your account, if you break their rules in the ToS)
I will rather use a desktop wallet like Electrum or a hardware wallet and then push the coins through a Mixer service to "clean" them, before I use wallet providers like this. (Centralized services can lock your account, if you break their rules in the ToS)
From what I remember is that there is really a clause in the terms of service about gambling even a while back. Coins.ph is not for gambling purposes as their Terms of service already stipulated that part and being a KYC platform, of course they have the right as mandated by the Bangko Sentral, that users of coins.ph needs to submit their identity. When I used coins.ph before I remember getting flagged by them for sending BTC to an exchange. After that I stopped using it being fed up with the rules. If you are going to use coins.ph, then just use it for investing into Bitcoin without moving them to different wallets.
It was already posted in the OP.
you may refer to the complete terms of services of coins.ph.
https://site.coins.ph/user-agreement
https://site.coins.ph/user-agreement
Quote
Prohibited Uses include transactions or activities related to:
(c) Gambling: Online gambling, lotteries, casinos and informal gambling, gaming operations, sports betting, and other games of chance and forms of speculation;
(c) Gambling: Online gambling, lotteries, casinos and informal gambling, gaming operations, sports betting, and other games of chance and forms of speculation;
Therefore, using the platform of gambling transactions makes your transaction illegal, and you will be legally liable.
This warning is very timely as the government of the Philippines is already starting to imposed stricter rules on crypto industry.
It looks like a bit trouble for the wallet user, well if it is on their terms and conditions then you should know that. I was curious was it like on direct wallet of the gambling site or you can transfer it to your personal wallet going to that wallet? is that how it works? or as long as the coins are tainted with crypto related coins. I'm curious what will happen will they confiscate it?
It is really on the terms and agreement but there are users that are bypassing that.Thinking that the exchange itself won't be enforcing that rule that they've made.
From what I remember is that there is really a clause in the terms of service about gambling even a while back. Coins.ph is not for gambling purposes as their Terms of service already stipulated that part and being a KYC platform, of course they have the right as mandated by the Bangko Sentral, that users of coins.ph needs to submit their identity. When I used coins.ph before I remember getting flagged by them for sending BTC to an exchange. After that I stopped using it being fed up with the rules. If you are going to use coins.ph, then just use it for investing into Bitcoin without moving them to different wallets.
It looks like a bit trouble for the wallet user, well if it is on their terms and conditions then you should know that. I was curious was it like on direct wallet of the gambling site or you can transfer it to your personal wallet going to that wallet? is that how it works? or as long as the coins are tainted with crypto related coins. I'm curious what will happen will they confiscate it?
You can transfer it to your personal wallet then you send it from your direct wallet to the gambling sites wallet. This flow is safer than directly sending from coins.ph to gambling platform, they will ask for an information, and if you lie, they would still know if they'll conduct a thorough investigation. 
It looks like a bit trouble for the wallet user, well if it is on their terms and conditions then you should know that. I was curious was it like on direct wallet of the gambling site or you can transfer it to your personal wallet going to that wallet? is that how it works? or as long as the coins are tainted with crypto related coins. I'm curious what will happen will they confiscate it?
Mixers help gamblers to hide their identities and I agree with you, depends on how big the amount you need to mix.
small time gamblers will choose non-custodial wallet if they are just using a small amount of money, while whales who's trying to hide
everything will have no problem using a mixer or hardware wallet, which much safer even there's good cost to have one. It fell to your
needs and your capabilities to choose your options.
Yeah, mixing can sometimes sound like a crime to some people but it's more like using a VPN, might be used for frauds but is meant to empower security actually.small time gamblers will choose non-custodial wallet if they are just using a small amount of money, while whales who's trying to hide
everything will have no problem using a mixer or hardware wallet, which much safer even there's good cost to have one. It fell to your
needs and your capabilities to choose your options.
I have seen some gamblers who will just deposit, wager a little bit and withdraw because they actually want to mix their coins free of cost. The casino has no reason to hold their money either once they have wagered enough. like stake requires 15% to be wagered before withdrawal, sportsbet.io once asked me to roll over the entire deposit once before withdrawing, and they make sense since they cover the cost of withdrawal.
I never use coinbase or any of these exchanges/custodial wallets for gambling deposits since there is always a delay & fees in withdrawal if you use exchanges like Binance while I don't trust sites like coins.ph (and sorry for that) because I have seen online wallets hacked or simply exit scams.
Coins.ph keeps changing their rules and the status of their users you have to monitor all your transactions here my coins.ph is still pending because they are asking for a business license coming from SEC or the Mayor's office something that I cannot provide I'm just trading peer to peer or requesting my relatives to trade my coins to our local currency my other alternatives are PDAX and ABRA which is not strict compared to Coins.ph.
Why do they end up asking for a business license?
As far as my knowledge is concern about coins.ph and as a long-time user, they will just ask you that if you are requesting much higher limits. That was the necessary requirement and documents to approve that. No choice in the end, because regulations really hit them hard. Before, anyone can use coins.ph without that hassle but they need to comply with the government laws.
The same goes for gambling-related transactions.
But while using mixers you have to be patient to receive your mixed coins lets say a week but in general the gamblers are in urge all the time whether they are withdrawing or depositing so their patience level will be tested if they are going to mix their coins while deposit or withdraw which even can change their total gambling behaviour.
to gambling then from there you could make out some deposit without putting yourself into the harm when it comes to possible violations if ever the said service will really make out
some verification or investigation.Not really needed for you to go that far since one single transfer would be enough.
But while using mixers you have to be patient to receive your mixed coins lets say a week but in general the gamblers are in urge all the time whether they are withdrawing or depositing so their patience level will be tested if they are going to mix their coins while deposit or withdraw which even can change their total gambling behaviour.
It's not the safest if you don't want to get linked, at least that's the way to mask your real transaction a bit so no questions will be thrown to you. Yes, the fees now are very cheap, you can make transactions more if you want. For gamblers who really want to ensure their privacy or hide the origin of transactions, then it's wise to use a bitcoin mixer, I'm sure the regulators will have a hard time tracing your transactions if you ever get investigated.
Well, most gamblers these days who're concerned about privacy will just use anon-casinos or just spread their betting on a lot of places.
Mixers are always good for privacy, but also depending on the size and tech of the mixer. Currently I think only chipmixer is the one that has the best privacy but personally never tried it as well.
For me though if you gamble and owe taxes, better to pay up.
Using mixers is good as well but if the said local wallet does still prohibit on using out then it is included into the list on where you should avoid but actually it does matter always on the terms and conditions
of said local wallet.
Why would push through if its prohibited? Its better to avoid it on the first place if you dont like to suffer any problems later on.
It's not the safest if you don't want to get linked, at least that's the way to mask your real transaction a bit so no questions will be thrown to you. Yes, the fees now are very cheap, you can make transactions more if you want. For gamblers who really want to ensure their privacy or hide the origin of transactions, then it's wise to use a bitcoin mixer, I'm sure the regulators will have a hard time tracing your transactions if you ever get investigated.
Well, most gamblers these days who're concerned about privacy will just use anon-casinos or just spread their betting on a lot of places.
Mixers are always good for privacy, but also depending on the size and tech of the mixer. Currently I think only chipmixer is the one that has the best privacy but personally never tried it as well.
For me though if you gamble and owe taxes, better to pay up.
small time gamblers will choose non-custodial wallet if they are just using a small amount of money, while whales who's trying to hide
everything will have no problem using a mixer or hardware wallet, which much safer even there's good cost to have one. It fell to your
needs and your capabilities to choose your options.
I have not used a mixer for a while now but I think at the current price of bitcoin now, they will be expensive to use. However, if you are gambling with a decent amount like $1000 and over, then I'm sure you can afford a mixer as it's an added security to you so you will not be trace easily.
It's not the safest if you don't want to get linked, at least that's the way to mask your real transaction a bit so no questions will be thrown to you. Yes, the fees now are very cheap, you can make transactions more if you want. For gamblers who really want to ensure their privacy or hide the origin of transactions, then it's wise to use a bitcoin mixer, I'm sure the regulators will have a hard time tracing your transactions if you ever get investigated.
Well, most gamblers these days who're concerned about privacy will just use anon-casinos or just spread their betting on a lot of places.
Mixers are always good for privacy, but also depending on the size and tech of the mixer. Currently I think only chipmixer is the one that has the best privacy but personally never tried it as well.
For me though if you gamble and owe taxes, better to pay up.
small time gamblers will choose non-custodial wallet if they are just using a small amount of money, while whales who's trying to hide
everything will have no problem using a mixer or hardware wallet, which much safer even there's good cost to have one. It fell to your
needs and your capabilities to choose your options.
I have not used a mixer for a while now but I think at the current price of bitcoin now, they will be expensive to use. However, if you are gambling with a decent amount like $1000 and over, then I'm sure you can afford a mixer as it's an added security to you so you will not be trace easily.
It's not the safest if you don't want to get linked, at least that's the way to mask your real transaction a bit so no questions will be thrown to you. Yes, the fees now are very cheap, you can make transactions more if you want. For gamblers who really want to ensure their privacy or hide the origin of transactions, then it's wise to use a bitcoin mixer, I'm sure the regulators will have a hard time tracing your transactions if you ever get investigated.
Well, most gamblers these days who're concerned about privacy will just use anon-casinos or just spread their betting on a lot of places.
Mixers are always good for privacy, but also depending on the size and tech of the mixer. Currently I think only chipmixer is the one that has the best privacy but personally never tried it as well.
For me though if you gamble and owe taxes, better to pay up.
small time gamblers will choose non-custodial wallet if they are just using a small amount of money, while whales who's trying to hide
everything will have no problem using a mixer or hardware wallet, which much safer even there's good cost to have one. It fell to your
needs and your capabilities to choose your options.
It's not the safest if you don't want to get linked, at least that's the way to mask your real transaction a bit so no questions will be thrown to you. Yes, the fees now are very cheap, you can make transactions more if you want. For gamblers who really want to ensure their privacy or hide the origin of transactions, then it's wise to use a bitcoin mixer, I'm sure the regulators will have a hard time tracing your transactions if you ever get investigated.
Well, most gamblers these days who're concerned about privacy will just use anon-casinos or just spread their betting on a lot of places.
Mixers are always good for privacy, but also depending on the size and tech of the mixer. Currently I think only chipmixer is the one that has the best privacy but personally never tried it as well.
For me though if you gamble and owe taxes, better to pay up.
Chipmixer is very popular, they have been mixing huge money so there's no problem that you will not be paid, and actually, there are a lot of mixers that have already closed their business but chipmixer is still here, so we can assume that they are not violating any law, I guess.
It's not the safest if you don't want to get linked, at least that's the way to mask your real transaction a bit so no questions will be thrown to you. Yes, the fees now are very cheap, you can make transactions more if you want. For gamblers who really want to ensure their privacy or hide the origin of transactions, then it's wise to use a bitcoin mixer, I'm sure the regulators will have a hard time tracing your transactions if you ever get investigated.
Well, most gamblers these days who're concerned about privacy will just use anon-casinos or just spread their betting on a lot of places.
Mixers are always good for privacy, but also depending on the size and tech of the mixer. Currently I think only chipmixer is the one that has the best privacy but personally never tried it as well.
For me though if you gamble and owe taxes, better to pay up.
^^
Personally, I wouldn't recommend depositing directly from a mixer to an exchange. Unfortunately, some exchanges started flagging transactions from mixers as sispicious and I wouldn't be surprised if Coins.ph starts doing the same. Better be safe than sorry!
The question is why do you need to keep your coins in custody of that exchange? If it's to cash out in fiat, then only send the amount you want to cash out and keep the rest (the amount you want to gamble with) in your wallet.
Personally, I wouldn't recommend depositing directly from a mixer to an exchange. Unfortunately, some exchanges started flagging transactions from mixers as sispicious and I wouldn't be surprised if Coins.ph starts doing the same. Better be safe than sorry!
The question is why do you need to keep your coins in custody of that exchange? If it's to cash out in fiat, then only send the amount you want to cash out and keep the rest (the amount you want to gamble with) in your wallet.
Coins.ph keeps changing their rules and the status of their users you have to monitor all your transactions here my coins.ph is still pending because they are asking for a business license coming from SEC or the Mayor's office something that I cannot provide I'm just trading peer to peer or requesting my relatives to trade my coins to our local currency my other alternatives are PDAX and ABRA which is not strict compared to Coins.ph.
^^
Personally, I wouldn't recommend depositing directly from a mixer to an exchange. Unfortunately, some exchanges started flagging transactions from mixers as suspicious and I wouldn't be surprised if Coins.ph starts doing the same. Better be safe than sorry!
The question is why do you need to keep your coins in custody of that exchange? If it's to cash out in fiat, then only send the amount you want to cash out and keep the rest (the amount you want to gamble with) in your wallet.
Personally, I wouldn't recommend depositing directly from a mixer to an exchange. Unfortunately, some exchanges started flagging transactions from mixers as suspicious and I wouldn't be surprised if Coins.ph starts doing the same. Better be safe than sorry!
The question is why do you need to keep your coins in custody of that exchange? If it's to cash out in fiat, then only send the amount you want to cash out and keep the rest (the amount you want to gamble with) in your wallet.
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