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The Reasons U.S. The U.S. Government is Under Pressure to Legalize Bitcoin Casino Transactions

For a variety of reasons,

Bitcoin gaming sites are rapidly gaining popularity. Players can ensure that the games are fair and honest by using provably Fair algorithms. Despite all this technological progress, bitcoin gambling remains illegal or strictly regulated in many countries around the globe.

This article examines why the U.S. regulators have been slow in legalizing transactions through bitcoin casinos. These policies will not change in the upcoming years, we also examine why.

Gambling Industry: Overcoming A History of Heavy Regulations

As of 2018, Bitcoin gambling hasn’t developed much in the United States. The US still has a lot of misconceptions about online gambling. Many issues are due to the complex history of online gambling legislation that has changed over time.

For instance, the US Congress passed the Unlawful Internet Gambling Enforcement Act (UIGEA) as a part of the SAFE Port Act. It was made illegal for US banks in the USA to handle online gambling transactions by this law. Many gambling companies left the United States in protest.

On April 15, 2011, three of the largest online casinos in the US were indicted and forced to shut down operations. This event was nicknamed “Poker’s Black Friday” by the online gambling community. Soon afterward, however, clarifications of the legislation provided new opportunities for gambling industry. In December 2011, US officials released a legal opinion that stated that the Federal Wire Act only applies to sports betting. There are many types of online gambling, including: Online gambling (e.g., online poker, online lottery sales and online casino games) are legal.

Despite this, many online gambling businesses have struggled to succeed in the US market due to varying state laws and other events. Many companies operating in this sector are still concerned about possible shutdowns, fines and ongoing legislation changes. For players, however, the reality is that all online gambling sites are legally available in 41 of 50 states.

bitcoin gambling sites

Poker’s Black Friday: April 15, 2011

The Need for Anti-Money Laundering Compliance

Online casinos have seen a huge market growth. But, the US continues to scrutinize bitcoin casinos. Regulators are still concerned about money laundering.

Stats shows that bitcoin gambling poses a risk to money laundering. The Center on Sanctions and Illicit Finance (CSIF) conducted a study bitcoin money laundering from 2013 to 2016. According to the report, bitcoin casinos made up 25.8% of all bitcoin-related money laundering. It’s important to note that this is still quite low when compared to money laundering via cryptocurrency exchanges (45.4%).

While exchanges still have to go through AML and KYC checks, bitcoin casinos likely face a larger uphill battle. Bitcoin casinos will have to deal with the dark history of money laundering through traditional casinos.

Even though bitcoin gambling is considered to be 100% legal in the US, the number of possible options for players remains relatively low.

Money Laundering

Some casinos have a history of fiat money laundering.

Regulations Surrounding the Use of Cryptocurrencies Still Up in the Air

Regulations surrounding the use of cryptocurrencies are another major obstacle to the approval of bitcoin casinos in the US. However, the US is well-acquainted with many land-based casinos as well as lotteries. Officials could approve bitcoin gambling. However, better revenue collection systems are needed.

Examining legislation passed by the US Congress in December 2017 provides a good insight into the future of cryptocurrency taxation. Officials are under increasing pressure to enforce cryptocurrency taxation (i.e. government officials are under increasing pressure to enforce cryptocurrency taxation (i.e.,. Despite the existence of legislation that applies to bitcoin gambling, it could have a negative impact on the future revenue of the government.

In 2018, there are already well-established systems for fiat gambling in the US. Although bitcoin gambling could be similarly regulated, it is likely that the development of these revenue systems will take a long time. Officials are also concerned about the possibility of bitcoin casinos using untraceable cryptocurrency payments once they have been legalized. This could theoretically create criminal activity (i.e. Theoretically, this could not only create the potential for criminal activity (i.e. money laundering), but also reduce the profits of state lotteries or casinos.

Both regulators and potential casino operators would need to create better policies that work for each side. Regulators must also consider the constant price fluctuations of cryptocurrency. Taxation could be affected by even minor price fluctuations.

International Examples and The Future Possibility of Domestic Bitcoin Gambling Sites in the US

In 2018 (and probably for a few years beyond) the possibility of opening up a bitcoin casino in the US is bleak. There are now at least two casino hotels in Vegas that allow people to use BTC. There is one caveat. BTC cannot be used in places other than the front desk and around the hotel. You cannot gamble with it. It is not allowed to be used for gambling. Most bitcoin casinos will need to look at international options for their business.

Many countries offer regulation and licensing for bitcoin casinos. Officially, Malta became the first country to allow bitcoin casinos. It is home to Bitstarz Casino and has an MGA license (Malta Gambling Authority). In addition, Curacao eGaming has two popular bitcoin casinos, Bitstarz and Bitcasino.io. Bitcoin casinos can also be established on the Isle of Man or Costa Rica.

While it might seem unlikely that there will be bitcoin casinos in the US, these examples prove that they can work. They also set an example for how the US could support local bitcoin gambling sites.

Conclusion

As stated above, it is hard for U.S. authorities in legalizing bitcoin casino transactions. There are many challenges to overcome, including a history of complicated legislation regarding gambling, anti-money laundering compliance and concerns about the loss of tax revenue from traditional casinos.

Despite continued progress in opening up legal sports betting in the United States, Bitcoin gambling does not appear to have long-term stability. While bitcoin gambling is legal for American players, it’s unlikely that there will be any bitcoin casinos with US operations in the near future.

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Mint-free OKX Football Cup NFTs for group stage games enter the second round

The second round of group-stage games at the FIFA World Cup 2022 began today. Users can still mint free OKX Football Cup NFTs until the FIFA 2022 Group stage ends Get a chance to redeem stakes and collect rewards by December 20. FIFA World Cup group stage games enter the second round The second round…

  • The second round of group-stage games at the FIFA World Cup 2022 began today.

  • Users can still mint free OKX Football Cup NFTs until the FIFA 2022 Group stage ends

  • Get a chance to redeem stakes and collect rewards by December 20.

FIFA World Cup group stage games enter the second round

The second round of the group stage games for the FIFA World Cup in Qatar is underway. There were some big upsets in the first round, with Saudi Arabia winning against Argentina and Germany losing against Japan.

The second round of games started today and the chances for the host nation to qualify for the knockout round are virtually nonexistent.

You have the chance to get OKX Football NFTs for free as the world cup continues. A week ago, crypto exchange OKX announced the launch of its NFT Football Cup.

The OKX Football Cup is part of the crypto exchange’s ‘The OKX Football Festival,’ and it is giving millions of fans around the world the opportunity to earn from a great prize pool.

With this competition, users can mint free NFTs of their preferred teams and use the NFTs to predict matches and stand a chance to win huge prizes.

NFT minting will end after the group stages

The free minting of the NFTs began on November 21st and will end on December 3rd. All users can participate in minting as long as there are group stages. Users must stake 0.01 for each mint. 01 ETH. You can create up to three teams prior to the group stage. With the first round of games producing some shocking results, you can look at the tables so far and partake in the OKX Football Cup.

Each match offers a fixed prize pool of 20,000 USDT. OKX revealed that it adds 10 USDT for every NFT minted, thus, growing the prize pool.

As an NFT owner, you will earn a share of the $20k in USDT if your team wins a match. However, when the teams draw, each side will share $10,000 in USDT

Participants will also have the option of redeeming their full stakes at the completion of the OKX Football Cup.

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BNB recovers above a critical level. Do we need to wait for another bullish push?

Binance token rose by 17% on Wednesday. The crypto exchange has announced the sale of HOOK tokens on Binance Launchpad. BNB eyes $330 next and is a buy on a retracement As Binance coin (BNB/USD) slipped below $266, it signalled the start of a bearish market. Since July, BNB has maintained the level and any…

  • Binance token rose by 17% on Wednesday.

  • The crypto exchange has announced the sale of HOOK tokens on Binance Launchpad.

  • BNB eyes $330 next and is a buy on a retracement

As Binance coin (BNB/USD) slipped below $266, it signalled the start of a bearish market. Since July, BNB has maintained the level and any decline below could have given bears complete control. However, it is now not the case as BNB trades at $295, well above the crucial level. It is possible that cryptocurrency may be heading for the next level. What happened then?

The gains in BNB happened after November 23 cryptocurrency news. BNB’s price rose by 17% on the day after the exchange announced the Hooked Protocol (HOOK) token sale on Binance Launchpad. This is the 29th project launching on Binance Launchpad.

According to the announcement, the token sale will occur through a lottery and conclude on December 1. 25 million HOOK coins have been allocated to the launchpad, equivalent to 5% of the total supply.

This latest development comes as Binance continues to reassure users following the collapse of FTX. Binance announced Thursday that it would contribute $1 billion to help protect crypto-related firms. Binance has committed to increasing this amount if necessary and will look to include traditional financial institutions. This fund is the result of a series of measures that are designed to ensure users have sufficient reserves in case of a crypto confidence crisis.

BNB price action as token hits a 2-week high

BNB/USD Chart by TradingView

BNB rose from a low of around $250 to a 2-week high of $303. The $266 has been re-established as the immediate support for the cryptocurrency.

A bullish MACD crossover was initiated after the bullish push. The RSI also moved above its midpoint, which suggests that BNB has attracted a lot more buyers since the breakout. The cryptocurrency is consolidating ahead the next move.

Should you buy BNB now?

Buyers may not be done with BNB, with the area around $330 and $360 as the next target. However, if intending to buy BNB, wait for some correction to snap it lower. This consolidation could lead to a correction before the next bullish leg.

Where to buy BNB

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users have the ability to connect with, learn, copy, or get copied from other users.


Buy BNB with eToro today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

Binance is known for its low trading fees and multiple trading options. These include margin trading, peer-to-peer, spot trading, and margin trading.


Buy BNB with Binance today

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Bitcoin Mining Pool Btc.com Suffers $3 Million Cyberattack

Bitcoin Mining Pool Btc.com Suffers $3 Million Cyberattack

A major cryptocurrency mining pool was attacked by hackers in early March, according to the pool’s owner. The hackers stole digital assets worth $3 million from the pool and its clients.

Chinese Authorities Open Investigation into Crypto Mining Pool Hack

A subsidiary of Bit Mining, a coin minting company, was the victim in a hacking attack. The company released a press release. The affected entity is a leading bitcoin mining pool, Btc.com, which in the past week accounted for over 2.5% of the pool distribution and has a share exceeding 4% on annual basis.

According to the announcement published Monday, Dec. 26, the platform was hit on Dec. 3, 2022. As a result, $2.3 million worth of digital assets owned by the company and another $700,000 in asset value belonging to its clients were stolen.

The cyberattack has been reported to law enforcement in Shenzhen, China on Dec. 23. With the support of other agencies Bit Mining highlighted that the Chinese authorities are investigating the incident and collecting evidence.

The company will devote considerable efforts to recover the stolen digital assets.

The mining company stated that certain crypto assets of Btc.com were already secured. It pointed out that it had implemented technology to better intercept and block hackers after discovering the breach.

Btc.com is currently operating its business as usual, and apart from its digital asset services, its client fund services are unaffected.

Besides the top-10 mining pool, which provides mining services for bitcoin (BTC), ether (ETH), and litecoin (LTC), Bit Mining Limited also owns the mining device manufacturer Bee Computing and operates coin minting facilities.

Since the Chinese government cracked down on the industry in the spring of 2021, Bit Mining has sought to expand its activities in Kazakhstan, which has become a major crypto mining hotspot. In August of this year, the company announced it had secured a $9.3 million registered direct offering from institutional investors.

What are your thoughts on the hacking attack against the bitcoin mining pool Btc.com? Please leave your thoughts in the comments below.

Lubomir Tassev



Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or related to the use or reliance of any content, goods, or services in this article.

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