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The police officials of China seize down a 1.5 million dollars worth of crypto that is a part of the gambling crackdown last year in 2018 FIFA World Cup. The cryptocurrencies are recognized as bitcoin, ethereum and litecoin.

The officials arrested the organizers of the event and seize the 1.5 million dollars of crypto and 750 thousand dollars of renminbi in banks.
It's huge money though.

source: https://www.coindesk.com/police-seize-1-5-million-in-crypto-during-fifa-gambling-crackdown

Might be a good idea to add a source to your post, especially since you just copied that title from a Coindesk article.
Pretty close to plagiarism, I'd say, even though you've written the post content yourself.

https://www.coindesk.com/police-seize-1-5-million-in-crypto-during-fifa-gambling-crackdown

AFAIK gambling in China is forbidden by the law.That's why most Chinese gamblers visit Makao,I guess.
I don't see anything exciting in the news.In this case,cryptocurrencies are being used for illegal activities,which doesn't help for convincing the noobs,that crypto isn't a shady tool used by many criminals.

If it is not authorized by the government of China then it is illegal and right now I guess China is prohibiting the use of cryptocurrency illegally in their country and they are starting out with illegal gambling, And this kind of negative news is not gonna make the price of bitcoin rose, and the confiscation of the $1.5 Million worth of bitcoin to the custody of the government can have a negative effect we may never know what can they to with it,

I guess if they don't advertise that said gambling site then the police would not notice it, And they can never have any problem at all, But how can they get user or gamblers playing on their site, I guess a private message can be appropriate.

^ It's Macau bro, but you are completely right that the Chinese government was strictly prohibited and not allowed to operate legally in any gambling industries either related crypto or using fiat in a casino. That's why gambling casino is on Macau only the biggest source of revenue in gambling and also the tourist spot for all gamblers. I never doubt that the Chinese police was seized that gambling company and arrested the organizer because they are obviously illegal. Good thing this isn't showing effect in the crypto market.

I revised it a little and forgot about the source. Thanks for informing me! already edited.


China hates cryptocurrency, It affects their economic rate because they still want to reign so they're avoiding it. There's a lot of casinos in Macau, actually, I know someone that has been traveled there and said that there's a lot of Chinese visiting there.

That is like dipping a small pail in the ocean and making a small splash with the pail while doing so.
Chinese gambling industry is larger than 30 billion dollars mate. And Macau and Hongkong are the prime places where it is conducted from. These chinese officials making a few arrests here and there are largely done by the gambling mafia taking out their small countryside rivals.

That's true they are migrating in the Philippines and some other nearby countries so they can operate their online gambling network, there have been many raids here involving Chinese gambling operator, it's still illegal here but they have much corrupt government official that's backing them out.

1.5 million dollars is a lot of money for us but a low budget for rich people.

This is, in my opinion, a classical clickbait article to get more viewers as possible to get more money form ads. Nothing relevant here.

They are forbidden in China, but look who are the owners of casinos in Macau and other neighbouring countries? Most of them are Chinese. Very ironic, right? And yes, for a noob to read this, he will surmise that crypto is really used for illegal activities. But then, he should educate himself to gain knowledge how crypto really works and how businesses benefit from the use of it.

It does necessarily put cryptocurrency in a bad spot light. It is was just the medium of payment, not the crime itself. Same probably would have been the case if fiat was used as the currency  involved. Gambling is a regulated industry in most advanced climes

That is what no one ever cares to look into. These things would happen whether bitcoin was around or not, but it's just an easy shitty scapegoat to blame bitcoin for something like this when in actuality it would happen with fiat, and probably not get caught.

The news came from China, they have been very salty on crypto specially on bitcoin. So it's just about time to make some news again and involved bitcoin because it seems that the price is rallying again.

$1.5 million dollars is still very big, and it really means that gambling is really all-over and as much as all efforts have been put into place to stop it specially in China, it will be a big task for them.

1.5 mil is nothing compared to the size of the Chinese gambling industry dude. I am not even sure why they bother with these crackdowns as it has 0 effects on curbing gambling activities.

There's definitely nothing to be exciting with the news cause the gamblers actually violated the laws of Chinese government and for the Chinese been a strict government was the part I hated about the story can the Chinese government may literally come up with rules which will affect crypto traders due to the issue.

With an allege volume of over 1 billion, for them to only seize 2million that is crap. I would bet that the police that seized it kept some.

Macau is similar to Hong Kong a one country two systems. And is a center of gambling all over Asia and further. Macau is the largest gambling city in terms of money wagered.
Rich Chinese do come their and make their black money white legally. Some residing on border area visits small gambling towns like Mong La in Myanmar and 

There’s a strict regulations for sure but if you gamble in wrong things you might ended up like this. This is a lot of money, and maybe there’s a irregulaties witht the organizer and that’s why the authorities arrested the organizer. Well, its a big money and I think China will be strict again.

Just repeating what a few others have already said, $1.5 millions is a laughable amount.  We are talking about an industry that pulls in tens of billions yearly.  Also I'm sure there was more money but the officials kept some for themselves.  We all know how corrupt authorities are.

Thing is the story with communism will always be the same.   The government has rules that serve itself and the people will continue to do business as much as they are able that serves their own interests.   China is such a giant country, I cannot see how they can eliminate either gambling as an idea, as a sport and entertainment or crypto for its practical easy usage, distribution, storage and fungibility .

I have to conclude this news is bullish, the minor news story is the crackdown the bigger story is Chinese people have these interests.   If I look towards a greater trend, its most often going to be with the over a billion people as a possible market for that interest to expand into.    The smarter deal is for even government to tax not outlaw such things

Such kind of gambling houses completely functional on fiat can be found getting into some legal issues. What we see here seems to use cryptocurrency. This is within the regulatory compliance of the respective country and the same hasn't caused any impact on the market. If I'm not wrong $1.5 million in cryptocurrency is very small compared to the volume of cryptocurrency being used on gambling illegally.

The Chinese are good on this, in our country, there are a lot of arrest from Chinese gambling operators, this is the reason why we have a lot of Chinese migration, it's good for our economy because they are spending their money here but some of them worked illegally here, and some of the operations are not registered.

But how come they do have NEO and binance?

I'm not sure how to believe the news about China prohibiting cryptocurrencies, I have some Chinese friends as well that openly use bitcoin and walking around with Bitcoin logo on their jacket. Gambling is sure not legal unless you do it it Macau. They have all these places intended for their programs like Hongkong and Singapore.

Chinese government will only do things that favour its citizens and it is in public domain that they are fighting cryptocurrency but at the back end its citizens used cryptocurrency more than any country. I know that once china stop attacking crypto we would see great upward movement and for them to keep control of the market that is why we see this type on news time to time.

There could be a manipulation of current situations of crypto, that's why it seems so hard for price movement in achieving towards higher price. Chinese government is doing that in order to strategize the scenario, but if their citizens loved and prefer using crypto for gambling I guess no way for them to suppress it. Crypto will stand out and provide more opportunities to all.

I thought this was old news? But then,,, every year the police raid and seize illegal gambling in China and in India, not to mention in other Asian countries.

Bookies are big, odds are crazy and they take such big amounts that online bookies cannot compete. Governments should try and tax these bets instead of making them illegal, do you agree?

I think that is not a huge amount that is seized.I know that cryptocurrency is illegal in China but we also know that in China are the biggest mining farms together with the biggest produced of ASICS and other mining equpments.I am not really surprised that crypto is being used to gamble in China and this has not impacted the bitcoin price at all until now.

Chinese people are strong supporters of cryptocurrency, however I wouldn't say the same for their government.
They want to have a strong control over the financials of their citizens thus they try to regulate cryptocurrency activities as much as possible.

You shouldn't be surprised when things like this happened and I don't think the police kept some to themselves for I believe someone who seems powerful bought the police in charge of the case but that's not what important now for the most important thing is the fate of bitcoin uses there after the crackdown that happened.

We cant do anything about it yet it already happened and you are right this doesn't give out good view towards crypto.

It do gives out negative rather than on a positive one which would mainly affect positivity towards on learning crypto yet they do already
know the shady part of it.

Policemen in the authority is within control with the rules of pursuit, but I don't believed that their submission to their service could be honest enough. Most problems with those people in power is likely to abusive specially on that huge amount of money came from gambling. I could argue more that the declared $1.5 Million was the declared value, hence it was only the information coming from them and not confirmed.

I guess it is never too little, you get 1.5 million here and 1.5 million there and suddenly people stop gambling in illegal places.

A crackdown of 1.5 million dollars is not 1.5 million dollars, its all future bets as well, all the potential customers lost as well, a person that could have made tens of millions of dollars via running illegal gambling suddenly lost all of that in a crackdown.

However, most of the time these places pay the cops so they stay away from them, there are tons of this all around the world and they all have someone in the police world they know and pay to make them go away, if you deny to pay them then this happens and you lose your business. If you want to keep doing this you just have to pay the right people and since you make enough money then you can afford it as well.

That's considered as penny compared on what the operators got and maybe the authority as well. Also, it's not actually surprising to see some news that crypto is being used illegally. As if, governments and crypto user isn't aware of it. Sure they are for how many years that's why other countries doesn't want btc.

You definitely make a good point and your statement explained the possible reason why the alleged fund which was said to be over 1 billion turns out to be 1.5 million were recovered. But, sooner or later the reason why the fund recovered was incomplete will come to light.

That's a lot of money to have — poor people who invested and tried to gamble with their money. I'm researching on what and how they could be doing it, but I haven't seen much. They have it unnamed, but 330K people are registered on that particular website, what could that be? I had some google translation done and have seen that there are numerous gangs, people, and 70 applications that are somehow connected to that gambling platform. It's wrong to do something out of the jurisdiction or something.

FIFA is a big sport to bet on. Might as well make it on a legal gambling site.

Yes specially in Asian countries craze over soccer and cricket is huge which also create urge of betting on those games either to have some fun or make some money not millions in most of the cases. It used to be quite easier for people from Asian countries to bet on games through sportsbook that accepts crypto and you could bet anonymously but with increasing KYC and AML policies placed in licensed crypto casino remaining anonymous is really hard nowadays. I still remember old days when I used to bet a lot using directbet which is no more online  >:(

I agree on taxing online gambling rather than making it illegal.

I don’t think this is a surprise. FIFA are corrupt from the very top, down. There are always stories of officials getting caught for being corrupt. It’s the same in all sports though & probably in all walks of life. Where there is money there is deceit, lies & corruption.

Nothing's new when talking about a bigger bag of monies, there is always a corruption everywhere not just in bigger companies but also in a smaller one. No matter what we do as long as the money walk the talks there are people who are willing to take it despite talking about their dignity.

What is responsible for this?  Could it be because cryptocurrency and gambling are illegal in China. Or the gambling centers broke other rules?
 
Am surprised cryptocurrency remains popular in China despite the government banning it.

The organizers had no luck. 1.5M dollars is one huge money. Probably the organizers run the platform or betting in an illegal manner. This is why it is very important to run a business with business permit from the government so that the assurance of operating the business will be high to which it could build up also the confidence of the user of that said platform.

Good luck on organizers probably they will put to jail and suffer the consequencies.

If crypto is ban in china and someone found bitcoin betting happening somewhere, they have right to seize and get control of all the funds.
I do not think that gambling is prohibited in china.

If they are involved in any illegal business, they should be punished so that other people refrain from starting such scamming activities in future. If the scammers are caught and punished, people will stop the illegal activities.

Illegal activities will always be here. If scammers can see the loopholes surrounding the system, they will attack it. They will only stop once they are caught by authorities. But who knows, they can bribe those authorities with huge amount of money to avoid jail time? Most of the time, we don't know the happenings after they are caught. They might be out of jail after few days because they can afford to bail.

Any violation or opposing law do have corresponding punishment attached with it.Any illegal things done will be cracked down and all things being used

 would be seized so theres nothing new here because even this thing doesnt tagged up with crypto or just simply talks about fiat money then as long it violates then its always considered as illegal in all aspects.

Well, it is not the first time, and certainly not the last time. Everywhere where illegal big money could be made always be some illegal activity. The function of the state is to find and punish it

1.5 m currency and 1.5 billion person, it would appear to be a tiny amount by most basic standards.   They'd need a bust like this every day to have said to be altering the market really much at all.    Its part of history now that USSR empire every day banned use of dollar for trading and every dollar was used in the black market to great effect.   Some might have starved if they had no access to the free market at all, I imagine its not that much different in China now.

I always expect this kind of news. It is normal in the world. Watching how they seize the money is normal specially if it is really illegal. In my country, there are many cases like that. Police raided illegal online gambling and betting site. However, in our scenario most of the criminals are foreigners.
That is a huge amount of money, I just don't know if clients will be compensated. Will they?

This is just a small amount of money if you compare this into other illegal gambling, we know that there’s a lot of black market around us and the job of the agencies is to find them and put them on jail. If its done on cryptomarket, it will be hard to find them. FIFA is a huge event, they just take that as advantage but failed to work secretly.

Absolutely outrageous. The state is always finding excuses to steal from the people :@

Yes, that is a huge money they can get from them. But I don't think that it will stop gambling games because people could still play gambling from another country. I believe in the future, there will be another story like that and we will see bigger money than this which is using for gambling. I hope that people are not judging cryptocurrency for being used for gambling games. We could still use cryptocurrency for good things, and people will see that.

This is really a worry for China government that inspite of a ban still people are using and very popular among the youth of the country. They would either have to frame laws so that they can use it or curb so that it is out form that country. It is quite shocking to read it.