Exchange warning about using crypto for gambling

[GreatArkansas]

I heard one local exchange like this from our exchange, like if your outgoing transaction is worth more than $900 USD, they are asking for some information and putting the transfer on hold, like some information about who the receiver is, etc. I haven't tried this yet, but more likely the same with your case.

I think using an intermediary wallet that you own is a good idea as long as they have already sent it, and they are already safe, but your account could be in danger if they still care on the funds after you transfer it out from the intermediary wallet.

I only think of concern about origin of your deposit fund that is more important for centralized exchange to have good AML enforcement on their exchanges.

They only need to consider about a withdrawal if a receiving address is well known as from a mixer, that is the only case I think possible for triggering their AML bot with withdrawal. For withdrawals to non minder addresses or non sanctioned address, there is no reason for asking such question rather than intention to scam users through AML card.

This makes our life easier and is the true essence of using cryptocurrencies. To be honest, these centralized exchanges also hate this, but the only problem is the government authorities, where they required for sure these centralized exchanges to comply to avoid and prevent these criminal activities.

[mirakal]

I had an experience before in my local exchange where my account was frozen because I sent funds to a gambling site. I haven't thought it was wrong, and even checking their rules did not there. So I wonder when their support will send me a message about the issue and a certain violation. Reading their rule is quite important. We'd be more careful because many exchanges are strictly implementing this. Even if it was not mentioned in their rules, it is much better not to send it directly to any gambling site.

[gunhell16]

This happened to me this week.

Am a sports gambler for many years, I know, it is a vice but my only one and I gamble with my hard-earned money.
This week I received a warning from a big exchange about the fact that I deposited fiat and immediately withdrew to a gambling site.
Well, I have been doing this as well for many years and so far there was no complain from their side.

I am fully KYC'ed with the exchange for some years, they know how much I earn per month and they can easily see that deposited amounts are within my means.


I went checking the terms and conditions and it is true that they do mention internet gambling as one of the prohibited activities.
Thing is, gambling is allowed in my country of residence.
Plus, the gambling sites I use are big known names, with valid licenses, not shady casinos.

Have to be careful now so it seems as for sure I will be monitored thoroughly now.

Did this happen to anyone else?

Would using an intermediary wallet to receive gambling funds be the solution?

In the first place dude, you already know that it's in their terms and conditions that it's forbidden but you still did it. why? because it's been several times that you've been able to transfer without any problems for a while that you've been doing it on their exchange so you still continued and ignored their terms and conditions? Maybe they just didn't notice right away or maybe you've reached their withdrawal limits accumulatively so that's why you noticed.

So the mistakes are yours not theirs, because they know that it's forbidden but you still did it, so you should expect that anytime they can really do
the thing you don't want but you still did it, you get it.

[knowngunman]

This isn't even a question of maybe. He has to stop using that exchange completely for anything and move to another exchange. This time, he should thoroughly read their terms of service to avoid getting into a similar situation again. On a personal note, I have been using a particular exchange for my gambling activities and not once have I received any message from them about my gambling maybe I have to check their ToS first.

Funny how you and the first two replies talk about reading the exchange term of service knowingfully well that majority of us don't care about reading the terms and conditions of the platforms we use daily. This is not just about the exchange but including the gambling platforms we use to pass time. The bold part in your post shows that you haven't read the terms of service of the gambling site you use and you aren't even sure of reading it yet. Unfortunately, we give our consent and agreed to this unknown terms just to proceed and complete our registration on the platforms and this means we have no excuse.

The best thing for Op is to abandon the exchange if he wants to continue gambling using that method of funding his gambling wallet through exchange or he should stop using the exchange to fund his gambling wallets if he wants to continue using the exchange since he's fully KYCed. The exchange was very fair with him for even sending him a warning about terms of service violation.

[goldkingcoiner]

OP, if you would have googled it, you would see that quite a fair amount of users complain about having problems with withdrawing or depositing funds from or to a gambling platform. Some users recommend using an in-between wallet because all the exchange seems to care about is plausible deniability, and they seem to believe that they do not care as long as the funds are not directly connect wallet to wallet.

Although I personally have no experience with this and cannot give you any advise except to stay away from any and every CEX (centralised exchange).