Police Seize $1.5 Million in FIFA Gambling Crackdown

[Vaskiy]

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.

[robelneo]

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

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.

[bittraffic]

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

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

AFAIK gambling in China is forbidden by the law.That's why most Chinese gamblers visit Makao,..

^ 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.

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.

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.

[omonuyak]

Wow looks like the Chinese are even using crypto to gamble locally, that's somewhat exciting news. The more use it gets there, the better.

Is there legislation in China about using crypto to gamble or is this just strict government control with no oversight going on?

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.

[Bustart]

Wow looks like the Chinese are even using crypto to gamble locally, that's somewhat exciting news. The more use it gets there, the better.

Is there legislation in China about using crypto to gamble or is this just strict government control with no oversight going on?

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.

[leea-1334]

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?

[swogerino]

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.

[Naida_BR]

Wow looks like the Chinese are even using crypto to gamble locally, that's somewhat exciting news. The more use it gets there, the better.

Is there legislation in China about using crypto to gamble or is this just strict government control with no oversight going on?

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.

[suzanne5223]

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.

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.

[Oilacris]

Wow looks like the Chinese are even using crypto to gamble locally, that's somewhat exciting news. The more use it gets there, the better.

Is there legislation in China about using crypto to gamble or is this just strict government control with no oversight going on?

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.

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.

[Soots]

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.

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.

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.

[FanEagle]

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.

[Shinpako09]

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.

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.

[hulla]

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.

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.

[crwth]

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.

[mobnepal]

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?

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.

[DeathAngel]

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.

[Oceat]

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.

[Ucy]

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.

[jademaxsuy]

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.