[WARNING!] For gamblers using coins.ph

[michellee]

Seems to me that they're finally trying their hands on crypto, from what I've heard, the Central Bank of the Philippines (BSP) is now trying to work on the angle of making crypto a part of some sort of business so the tax bureau can tax it without a problem. Now their cracking down on the payment systems too.

The government will not be quiet about what happens to the crypto. If they think that they can take taxes from people who owned crypt, they will do that and make new regulations for crypto users to start collecting the taxes. I am a bit worried about that as the government can use all the ways they can to ask the local exchanges about the report of their user so the government will know who people have the crypto. We know that the government can force the local exchange to send the report to them.

[danherbias07]

A lot of members had given their opinions about it, out of curiosity, what gambling sites did you use?
I've done it before but was never questioned. I think it's because the gambling site is using a pool service or because it is in Bitcoin.

Using XRP and looking at the transaction you could see the name of the company who owns the address unlike in Bitcoin there is no such thing, please do correct me if I am wrong. I think that is why they traced where your funds came from. It would be better to walk it through an exchange first before Coins.ph.
Yes, it's cheap with XRP but that's the issue because it's somehow centralized unlike sending with Bitcoin if you are willing to pay for fees.

[Kong Hey Pakboy]

-snip-

Nope, there is no relationship between "Axie Infinity" and restricted gambling activity.

Is all depends on the regulation and laws of the county exchange operating, some of them cannot take any gambling transaction mosthly for the country who really restricted about gambling maybe on some countries who have idolized religion.

What I was asking about was how come they are doing it now? I mean crypto gambling with the use of coins.ph has been done a long time so why right now? Pretty sure that these things aren't all a coincidence because a lot of hype behind crypto has been increasing in my country in the past few months.

[Reatim]

A lot of members had given their opinions about it, out of curiosity, what gambling sites did you use?
I've done it before but was never questioned. I think it's because the gambling site is using a pool service or because it is in Bitcoin.

Using XRP and looking at the transaction you could see the name of the company who owns the address unlike in Bitcoin there is no such thing, please do correct me if I am wrong. I think that is why they traced where your funds came from. It would be better to walk it through an exchange first before Coins.ph.
Yes, it's cheap with XRP but that's the issue because it's somehow centralized unlike sending with Bitcoin if you are willing to pay for fees.

While you are right in bitcoin is more safer than XRP yet the risk of being banned is there , why risk your account and funds when you can at least prevent this from happening ? reading the terms of service of coins.ph they clearly mentioned about prohibiting users from using their wallet/site in gambling activities meaning this is a clear warning and besides there are many option to do than directly sending funds from their wallet to gambling sites.
it is much better to learn following the rules or being banned and feels the bitterness later.

[Coin_trader]

-snip-

Nope, there is no relationship between "Axie Infinity" and restricted gambling activity.

Is all depends on the regulation and laws of the county exchange operating, some of them cannot take any gambling transaction mosthly for the country who really restricted about gambling maybe on some countries who have idolized religion.

What I was asking about was how come they are doing it now? I mean crypto gambling with the use of coins.ph has been done a long time so why right now? Pretty sure that these things aren't all a coincidence because a lot of hype behind crypto has been increasing in my country in the past few months.

Coins.ph ToS includes the prohibition for gambling activities since they start operating. They just strongly imposed there terms right now because crypto in general is gaining a lot of attention to government due to the huge sum of money that didn't have a tax.

I read your previous comment that stating crypto can't be taxed. Technically this is true when we are talking about direct taxed but they can always find a way to still get the tax for crypto by regulating exchange and other place that has a cash-in and cashout operation to fiat because of banks. There is is no way you can evade as long as you are converting it to fiat unless a face to face transaction. US is the best example for this topic.

[Betwrong]

Guys, if you don't want troubles you should never withdraw from an exchange to a gambling site and vise versa. It can be allowed today, and tomorrow you'll encounter such a headache during the process, like I did a couple months ago, which I wouldn't wish on anyone. I mean, in the past it was easy, I've done it many times, and I did it in the beginning of this year even, but from my own experience, and from what I read on this forum - don't do it.

They allow you to do the transaction but that doesn't mean it's allowed under the law, if you are making a violation of the law, eventually they will see it and you will pay the consequences of your mistakes. Just like making a crime, we might not be caught now but that doesn't exempt us from not paying our mistakes today if we get caught in the future.

I wasn't talking about people involved in any criminal activity, no.

What I mean is that even if you are a law abiding citizen, and even if you try to withdraw a not that big amount, like $100, you can still end up in troubles in a form of very strict KYC, which very hard to pass. It happens because by some laws withdrawing from a gambling site to an exchange considered a suspicious activity, and gambling sites obliged by the law to perform KYC verification in this case.

[Kong Hey Pakboy]

~~~

Coins.ph ToS includes the prohibition for gambling activities since they start operating. They just strongly imposed there terms right now because crypto in general is gaining a lot of attention to government due to the huge sum of money that didn't have a tax.

I read your previous comment that stating crypto can't be taxed. Technically this is true when we are talking about direct taxed but they can always find a way to still get the tax for crypto by regulating exchange and other place that has a cash-in and cashout operation to fiat because of banks. There is is no way you can evade as long as you are converting it to fiat unless a face to face transaction. US is the best example for this topic.

Didn't know that, I don't use them for gambling and I don't read ToS so it's a new knowledge to me but wouldn't that be a coincidence that they're imposing it much stronger right now. I don't think that it would be fair that they will try to find a way to tax crypto when there's clearly no way it can be taxed right?

[Maslate]

~~~

Coins.ph ToS includes the prohibition for gambling activities since they start operating. They just strongly imposed there terms right now because crypto in general is gaining a lot of attention to government due to the huge sum of money that didn't have a tax.

I read your previous comment that stating crypto can't be taxed. Technically this is true when we are talking about direct taxed but they can always find a way to still get the tax for crypto by regulating exchange and other place that has a cash-in and cashout operation to fiat because of banks. There is is no way you can evade as long as you are converting it to fiat unless a face to face transaction. US is the best example for this topic.

Didn't know that, I don't use them for gambling and I don't read ToS so it's a new knowledge to me but wouldn't that be a coincidence that they're imposing it much stronger right now. I don't think that it would be fair that they will try to find a way to tax crypto when there's clearly no way it can be taxed right?

Good thing that you are not using their service for your gambling activities,

For sure, if you got caught in between you don't have any choice but to accept the fact that you need to comply with these rules since it's been there written inside their ToS. If I remember it right, they've just undergo to maintenance might be a preparation for more strict
implementation of any government rules. That's include taxing any other things around..

And they found stricter now and they keep asking to update our personal information for verification. What I think now is that the coins.ph is working with the government and they are gathering information on those who often use this custodial wallet and might soon they ask for tax fees. And this gambling restriction is a part of their upgrades. It is a need for us to be aware of this otherwise we can be one of those accounts that has been lock due to violating the rules and TOS.

[adzino]

Didn't coinbase do the same thing before? I mean, if I remember correctly, using coinbase back then for making any transaction related to gambling activities would mean that you are breaking their terms of service and your account would get blocked. Your exchange probably knows which hot wallet belongs to which casino. Hence they know where you are sending those coins too. Or maybe because you are using XRP (centralized af). You can still use that exchange. Just send the coins to a non custodial wallet before sending it to an exchage.

[Kittygalore]

What's the difference now, didn't they already have this rules in their Terms of Service? What's the big difference to this one anyways? Much more strict or much more monitored. I don't really know what's going on with Coins doing this but I don't mind that.

[Mahanton]

Didn't coinbase do the same thing before? I mean, if I remember correctly, using coinbase back then for making any transaction related to gambling activities would mean that you are breaking their terms of service and your account would get blocked. Your exchange probably knows which hot wallet belongs to which casino. Hence they know where you are sending those coins too. Or maybe because you are using XRP (centralized af). You can still use that exchange. Just send the coins to a non custodial wallet before sending it to an exchage.

For a local wallet which is highly that centralized then its no surprise that they would really be restricted nor prohibits on dealing with gambling transactions and yes i did remember on what
Coinbase taking in talks about this where you shouldnt really tend to attach or making transactions in related to gambling because that would surely a violation into their tos and once find
out or get caught then for sure you would really be blocked or banned on using the service. Any appeal? possible but its less likely for you to be reconsidered.
So always follow your government rules and regulation since these platforms are just following on whats mandated.

[ryzaadit]

-snip-

Most of the reason is follow the regulation and law on which country the exchange is running.

Let's say for my case, In "Indonesia" gambling is really probithed you can go to jail if got caught doing gambling activity even in real-life. That's the reason most people gamble by online in here, that's would be scenario case for the exchange if they operated on some country who accepted gamble activity.


What @danherbias07 is correct, In XRP you can make a custom name of your address. My issue while the exchange can't credited the balance is also with "XRP" coin while other coin don't have any problem at all, while I check on the explorer the sender address have customer name "STAKE".

[fortunecrypto]

 I don't use them for gambling and I don't read ToS so it's a new knowledge to me but wouldn't that be a coincidence that they're imposing it much stronger right now. I don't think that it would be fair that they will try to find a way to tax crypto when there's clearly no way it can be taxed right?

They will have a hard time taxing them unless the local exchange will chance their terms of service and cooperate with the government to track people who are dealing with Cryptocurrency, this taxing thing will not come out if only these Youtubers and Axie players stop posting their huge earnings, of course, the tax collector in the Philippines will find a way to tax them, it's easy for Youtubers to track them but I don't think it will be easy for Crypto traders.

[Kong Hey Pakboy]

~~~

Good thing that you are not using their service for your gambling activities,

For sure, if you got caught in between you don't have any choice but to accept the fact that you need to comply with these rules since it's been there written inside their ToS. If I remember it right, they've just undergo to maintenance might be a preparation for more strict
implementation of any government rules. That's include taxing any other things around..

Yeah, thankfully I don't use them but I do use them for cashing out with my other cryptocurrencies. And now that the government is trying to monitor their movements, I guess I'll have to find a new one that I have to use to avoid those pesky tax people, I am not paying taxes because it only lines their pockets.

[lienfaye]

~~~

Good thing that you are not using their service for your gambling activities,

For sure, if you got caught in between you don't have any choice but to accept the fact that you need to comply with these rules since it's been there written inside their ToS. If I remember it right, they've just undergo to maintenance might be a preparation for more strict
implementation of any government rules. That's include taxing any other things around..

Yeah, thankfully I don't use them but I do use them for cashing out with my other cryptocurrencies. And now that the government is trying to monitor their movements, I guess I'll have to find a new one that I have to use to avoid those pesky tax people, I am not paying taxes because it only lines their pockets.

Coins.ph is a custodial wallet so its easy to track the users and get appropriate taxes if the government require them to do so. I only use coins.ph for cashing out purposes as well. One of the reason why im discourage is we cant use it to send/receive money from gambling site and the fact that we dont hold our keys.

[Japinat]

~snip

The government will not be quiet about what happens to the crypto. If they think that they can take taxes from people who owned crypt, they will do that and make new regulations for crypto users to start collecting the taxes. I am a bit worried about that as the government can use all the ways they can to ask the local exchanges about the report of their user so the government will know who people have the crypto. We know that the government can force the local exchange to send the report to them.

But didn't the US tried to do that too? And didn't they failed to make it into a real thing? I am sure that Philippine government isn't a better one when it comes to governance compared to the US govt. Trust me, I know how incompetent they are.

I hope they won't come up with aggressive tax law on crypto as we will suffer from that, taxing what we owned is not fair because most of us buy the crypto we own, and where' the income on that part? Just like an example in a scenario where you buy bitcoin at $50k, and you hold it until the price dump and reach $20k, the question is, are you still gonna pay for the taxes now that you lose a significant amount already in terms of value in fiat?

[Distinctin]

~snip

The government will not be quiet about what happens to the crypto. If they think that they can take taxes from people who owned crypt, they will do that and make new regulations for crypto users to start collecting the taxes. I am a bit worried about that as the government can use all the ways they can to ask the local exchanges about the report of their user so the government will know who people have the crypto. We know that the government can force the local exchange to send the report to them.

But didn't the US tried to do that too? And didn't they failed to make it into a real thing? I am sure that Philippine government isn't a better one when it comes to governance compared to the US govt. Trust me, I know how incompetent they are.

I hope they won't come up with aggressive tax law on crypto as we will suffer from that, taxing what we owned is not fair because most of us buy the crypto we own, and where' the income on that part? Just like an example in a scenario where you buy bitcoin at $50k, and you hold it until the price dump and reach $20k, the question is, are you still gonna pay for the taxes now that you lose a significant amount already in terms of value in fiat?

With how our economy struggle, it's more realistic if we will expect that the government will come up with an aggressive law to increase their revenue, and since the crypto industry is growing in the Phillippines, I'm sure they are already studying it now and we might just be surprised that one day law is already created that most of us will disagree.

Whatever the law, just don't mess up with the government as they'll really go after you to make you pay your due which is the "TAX".

[michellee]

~snip

The government will not be quiet about what happens to the crypto. If they think that they can take taxes from people who owned crypt, they will do that and make new regulations for crypto users to start collecting the taxes. I am a bit worried about that as the government can use all the ways they can to ask the local exchanges about the report of their user so the government will know who people have the crypto. We know that the government can force the local exchange to send the report to them.

But didn't the US tried to do that too? And didn't they failed to make it into a real thing? I am sure that Philippine government isn't a better one when it comes to governance compared to the US govt. Trust me, I know how incompetent they are.

Maybe if the government fails right now, but I am not sure if they will not try other ways since the government still has many things to try. Hopefully, that will not be a way to force people who use crypto and I am sure that people who have crypto can solve their problem because they will search for how to protect their crypto from other things that want to know more about them.

[ultrloa]

~snip

The government will not be quiet about what happens to the crypto. If they think that they can take taxes from people who owned crypt, they will do that and make new regulations for crypto users to start collecting the taxes. I am a bit worried about that as the government can use all the ways they can to ask the local exchanges about the report of their user so the government will know who people have the crypto. We know that the government can force the local exchange to send the report to them.

But didn't the US tried to do that too? And didn't they failed to make it into a real thing? I am sure that Philippine government isn't a better one when it comes to governance compared to the US govt. Trust me, I know how incompetent they are.

I hope they won't come up with aggressive tax law on crypto as we will suffer from that, taxing what we owned is not fair because most of us buy the crypto we own, and where' the income on that part? Just like an example in a scenario where you buy bitcoin at $50k, and you hold it until the price dump and reach $20k, the question is, are you still gonna pay for the taxes now that you lose a significant amount already in terms of value in fiat?

With how our economy struggle, it's more realistic if we will expect that the government will come up with an aggressive law to increase their revenue, and since the crypto industry is growing in the Phillippines, I'm sure they are already studying it now and we might just be surprised that one day law is already created that most of us will disagree.

Whatever the law, just don't mess up with the government as they'll really go after you to make you pay your due which is the "TAX".

This is not surprising knowing how big the amount each transaction can be made on a day with all of crypto user everyday and also knowing that many people earning decent profit from it for sure government will make it a ground to implement a taxing system towards crypto users. I don't have a problem on it as long as they will put a protection user a protection against frauds or any exploit then we still earn a good benefits on it.

[slaman29]

Good warning OP but good warning in general to everyone using crypto. Just never ever ever send or receive BTC directly from or to a casino or gambling site to an exchange.

I know Coinbase automatically detects it from their whitelist and I'm sure others do as well.

Always use your own personal wallet as the interface and never let 2 services touch each other:)