[WARNING!] For gamblers using coins.ph

[Japinat]

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:)

As suggested by some members here, use this kind of format when gambling.

exchange - electrum - gambling site.
gambling site - electrum - exchange.

The strategy is time-consuming and you also have to pay more charges on transaction fees, but that kind of flow makes your account safer against the rules for illegal gambling activities.

[Fredomago]

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:)

As suggested by some members here, use this kind of format when gambling.

exchange - electrum - gambling site.
gambling site - electrum - exchange.

The strategy is time-consuming and you also have to pay more charges on transaction fees, but that kind of flow makes your account safer against the rules for illegal gambling activities.

Time-consuming and you need to pay extra as you are transferring your coins from different wallets before sending it to your target destinations.

Better to be safe. That's how we all see that, taking the risk and regret your action when the money you are using already been frozen, not a good idea and will only add stress on you.

Balance and think for much safer transactions. It will be all paid off, as you don't need to worry each time you play your favorite gambling games.

[Masplanc]

I tried to send XRP to one of the gambling sites I'm using, but I was prompted with this message.



Therefore I'm suggesting everyone especially from the Filipino community who are constantly transacting from coins.ph to a gambling site/s or vice versa. The BSP is already monitoring us, and if we submit the information and put a gambling site as a recipient, we might be sanction as gambling is illegal in our country and it's part of the TOS of the coins.ph that sending coins to a gambling platform is prohibited.

you may refer to the complete terms of services of coins.ph.

https://site.coins.ph/user-agreement

Prohibited Uses include transactions or activities related to:
(c) Gambling: Online gambling, lotteries, casinos and informal gambling, gaming operations, sports betting, and other games of chance and forms of speculation;

Thanks very much much for this information. It will be a guide to many who have come across it

[bisdak40]

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:)

As suggested by some members here, use this kind of format when gambling.

exchange - electrum - gambling site.
gambling site - electrum - exchange.

The strategy is time-consuming and you also have to pay more charges on transaction fees, but that kind of flow makes your account safer against the rules for illegal gambling activities.

That would be the ideal process of transferring btc but like you said it's time-consuming and entails transaction costs. These are always my problem before when the tx fees were high so I shifted to using XRP for faster transactions and almost no cost of sending them to gambling websites.

If only gambling sites would support smartchain network as to save some fees, that would be helpful to us.

[coin-investor]

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.

Since it's a custodial wallet it's better to properly monitor the incoming and outgoing transactions, they have an agreement with AMLA the money laundering agency, and the worst thing that can happen to you is to have an alarm set for your account, so check your transactions and be sure nothing is coming from dubious sources you can do peer to peer it's safer.

[molsewid]

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".

It's sad to admit it but if things get seriously in matter of taxing people who used cryptocurrency in Philippine then we don't have any other choice but to follow the law. With the current economic crash of the country the government were definitely conducting a serious study about it and because they could set it as a means of one of the sourcing fund of the country since there's still a few business establishments could open their businesses. One of the way they could control those people who used crypto is through the government regulated local exchanges where we transact our assets to convert into fiat.

[Cling18]

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".

It's sad to admit it but if things get seriously in matter of taxing people who used cryptocurrency in Philippine then we don't have any other choice but to follow the law. With the current economic crash of the country the government were definitely conducting a serious study about it and because they could set it as a means of one of the sourcing fund of the country since there's still a few business establishments could open their businesses. One of the ways they could control those people who used crypto is through the government-regulated local exchanges where we transact our assets to convert into fiat.

Our country is in deep debt and because of the upcoming election, corrupt politicians are doing everything to tax even crypto users just to increase their revenue. It's a sad reality that we have to suffer because of the type of government that we have. It wouldn't be hard to pay for taxes like this if we know that our money would go to appropriate allocation and not in their own pockets.

[slaman29]

As suggested by some members here, use this kind of format when gambling.

exchange - electrum - gambling site.
gambling site - electrum - exchange.

The strategy is time-consuming and you also have to pay more charges on transaction fees, but that kind of flow makes your account safer against the rules for illegal gambling activities.

It's really not time consuming actually, especially these days when fees are 1 satoshi only (not that it matters w/d from an exchange). But yes, from an exchange especially, always send to your own wallet because they will sometimes ask for proof of ownership (which is easy to do with screenshot or signed).

I would even not link immediately the same input from gambling - electrum - exchange

[Sanitough]

As suggested by some members here, use this kind of format when gambling.

exchange - electrum - gambling site.
gambling site - electrum - exchange.

The strategy is time-consuming and you also have to pay more charges on transaction fees, but that kind of flow makes your account safer against the rules for illegal gambling activities.

It's really not time consuming actually, especially these days when fees are 1 satoshi only (not that it matters w/d from an exchange). But yes, from an exchange especially, always send to your own wallet because they will sometimes ask for proof of ownership (which is easy to do with screenshot or signed).

I would even not link immediately the same input from gambling - electrum - exchange

It's not the safest if you don't want to get linked, at least that's the way to mask your real transaction a bit so no questions will be thrown to you. Yes, the fees now are very cheap, you can make transactions more if you want. For gamblers who really want to ensure their privacy or hide the origin of transactions, then it's wise to use a bitcoin mixer, I'm sure the regulators will have a hard time tracing your transactions if you ever get investigated.

[mirakal]

As suggested by some members here, use this kind of format when gambling.

exchange - electrum - gambling site.
gambling site - electrum - exchange.

The strategy is time-consuming and you also have to pay more charges on transaction fees, but that kind of flow makes your account safer against the rules for illegal gambling activities.

It's really not time consuming actually, especially these days when fees are 1 satoshi only (not that it matters w/d from an exchange). But yes, from an exchange especially, always send to your own wallet because they will sometimes ask for proof of ownership (which is easy to do with screenshot or signed).

I would even not link immediately the same input from gambling - electrum - exchange

It's not the safest if you don't want to get linked, at least that's the way to mask your real transaction a bit so no questions will be thrown to you. Yes, the fees now are very cheap, you can make transactions more if you want. For gamblers who really want to ensure their privacy or hide the origin of transactions, then it's wise to use a bitcoin mixer, I'm sure the regulators will have a hard time tracing your transactions if you ever get investigated.

I'm not an expert, but what if they trace the transactions were coming from a bitcoin mixer and they will make mixers illegal like other countries did.
I think this article would explain that mixers is dangerous as it could be use for money laundering though the purpose of the mixers are for anonymity, but you can't control how the regulators are thinking as they always see the risk.

https://coingeek.com/bitcoin-mixers-are-illegal-and-anonymity-is-dangerous/

Bitcoin Mixers are illegal and anonymity is dangerous

As we mentioned a few days ago, Ohio resident Larry Harmon was arrested and charged last week after operating the Helix coin mixing (or coin tumbling) service, and the Grams darknet market search engine. This reminds us of two things: that operating such Bitcoin mixers are illegal even if you don’t touch illicit goods directly, and that Bitcoin is not for anonymous transactions—nor was it ever intended to be.

Harmon has been indicted for money laundering conspiracy, operating an unlicensed money transmitting business and conducting money transmission without a District of Columbia license (even though he didn’t live in D.C.). The government didn’t need new laws to make the arrest, they’ve existed for a long time.

[Quidat]

It's not the safest if you don't want to get linked, at least that's the way to mask your real transaction a bit so no questions will be thrown to you. Yes, the fees now are very cheap, you can make transactions more if you want. For gamblers who really want to ensure their privacy or hide the origin of transactions, then it's wise to use a bitcoin mixer, I'm sure the regulators will have a hard time tracing your transactions if you ever get investigated.

They wouldnt really come into that point unless if there are big transactions or funds inside your local wallet which it turns out that rings a bell and might consider for some verification or investigation
but its not actually a bad suggestion since mixers are really the best way on mixing your coins for you on not to be traced but honestly they wont really be that too on having in-depth search
on just having 1 or initial transaction which is pointing out on a personal wallet which i could say that i would prefer something like this over hassling yourself on mixers.

[sunsilk]

Since it's a custodial wallet it's better to properly monitor the incoming and outgoing transactions, they have an agreement with AMLA the money laundering agency

Most registered exchanges have to take care of their business and that's why implementing this to avoid being flagged by AMLA/AMLC. It's said by the law and they're also follower of the ruling of the government.

and the worst thing that can happen to you is to have an alarm set for your account, so check your transactions and be sure nothing is coming from dubious sources you can do peer to peer it's safer.

And you'll be questioned if you're not careful with your transactions using your account from them. Worst is that you have to answer their interview and tell things that you don't want to say.

[Japinat]

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:)

As suggested by some members here, use this kind of format when gambling.

exchange - electrum - gambling site.
gambling site - electrum - exchange.

The strategy is time-consuming and you also have to pay more charges on transaction fees, but that kind of flow makes your account safer against the rules for illegal gambling activities.

That would be the ideal process of transferring btc but like you said it's time-consuming and entails transaction costs. These are always my problem before when the tx fees were high so I shifted to using XRP for faster transactions and almost no cost of sending them to gambling websites.

If only gambling sites would support smartchain network as to save some fees, that would be helpful to us.

For now it could be convenient since the fees are cheap, but as the market gets more congested and we still continue to gamble, we will suffer the high transaction fee and we have no choice but to shift to altcoins, and in that matter, electrum will not be useful anymore.

It's not the safest if you don't want to get linked, at least that's the way to mask your real transaction a bit so no questions will be thrown to you. Yes, the fees now are very cheap, you can make transactions more if you want. For gamblers who really want to ensure their privacy or hide the origin of transactions, then it's wise to use a bitcoin mixer, I'm sure the regulators will have a hard time tracing your transactions if you ever get investigated.

They wouldnt really come into that point unless if there are big transactions or funds inside your local wallet which it turns out that rings a bell and might consider for some verification or investigation
but its not actually a bad suggestion since mixers are really the best way on mixing your coins for you on not to be traced but honestly they wont really be that too on having in-depth search
on just having 1 or initial transaction which is pointing out on a personal wallet which i could say that i would prefer something like this over hassling yourself on mixers.

Well, that might trigger an investigation as it's a red-flagged if an account suddenly receives a huge amount, not on its normal daily averages, the exchange might ask you where the money is coming and that would make you in trouble as you can't say it's from a gambling site since it's illegal.

We just have to be aware of this possible scenario so we will just slowly transact an amount to our coins.ph until we send everything, it doesn't matter if it will take months as long as you are safe from investigation.

[DoublerHunter]

As suggested by some members here, use this kind of format when gambling.

exchange - electrum - gambling site.
gambling site - electrum - exchange.

The strategy is time-consuming and you also have to pay more charges on transaction fees, but that kind of flow makes your account safer against the rules for illegal gambling activities.

It's really not time consuming actually, especially these days when fees are 1 satoshi only (not that it matters w/d from an exchange). But yes, from an exchange especially, always send to your own wallet because they will sometimes ask for proof of ownership (which is easy to do with screenshot or signed).

I would even not link immediately the same input from gambling - electrum - exchange

^ There is still risk even if you will follow the pattern, the pattern is very simple not unless if you will use a BTC mixer for this that surely you are safe and not will be linked to the gambling site to your wallet. If an exchange wants to find a loophole they had a valid reason to freeze your account and probably your fund cannot be able to withdraw. Probably it is recommended as always if we will use mixers if the exchange is very strict or else find a better exchange that did not have strict about where the fund comes from.

[khaled0111]

^^
Personally, I wouldn't recommend depositing directly from a mixer to an exchange. Unfortunately, some exchanges started flagging transactions from mixers as suspicious and I wouldn't be surprised if Coins.ph starts doing the same. Better be safe than sorry!
The question is why do you need to keep your coins in custody of that exchange? If it's to cash out in fiat, then only send the amount you want to cash out and keep the rest (the amount you want to gamble with) in your wallet.

[aioc]

^^
Personally, I wouldn't recommend depositing directly from a mixer to an exchange. Unfortunately, some exchanges started flagging transactions from mixers as sispicious and I wouldn't be surprised if Coins.ph starts doing the same. Better be safe than sorry!
The question is why do you need to keep your coins in custody of that exchange? If it's to cash out in fiat, then only send the amount you want to cash out and keep the rest (the amount you want to gamble with) in your wallet.

Coins.ph keeps changing their rules and the status of their users you have to monitor all your transactions here my coins.ph is still pending because they are asking for a business license coming from SEC or the Mayor's office something that I cannot provide I'm just trading peer to peer or requesting my relatives to trade my coins to our local currency my other alternatives are PDAX and ABRA which is not strict compared to Coins.ph.

[slaman29]

It's not the safest if you don't want to get linked, at least that's the way to mask your real transaction a bit so no questions will be thrown to you. Yes, the fees now are very cheap, you can make transactions more if you want. For gamblers who really want to ensure their privacy or hide the origin of transactions, then it's wise to use a bitcoin mixer, I'm sure the regulators will have a hard time tracing your transactions if you ever get investigated.

Well, most gamblers these days who're concerned about privacy will just use anon-casinos or just spread their betting on a lot of places.

Mixers are always good for privacy, but also depending on the size and tech of the mixer. Currently I think only chipmixer is the one that has the best privacy but personally never tried it as well.

For me though if you gamble and owe taxes, better to pay up.

[Kelvinid]

It's not the safest if you don't want to get linked, at least that's the way to mask your real transaction a bit so no questions will be thrown to you. Yes, the fees now are very cheap, you can make transactions more if you want. For gamblers who really want to ensure their privacy or hide the origin of transactions, then it's wise to use a bitcoin mixer, I'm sure the regulators will have a hard time tracing your transactions if you ever get investigated.

Well, most gamblers these days who're concerned about privacy will just use anon-casinos or just spread their betting on a lot of places.

Mixers are always good for privacy, but also depending on the size and tech of the mixer. Currently I think only chipmixer is the one that has the best privacy but personally never tried it as well.

For me though if you gamble and owe taxes, better to pay up.

Chipmixer is very popular, they have been mixing huge money so there's no problem that you will not be paid, and actually, there are a lot of mixers that have already closed their business but chipmixer is still here, so we can assume that they are not violating any law, I guess.

[Pamadar]

It's not the safest if you don't want to get linked, at least that's the way to mask your real transaction a bit so no questions will be thrown to you. Yes, the fees now are very cheap, you can make transactions more if you want. For gamblers who really want to ensure their privacy or hide the origin of transactions, then it's wise to use a bitcoin mixer, I'm sure the regulators will have a hard time tracing your transactions if you ever get investigated.

Well, most gamblers these days who're concerned about privacy will just use anon-casinos or just spread their betting on a lot of places.

Mixers are always good for privacy, but also depending on the size and tech of the mixer. Currently I think only chipmixer is the one that has the best privacy but personally never tried it as well.

For me though if you gamble and owe taxes, better to pay up.

Mixers help gamblers to hide their identities and I agree with you, depends on how big the amount you need to mix.

small time gamblers will choose non-custodial wallet if they are just using a small amount of money, while whales who's trying to hide
everything will have no problem using a mixer or hardware wallet, which much safer even there's good cost to have one. It fell to your
needs and your capabilities to choose your options.

[Sanitough]

It's not the safest if you don't want to get linked, at least that's the way to mask your real transaction a bit so no questions will be thrown to you. Yes, the fees now are very cheap, you can make transactions more if you want. For gamblers who really want to ensure their privacy or hide the origin of transactions, then it's wise to use a bitcoin mixer, I'm sure the regulators will have a hard time tracing your transactions if you ever get investigated.

Well, most gamblers these days who're concerned about privacy will just use anon-casinos or just spread their betting on a lot of places.

Mixers are always good for privacy, but also depending on the size and tech of the mixer. Currently I think only chipmixer is the one that has the best privacy but personally never tried it as well.

For me though if you gamble and owe taxes, better to pay up.

Mixers help gamblers to hide their identities and I agree with you, depends on how big the amount you need to mix.

small time gamblers will choose non-custodial wallet if they are just using a small amount of money, while whales who's trying to hide
everything will have no problem using a mixer or hardware wallet, which much safer even there's good cost to have one. It fell to your
needs and your capabilities to choose your options.

I have not used a mixer for a while now but I think at the current price of bitcoin now, they will be expensive to use. However, if you are gambling with a decent amount like $1000 and over, then I'm sure you can afford a mixer as it's an added security to you so you will not be trace easily.