Stake.com does not deem crypto earnings as legal

[coolcoinz]

This is a weird case. It's tough to believe Stake not recognising crypto earnings just like some of the posters above mentioned op which is why proper proof is the only way to clear all of these doubts completely.

If you manage to legitimise your claims, Stake would definitely need to clarify themselves in this case since it's ironic that a crypto casino wouldn't recognise crypto earnings.

I agree especially since Stake runs a signature campaign and they pay something like $200 a month to people who post with their signature. That's a fair amount of money and they should assume that people can work this way for other businesses and then spend the money gambling on their platform. It would be pure hypocrisy if they started banning people for gambling with money they earn on this forum.

I saw OP's screenshot and feel like it's still an open case. We'd need to see the conclusion and the answer from their legal department to know what's really up because the support doesn't seem to know what their final decision will be.

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[seoincorporation]

I have asked support and they have confirmed that they do not deem any crypto earnings as legal and valid source of income apart from income made through mining.

On the link you shared they specify all the Acceptable sources:

You can use one of the following documents to verify your source of funds:

    Salary ( You will need to send us a recent bank statement indicating receipt of your salary or original of your payslip )

    Sales of shared or other investments / liquidation of investment portfolio / bonds ( You will need to send us a bank statement clearly showing receipt of funds and investment company name or interest on bonds received )

    Sale of property ( You will need to send us a copy of the contract of sale and a bank statement showing the proceeds of the sale )

    Inheritance ( You will need to send us a copy of the deceased's will, and a bank statement showing the received funds, along with your current balance )

    Company sale ( You will need to send us a letter detailing company sale signed by a licensed solicitor or regulated accountant on letter-headed paper )

    A Gift from a family member or close relative ( You will need to send us a donor's letter explaining the reason for the gift and the source of their wealth. Also, we will require certified identification documents from donor )

    Winning the Lottery ( You will need to send us a receipt of winnings and documentation e.g. bank statement showing the origin of the funds initially deposited )

    Divorce settlement ( You will need to send us a divorce settlement agreement and bank statement clearly showing receipt of funds )

    Loan ( You will need to send us an executed copy of the loan agreement and a bank statement showing the received funds along with your current balance )

    Mining ( You will need to send us a ledger of the amount of cryptocurrency mined, as well as a wallet address and transaction hash to which the mined cryptocurrency was delivered )

They doesn't only accepts Mining as you mention, maybe you could prove it with your salary, or sales and liquidations.

If your coins comes from and illicit source or if you can't prove where they come from, then it will be a complex situation and your account will stay locked which isn't a nice option. I hope OP can find the right solution.

[fortunecrypto]

This is a weird case. It's tough to believe Stake not recognising crypto earnings just like some of the posters above mentioned op which is why proper proof is the only way to clear all of these doubts completely.

If you manage to legitimise your claims, Stake would definitely need to clarify themselves in this case since it's ironic that a crypto casino wouldn't recognise crypto earnings.

I agree especially since Stake runs a signature campaign and they pay something like $200 a month to people who post with their signature. That's a fair amount of money and they should assume that people can work this way for other businesses and then spend the money gambling on their platform. It would be pure hypocrisy if they started banning people for gambling with money they earn on this forum.

I saw OP's screenshot and feel like it's still an open case. We'd need to see the conclusion and the answer from their legal department to know what's really up because the support doesn't seem to know what their final decision will be.

Their signature campaign has proven that there is a way to make money in Cryptocurrency not just in mining, they should know better, in fact, there are a lot of ways to make money from Cryptocurrency now, especially those developers and freelancers, they should include these niche not only mining.
Since we have a topic about this, it's interesting what the team will have to say on this issue, it's better for OP to include this thread on his case.

[Extrarakeback]

If it's worth claiming (either fund wise or spite wise) have you checked to see if you can file a tax return and if they'll accept one. From what I've read about proof of earnings for the UK, it looks like the second most document that's used for things like this (the first being letters of proof from a person's employer).

Who said he is from UK ?
Also for UK residents they cannot open account at Stake.com.  they can open at another domain stake.co.uk with different regulations.

However  Stake became more strict since the owners made tons of money now all they care about is the legal
Part and the regulations . Aslo since they added the Fiat for deposit or withdrawals  Stake is no more a crypto casino its just a casino that accept crypto

I'm afraid to think you're a little bit too naive IMO. If it was just a matter of regulation, ramanlop0 would have not been allowed to deposit his money there and to gamble it until reaching the platinum 4 rank that requires $2,500,000 to be wagered according to this page https://help.stake.com/en/articles/4793501-stake-vip-program-overview
The bear market has hit many crypto companies, Stake could be one of them and could encounter difficulties to pay out customers winnings now.

IIrik11's comment is right. And we can also wonder why do they accept deposits without asking anything if some origins of them are not valid for them? Why there are only issues for withdrawing those funds?

i wonder though, the crypto earning that they themselves make from all the crypto deposits, do they consider themselves to be illegal too?

because they're not mining either.

i think you the one naive not just naive but im afraid to say you also dump. again i will say there is no access to Stake.com from UK .if you type stake.com in your browser you will be forwarded to stake.co.uk it has different regulations than  the Curacao wich .com use .some people doesn't even know what they talk about . the stake UK branch goes through same regualtion Betfair bet365 or other big UK cainos and no Crypto casinos go through. so shut up if you know nothing.

So for the AML and other things if you use .co.uk stake it will be more strict and it will follow the law in UK .

[Daltonik]

<...>
I have asked support and they have confirmed that they do not deem any crypto earnings as legal and valid source of income apart from income made through mining. This means if you are a service provider, a seller or simply a trade you cannot provide proof of funds at stake as they only deem mining earnings as legal and everything else is illegal and invalid.



I earn my money from trading, selling some services and sometimes airdrops and stake tells me I am invalid

Of course, any earnings are legal if it is officially registered and taxes have been paid from it, so if you are engaged in trading, you must declare it according to the laws of the territory in which you carry out your activities.

[Saint-loup]

@Extrarakeback I don't understand what you are talking about, ramanlop0 has never said he was playing from UK or onto stake.co.uk. Moreover his proof of address has been accepted from what he said, so there is no issue with that obviously.

I agree especially since Stake runs a signature campaign and they pay something like $200 a month to people who post with their signature. That's a fair amount of money and they should assume that people can work this way for other businesses and then spend the money gambling on their platform. It would be pure hypocrisy if they started banning people for gambling with money they earn on this forum.

I saw OP's screenshot and feel like it's still an open case. We'd need to see the conclusion and the answer from their legal department to know what's really up because the support doesn't seem to know what their final decision will be.

Yes I don't understand why they enroll so many people for advertising their casino on this forum if they only accept cryptos coming from Mining at the end, as written in the quote of seoincorporation? Why do they advertise their casino in this section by paying bonuses especially for that instead of the Mining section? Why do they directly pay their campaign participants in cryptos onto their Stake accounts?
For me it really looks like a kind of trap to scam crypto users, they should change their signature and their advertisements ASAP and explicitly say that they only accept cryptos from miners in reality.

ABOUT STAKE
Providing a safe and secure betting experience since 2017, Stake.com is a worldwide leader in crypto gambling platforms for Bitcoin and other cryptocurrencies. Enjoy a fun and easy way to use crypto to gamble on casino games & sports online with Fiat currencies & 8 accepted cryptos, including Bitcoin, Ethereum, Litecoin and more.
[...]

PAYMENT INFORMATION
♦️ Payments are sent in Bitcoin, every Tuesday, directly to the user Stake’s account

[IIrik11]

You can use one of the following documents to verify your source of funds:

    Salary ( You will need to send us a recent bank statement indicating receipt of your salary or original of your payslip )

    Sales of shared or other investments / liquidation of investment portfolio / bonds ( You will need to send us a bank statement clearly showing receipt of funds and investment company name or interest on bonds received )

    Sale of property ( You will need to send us a copy of the contract of sale and a bank statement showing the proceeds of the sale )

    Inheritance ( You will need to send us a copy of the deceased's will, and a bank statement showing the received funds, along with your current balance )

    Company sale ( You will need to send us a letter detailing company sale signed by a licensed solicitor or regulated accountant on letter-headed paper )

    A Gift from a family member or close relative ( You will need to send us a donor's letter explaining the reason for the gift and the source of their wealth. Also, we will require certified identification documents from donor )

    Winning the Lottery ( You will need to send us a receipt of winnings and documentation e.g. bank statement showing the origin of the funds initially deposited )

    Divorce settlement ( You will need to send us a divorce settlement agreement and bank statement clearly showing receipt of funds )

    Loan ( You will need to send us an executed copy of the loan agreement and a bank statement showing the received funds along with your current balance )

    Mining ( You will need to send us a ledger of the amount of cryptocurrency mined, as well as a wallet address and transaction hash to which the mined cryptocurrency was delivered )

what if i found some money lying on the street? i can't gamble with it because i don't know where it came from?

what if it was an anonymous donation by someone? u know someone got rich so they rained a few thousand dollars away?

what if i was cam-whoring and someone send me money to buy nudes but they don't want to send me source of their funds?

what if it was cash gift from your grandfather? is he really going to issue u a donor letter explaining why he gifted it to u and where he got the money from?

what if ur parents died and left u some gold? no wills necessary because ur the only child? and they're antique and u sold 'em and got big bucks? how r u going to prove the source?

what if ur collecting dust from faucets, giveaways, collecting shit-coin bounties, shit-coin airdrops, arbitrage trading, microtasks, staking, etc. u can't keep track of all these?

there are literally 100s of profession where u receive cash payments and there is no paperwork, so does that mean u can't gamble with it?

this is all just bs and ways of confiscating people's money by exchanges and casinos. if they're this diligent then they should ask these questions before allowing the player to deposit the money.

why don't they say we won't allow u to play if u can't provide the source of your funds? it is only after u have won and try to withdraw that they get so worried about these things.

[yahoo62278]

Are they confiscating your funds? Or did they tell you to withdrawal your funds you are no longer accepted on the site? Those are 2 completely different things and the whole scene needs to be painted in the correct light.

[Mahdirakib]

what if i found some money lying on the street? i can't gamble with it because i don't know where it came from?

You should take necessarily steps to return the money to it's owner instead of gambling with that. Everyone will consider it as money laundering if you gamble with the fund what you have found on the street.

why don't they say we won't allow u to play if u can't provide the source of your funds? it is only after u have won and try to withdraw that they get so worried about these things.

I also hate this part of online casinos. Most of the online casino doesn't ask the user to submit these personal documents during registration. But suddenly they apply these terms to some users. I have found at least 30 casinos who reserves the right to ask for the source of funds documents (see here). I doubt that any casino will consider crypto earnings as source of funds. Casino will ask for the bank statement at least.

Are they confiscating your funds? Or did they tell you to withdrawal your funds you are no longer accepted on the site? Those are 2 completely different things and the whole scene needs to be painted in the correct light.

Stake asked the OP to provide his source of funds statement. They have suspended his account and requested for those documents. OP will be able to access his account again if he can successfully go through the verification process.

[aioc]

Stake asked the OP to provide his source of funds statement. They have suspended his account and requested for those documents. OP will be able to access his account again if he can successfully go through the verification process.

This is surprising for all of us, as they only accept profit in mining as the only source of income they can accept in Cryptocurrency when in fact the market is so huge that you can make money in hundreds of ways here in Cryptocurrency, this will not be the last time it will happen because not all gamblers are miners, I believe many of us are traders and investors or developers there is more money to make on these three niches than on mining now, they should have a change of their terms and include other forms of earnings.
Let's see what will be the outcome of this issue, this is interesting to follow.

[cabron]

I am telling my problem and I still love stake but they should change their terms

Well Sorry bout that. I was just suspicious because there were many newly registered users coming to taint casinos. Its amazing to actually see them registered all for posting scam accusation. I guess you're not one.

Stake asked the OP to provide his source of funds statement. They have suspended his account and requested for those documents. OP will be able to access his account again if he can successfully go through the verification process.

This is surprising for all of us, as they only accept profit in mining as the only source of income they can accept in Cryptocurrency when in fact the market is so huge that you can make money in hundreds of ways here in Cryptocurrency, this will not be the last time it will happen because not all gamblers are miners, I believe many of us are traders and investors or developers there is more money to make on these three niches than on mining now, they should have a change of their terms and include other forms of earnings.
Let's see what will be the outcome of this issue, this is interesting to follow.

The problem with this is that mining earnings will not provide a substantial data for authorities to check that they won't suspect something else is happening.  This is related to KYC/AML so Stake will not face issues.

[wxa7115]

I doubt that any casino will consider crypto earnings as source of funds. Casino will ask for the bank statement at least.

Decentralized exchanges are also like that and any regulated institutions. When you're a whale trader and reached a point where they ask for an enhanced verification, you should never tell that your source of funds are from crypto earnings or else it will just complicate things. As long as you don't have documents verifying your source of funds, they won't believe whatever your story is.

We also need to take into account he claims to be a platinum 4 player but he is only verified up to level 3 and he is trying to pass the verification up to level 4, this means that this is something only whales will ever have to go through.

So it makes more sense that in those instances Stake is more strict on their requirements compared to the verification a small gambler needs to pass.

[dataispower]

2 consecutive days of stake attacking threads, doesn't that sound coordinated?

I have somewhat the same issue though with my local crypto wallet that asked my source of funds, they don't accept earnings from online employment agreement which they prefer to look into a salary record with my IDs on it. Maybe they are just complying what government told them. I uninstalled that wallet after it.

Your own case is different from op, in your own scenario government is involved for the process whereby the platform doesn't accept payment with cryptocurrency, and you must provide your identity to show the direction you are earning the money from. So what i want to that did op violent any of the of the rules of stake, and does it have done KYC verification with stake, because if KYC has been done, i don't think that such issues will be raised

[Docnaster]

I doubt that any casino will consider crypto earnings as source of funds. Casino will ask for the bank statement at least.

Decentralized exchanges are also like that and any regulated institutions. When you're a whale trader and reached a point where they ask for an enhanced verification, you should never tell that your source of funds are from crypto earnings or else it will just complicate things. As long as you don't have documents verifying your source of funds, they won't believe whatever your story is.

This is an eye opener to me and it is also telling everyone to go look for job that crypto earnings including trading is not a jobe. I think they did so knowing how volitile the crypto is, that anyone could lose everything. Why they consider mining could be that you have your mining equipment which cost much already and  you Will continue to mine irrespective of the bear or bull of the market.

[Haunebu]

So it makes more sense that in those instances Stake is more strict on their requirements compared to the verification a small gambler needs to pass.

KYC verification for higher level gamblers makes sense for obvious reasons, but asking op to provide his source of funds doesn't really make much sense. Deeming mining as the only legal source of crypto income makes things worse.

Why they consider mining could be that you have your mining equipment which cost much already and  you Will continue to mine irrespective of the bear or bull of the market.

What the heck are you talking about? So many miners end up joining/quitting due to bull/bear market which is why what you stated makes zero sense.

[jrrsparkles]

It seems kind of weird to know that a crypto casino doesn't accept crypto earnings as proof of income unless its coming from mining, just talking based on whats written in their tos.

But as a customer he also has the right to know what should be the procedure for verification for crypto earnings if its from trading, gambling and others. What I believe is the user should submit the tax return document along with bank statement since its high tier.

[Beparanf]

So it makes more sense that in those instances Stake is more strict on their requirements compared to the verification a small gambler needs to pass.

KYC verification for higher level gamblers makes sense for obvious reasons, but asking op to provide his source of funds doesn't really make much sense. Deeming mining as the only legal source of crypto income makes things worse.

Nope, Stake didn’t mention that only mining is acceptable as source fund in crypto. They just do site an example for this case but anything that can have valid proof is ok with them for example trading. He can request for notarized document for his trading history as source of his fund his trading volume is sufficient to tally on the original deposit that he made on the casino account. OP is just making this issue worst by assuming that Stakes on accepts mining as source of income in crypto.

[Saint-loup]

why don't they say we won't allow u to play if u can't provide the source of your funds? it is only after u have won and try to withdraw that they get so worried about these things.

I also hate this part of online casinos. Most of the online casino doesn't ask the user to submit these personal documents during registration. But suddenly they apply these terms to some users. I have found at least 30 casinos who reserves the right to ask for the source of funds documents (see here). I doubt that any casino will consider crypto earnings as source of funds. Casino will ask for the bank statement at least.

You always say it's the same with other casinos when someone is scammed by this one but what are your proofs? You are discrediting all the crypto gambling industry and misleading other users just because one casino is doing bad things to its customers. I'm sorry but I have never heard one casino locking funds of a customer for a so-called bad source of funds after wagering more than $2.5 million there and even getting a dedicated VIP host. Why do they only care about that now, if it's so important that they can't give him back his funds? I don't understand. On Freebitcoin for example, you can gamble as much money as you want, deposit and withdraw funds whenever you want and bet on whatever event you want, you will never get your account restricted and you will never be asked one single personal information(even your name) to withdraw your funds. So all casinos are not doing this kind of things obviously. You said that reputable casinos only lock accounts when customers cheat, but if OP has cheated what his source of funds has to do with it?

No casino will allow you to withdraw always if you don't wager with your deposits. Where you have done it couple of times at Stake (based on your initial post). Every casino will consider it as money laundering activity.

I'm wondering why you are thinking it in this way! No reputable casino will ban your account if you win on your large bets. They will only ban you if you do it by cheating. Stake or any other casino will lock your account if you continuously win on big bets with suspicious activity. They will unlock your account if your winnings are legit.

[Mahdirakib]

~snip~

I have always seen hateful speech from you against Stake. BTW, I thought you have knowledge about the crypto casinos license and KYC requirements, but now it seems like you have no idea about that. You are comparing Freebitco.in with Stake.com! Freebitco is one of those casino who doesn't have gambling license and KYC requirements. Source of funds verification is rarely asked by a casino.

I just shared my opinion here, but you have made an attack on me. I'm platinum 3 VIP at both Stake and Primedice, I haven't submitted any personal documents at those casinos. In the same way, I have wagered millions of dollars at few other casinos. I don't know why Stake has requested the source of funds verification from OP. But I never said that Stake has done the right thing there.

I have previously said you that I don't want to engage in an argument with you (see here). Still you are trying to do it here. Congrats for being the first forum member to get in my ignore list

[coolcoinz]

Stake asked the OP to provide his source of funds statement. They have suspended his account and requested for those documents. OP will be able to access his account again if he can successfully go through the verification process.

If it is so, they're stealing from OP. They have no right to keep his money regardless of whether he can prove it was earned by him through mining or whatever else.
Imagine that he was given this money for free and cannot prove that it's legit, it's still his money. No company has the right to act like a judge and jury and steal that.
I don't know how Stake will approach this but there's only 2 legal ways. Either they accept the money, or return it back to OP.