The Gamban Company recently caused a stir when they blocked crypto trading sites. GamStop is a regulated gambling website in the UK, and it offers users various options to restrict their game. For example, one may be restrictions on the amount of currency that can be deposited or withdrawn as winnings.
As the number and level of gambling platforms increase, the quality and impact of different programs and tools to block online casinos and bookmakers are also increasing. The first case of this kind was the controversial ruling by the Gamban Company, a crypto trading platform that blocked gambling even though it only engaged in trading.
The government’s decision to ban crypto trading operations on various platforms and websites surprised many. Earlier, the program provided various tools to restrict the game, but now users have no access to crypto. The company’s analysis and research revealed a link between gambling and cryptocurrency, which is why they made this move.
Crypto trading and gambling are usually unrelated, but there is a similarity. The outcome of an online slot machine, lottery or casino is determined by chance or random factors, while cryptocurrency trading is also affected by these variables and involves analyzing information and making informed decisions based on financial performance or market trends.
GamStop is one of the most popular self-exclusion programs available for gamblers. The UK Gambling Commission has developed this program, which is compatible with all their licensed platforms and includes all UK-regulated gambling sites. Players can choose to be excluded for a certain period of time from all platforms operating under UKGC licensing, with a minimum of six months and a maximum of five years.
Though many trusted online casinos are not on GamStop, the self-exclusion tools of this program are still stronger than those of other sites. Therefore, it is recommended to players who play responsibly and don’t gamble at casinos for money.
So far, the company only provides access to traditional online gambling sites. But as crypto trading trends are growing rapidly, it is likely that the companies will take some action. One of the possibilities is to limit the amount of money that can be deposited or withdrawn. In other cases, there is little choice but to block the crypto segment.
The debate about the correctness or wrongness of this choice may go on for a long time, but Gamban has already taken all the necessary measures. It is difficult to determine the exact relationship between risks and their severity, and therefore, it is clear that gambling regulators are not in a hurry to create new rules.