Quote:
Originally Posted by RickRaus
Does that mean then, if you use a bit coin ATM, or you use Bit coin and transfer from blockchain directly to your bank account and declare all your earnings it is 100% legal? Or does it become illegal the second you use a US bank in ANY WAY whatsoever?
Assuming you are declaring everything legitimately and accurately on your taxes does this mean the only legitimate way to process the payments is via bitcoin atm, because taking a foreign check and cashing it would still be illegal cause the bank is unknowingly cashing a "gaming" check?
Any accountants or people with legal expertise would be a gigantic help here.
You missed a key point he was making about the UIGEA. It targets the banks, not individuals. It states that it is illegal for a bank to allow a transaction TO a gambling site. Not that it is illegal for an individual to deposit on a gambling site. My understanding is that it is legal for banks to accept withdrawals FROM those sites, but banks err on the side of caution and just kill all transactions involving gaming sites. They just don't want the risk of the gov't fining them.
So, yeah, technically the only legit way to process your transactions is bitcoin (and even that is gray for the wallets. Just look at how circle and coinbase view gaming transactions), but that just means that if you do it through the bank, you will have to claim it as "sports equipment" or "payment for gay porn web design." Then by doing that, you are committing bank fraud and that is a whole other thing.
Edit: I should add that claiming it as one thing or another is only if they ask. Not all banks will ask every time you deposit a foreign check. Some ask about any check over a certain amount regardless of origin. Depends on how you want to handle that. Some have had luck just telling them "none of your business," but you risk them closing your account because "they have a right to know their customer." There is some good info in the Poker Legislation forum about all of this. Certainly much more accurate and knowledgeable than anything I have written.
Last edited by COKE_MAN; 06-18-2017 at 09:34 PM.