Quote:
Originally Posted by kahntrutahn
Someone already answered your post, but I'd like to clarify. The purpose of the intermediary is so that you can comply with the ToS and the exchange can say that it's not doing business with gambling companies. As such, your Nano S becomes the intermediary wallet between the site and the exchange where you will convert to fiat.
FYI, you don't even have to convert to fiat. You can spend Bitcoin at over 100,000 places online if you so choose.
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Kahn
Kahn,
You've posted a few times about crypto exchanges not wanting to do business with gambling companies and that poker players should use an intermediary wallet to move crypto funds. This is a definite issue for Americans. Any exchange operating in the States is rightly paranoid about the laws surrounding this, and although I haven't read the relevant ToS, your post above suggests that US based exchanges' ToS prohibits dealing with gambling sites. Fair enough. Doing what they can to avoid a DOJ banner being slapped across the screen and it's prudent for US players not to use Coinbase, Gemini etc to deposit directly onto gambling sites.
Because this thread is for Australian players looking for online poker options though it might be worth mentioning that the Australian equivalent of the DOJ isn't concerning itself with the payment processors (including crypto exchanges) that deal with gambling websites not licensed in Australia, as far as I know.
The Australian Government has banned gambling websites that don't have an Australian licence, not the processing of payments to these websites, which is a different situation from what US players are dealing with.
I've used an Australian based crypto exchange (btcmarkets.dot.com) to deposit and withdraw directly to and from offshore unlicensed sportsbooks on at least 6 occasions with zero probs, and there is nothing in btcmarkets ToS to say I can't do that.
I haven't used this exchange to deposit onto a poker site yet (sportsbooks only), but I haven't yet heard or read of any evidence to suggest I'd have an issue if I did.
Would be interested in others' experience regarding this?