Wednesday, 31 May 2023

Crypto News

Gamban blocks crypto platforms: will Gamstop take actions?

Gamban blocks crypto platforms: will Gamstop take actions?

  • Gamban Company has blocked crypto trading platforms.
  • Every regulated gambling site in the UK is part of GamStop.
  • One of Gamstop’s options may be restrictions on the amount of currency that can be deposited or withdrawn as winnings.

As the level of gambling platforms grows, the quality and range of impact of various programs and tools for blocking online casinos or bookmakers grow. The first such case was a controversial decision of the Gamban Company, which blocked crypto trading platforms although they were engaged only in the gambling category.

Gamban block on crypto trading

Gamban`s decision to block crypto trading operations and various platforms surprised many. If earlier the Gamban program was only a part of the gambling ecosystem, providing various tools for restrictions, now users do not have access to the crypto.

The reason for this is the analysis and research by the company, the result of which showed a connection between cryptocurrency and gambling. The community reacted negatively to this decision of the company. Still, the management stated that this was done for the safety of gamblers and that control over the quality of platforms would increase.

Relationship between gambling and crypto trading

Until recently, everything that connected gambling and crypto trading was just a payment method using Bitcoins, Ethereum, and other tokens that could be used to make a deposit. But according to Gamban research, crypto trading includes aspects that can cause crypto addiction and harm the user just like gambling. Among such factors are: taking excessive risks and making impulsive decisions.

On the one hand, gambling, like crypto trading, is usually not connected. In an online casino, slot, or lottery, the result is determined by luck or random factors. But on the other hand, crypto trading is also determined by these factors and involves analyzing data and making informed decisions based on market trends or financial performance.

Gambling and crypto trading is fundamentally different from each other, but it is difficult to argue with the fact that these are “games of chance and luck.”

What is GamStop?

Gamban is currently in the top 3 self-exclusion programs for gamblers. The first place is the development of the United Kingdom Gambling Commission (UKGC) called GamStop.

GamStop is a free program that works with all…

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