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Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: xeroz on July 15, 2018, 03:48:56 PM

Title: What do you think about "Police Seize $1.5 Million in Crypto in China"?
Post by: xeroz on July 15, 2018, 03:48:56 PM
Police Seize $1.5 Million in Crypto During FIFA Gambling Crackdown

Local police officials in China seized more than $1.5 million worth of cryptocurrencies as part of a crackdown on gambling during the 2018 FIFA World Cup.

Chinese state-run media outlet Xinhua reported on July 11 that authorities first noticed the unnamed gambling platform in May following advertisements that claimed it would "accept international recognized cryptocurrencies including bitcoin, ether and litecoin" in order to draw in users. An investigation was launched soon after, according to the outlet.

The special investigation team discovered that the site, based overseas, utilized a traditional online gambling model coupled with cryptocurrency payments. Xinhua cited "regulatory loopholes" by which the site was able to secure profits by hiding proceeds using those currencies.

All told, over the course of eight months, some 333,000 users used the site, which reportedly saw an estimated transaction volume of at least $1.5 billion.

Now, authorities have arrested six organizers of the site and confiscated $1.5 million worth of cryptocurrencies as well as $750,000 in renminbi deposits from their bank accounts.

A spokesperson from the police department in Guangdong province said that the task force will continue working to"maintain a highly concentrated attention" on cracking down online soccer gambling and advised soccer fans to watch the games "rationally and consciously."

Source: https://www.coindesk.com/police-seize-1-5-million-in-crypto-during-fifa-gambling-crackdown/
Title: Re: What do you think about "Police Seize $1.5 Million in Crypto in China"?
Post by: CryptoZenWorld on July 15, 2018, 04:01:38 PM
I don't know what to say about this news. As far as I know, gambling is allowed everywhere now. But the gambling site must have to be legit or authorised by law or govt. I think that is the reason why they have been arrested.

Also, it is important to check the gambling site legality before joining in any site.
Title: Re: What do you think about "Police Seize $1.5 Million in Crypto in China"?
Post by: xeroz on July 15, 2018, 04:11:24 PM
Quote from: Tusherk800 on July 15, 2018, 04:01:38 PM
I don't know what to say about this news. As far as I know, gambling is allowed everywhere now. But the gambling site must have to be legit or authorised by law or govt. I think that is the reason why they have been arrested.

Also, it is important to check the gambling site legality before joining in any site.

I agree with your opinion, gambling is allowed everywhere but maybe the problem about the legality and authorised by law or gov. 

Thank you so much for your answer.

 :)
Title: Re: What do you think about "Police Seize $1.5 Million in Crypto in China"?
Post by: sibolis on July 15, 2018, 06:32:45 PM
I wonder what are they gonna do with all those coins.


Quote from: Tusherk800 on July 15, 2018, 04:01:38 PM
I don't know what to say about this news. As far as I know, gambling is allowed everywhere now. But the gambling site must have to be legit or authorised by law or govt. I think that is the reason why they have been arrested.

Also, it is important to check the gambling site legality before joining in any site.
Not everywhere, gambling is illegal in many country including China.
Title: Re: What do you think about "Police Seize $1.5 Million in Crypto in China"?
Post by: damsix on August 27, 2018, 05:00:21 AM
as far as I know gambling sites like bet365, sportsbet, maxbet has legal power and is available in several countries.
maybe the sites they have have no legal basis.

and I say, when cryptocurrency is made for gambling, we can't beat the crypto, because it's wrong to have the crypto owner.