Don't Roll the Dice with Crypto Exchange Coinmama Who Bans Sending Funds to Gambling Sites

    Coinmama seems to be taking a hard policy in order to keep track of where coins from the exchange go. Although users make several transactions with different companies and wallets, the exchange would not allow users to send funds to gambling sites. The information was released by a Reddit user a few days ago.

    Coinmama Tracks Users’ Bitcoins

    The Redditor called slimecounty, uploaded a post in which he says that Coinmama is tracking the coins that users move from the exchange. The user shared an image in which Coinmama support wrote that they’ve noticed that virtual currencies connected to the user went to online gambling platforms.

    Coinmama informed that it is in violation of the Coinmama Terms of Use to use digital assets to participate in gambling activities.

    The crypto exchange explained:

    “Buying cryptocurrency for the purpose of online gambling, where forbidden by law, is in violation of the Coinmama Terms of Use. If you wish to continue buying digital currency you need to try another service as, unfortunately, you won’t be able to do it through Coinmama.”

    The user also explained that he moved his funds from wallet to wallet and he made multiple transactions with different companies. The question is how were they able to know where the digital currencies went?

    Another user answered that this is ridiculous and that this goes against everything virtual currencies stand for.

    Coinmama allows individuals and interested users to purchase virtual currencies with credit cards. However, users have been complaining about the decision that the company took regarding users that spend their money on gambling sites.

    Just to put it into perspective, what would you feel if a bank would not allow you to spend your money in the way you want?

    Virtual currencies grew as a way to avoid intermediaries deciding whether you are able to process a transaction or not, and this centralized platform is clearly not following the ethos of the community and the crypto space as a whole. However, if the company’s terms and conditions are in this way, users would not have any other choice more than respecting it and following it.

    Users that want more privacy can simply start using other exchanges, platforms or services in which privacy is taken seriously.

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    Carl T
    Carl T
    Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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