Some Advice for Stake Bosses.. Release player funds.

[ByteMeTwice]

Big fine for demanding KYC before releasing withdrawals

https://www.theguardian.com/society/2023/jan/18/tonybet-fined-regulator-online-betting-id-checks-terms?CMP=share_btn_tw

 

"TonyBet also told winning punters their cash could be confiscated
if they did not provide anti-money laundering documentation within 30 days.
While the business demanded that winners went through such hurdles to collect,
the commission found it failed to conduct adequate risk assessments of the business
being used for money laundering and terrorist financing, or put controls in place to stop such activity.

Nick Goff, a professional sports bettor and former industry professional, said:
“It is long overdue that firms were punished for this practice.
It has been happening routinely at a lot of firms for a few years now."

 

Hopefully those of you with suspended account and confiscated funds will find some redress now

Unfortunately it appears that Stake may  have covered their asses should cases like this come before any regulatory body.

Or they may very well think they have:

The UK license for stake.uk.com isn't held by Stake.  It's registered to TGP Europe.
https://www.gamblingcommission.gov.uk/public-register/business/detail/domain-names/38898

This insulates Stake.com from any breaches of licensing, while protecting stake.uk.com from the Antics and abuses of Stake.com

[youcheckibet]

Interesting. Most these sites can afford these fines, it is nothing to them though.

[ByteMeTwice]

18 hours ago, youcheckibet said:

Interesting. Most these sites can afford these fines, it is nothing to them though.

It's not so much the fines that scare them..

It's the black mark on their License and the probability that details will be passed on to the data protection authorities, then fines run into 10's of millions + a percentage of their Global revenue

 

17 hours ago, Minstyya said:

You cant withdraw your balance without kyc?

Stake have started withholding fund an suspending accounts for some reason or another.