Popular bitcoin gambling site SatoshiBet has announced that it will now restrict US customers from accessing its platform.
SatoshiBet said its legal team advised it to avoid the US market entirely to reduce potential legal exposure, adding:
SatoshiBet founder Adrian Scholz told CoinDesk that any US customers who had funds deposited on the site at the time of the lockout should contact the company for instructions on how to receive funds.
A proactive move
In its announcement, SatoshiBet stressed that the move is unrelated to any government action or investigation. Rather, the company said, it is looking to stave off any potential future conflict given its past activity in the US market.
The company explained:
SatoshiBet added that it has never handled any currencies other than bitcoin, ostensibly in an effort to distance itself from any action that could make the company run afoul of money transmission regulations in the US.
Customer funds accessible
The move will also likely affect the popularity of the website, as Scholz told CoinDesk that roughly 20% of its traffic comes from sources in the US.
Still, he indicated that the company is seeking to end its involvement with customers responsibly. He said all balances belonging to US customers will be returned upon request, saying:
He added that SatoshiBet could one day return to the US market, but such a move would only happen if enough legal security is established in the future.
“We of course hope that at some point in time sufficient clarity is established by lawmakers, that perhaps allows us to reenter the market,” Scholz said.
Image via SatoshiBet, Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.