The Australian government has announced a ban on online betting with credit cards and cryptocurrencies. The government aims to stop gambling by limiting online betting and banning credit cards connected to digital wallets.
Industry players have been granted a six-month transition period to comply with the ban, after which non-compliant companies could face fines of up to 4,750. The communications watchdog is allowed to enforce these restrictions.
Responsible Wagering Australia, an independent body representing the online betting industry of Australia, has welcomed the decision by the Australian authorities. Its chief executive, Kai Cantwell, has urged the government to extend the ban to a few exempt forms of gambling as well, such as online lotteries, which still allow credit card payments. Cantwell stresses the need for uniform consumer protection measures in all types of gambling to prevent Australians from turning to less-regulated options that could pose higher risks.
The recent gambling reforms, including a betting self-exclusion register, which has already been used by 22,000 individuals. Additionally, starting in September, computer games featuring gambling-like content will be subject to stricter classification standards.
In a related report, the crypto gambling site Stake reported a loss of $41 million in a crypto theft incident. The on-chain analyst PeckShield confirmed unauthorized withdrawals from hot wallets. The stolen assets, comprising various cryptocurrencies, were sent to multiple accounts and swapped on decentralized exchanges (DEX), with the attacker currently holding the assets in Ethereum, BNB, and MATIC.
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