Russian Gambling Operators Move To Bitcoin As Banks Pressurised

With the Russian government cracking down further this year on illegal online gambling operators are now turning to Bitcoin as their only possible source of deposits and payments to customers.

Since January this year the Russian central bank has squeezed payment providers to cease offering their services to illegal sports betting companies, indeed both Qiwi and Yoo.Money have had their facility to offer their depositing facility to foreign companies suspended in an attempt to stop those online gambling firms working in Russia.

It is being reported that some ten banks now have had or facing sanctions if supplying foreign companies with payment services. It is a clear move by the central bank and the government to cut the money flow line to those operators.

So far two smaller banks which offered those services, Fintekh and Onego have had their banking licenses removed.

All this has prompted the online gambling operators to move to Bitcoin deposits and payments only, some operators who have the ability with on the ground agents are taking cash payments and paying out in cash also.