Vera&John suspends Bitcoin payment facility
Operator halts Bitcoin transactions "until a regulatory infrastructure is in place" after talks with Malta regulator
Vera&John has suspended its Bitcoin payment solution due to regulatory concerns following talks with Malta’s Lotteries and Gaming Authority (LGA).
The news comes just three months after the Malta-licensed operator claimed to be the first regulated online casino to accept bitcoins in January this year, with the operator converting Bitcoins to Euros before crediting customer accounts.
However recent concerns regarding the currency’s integrity resulted in discussions between the operator and the LGA, prompting Vera&John to temporarily suspend accepting Bitcoin payments.
“Even with the implementation of controls to combat fraud and anti-money laundering while promoting responsible gambling measures, Vera&John has agreed with the LGA to suspend the Bitcoin payment option until a regulatory framework is in place,” a statement issued by the operator said.
Vera&John, however, confirmed it will continue to take part in discussions with both the LGA and the Malta Financial Services Authority about reinstating the option at a later date, insisting it received “tremendous positive feedback” since implementing the facility.
Since launching in 2008 Bitcoin’s value has surged in value reaching highs of around £700 towards the end of last year, but security concerns and scandals have since seen its price plummet with one bitcoin currently worth £301.4.
In other news:
– Regulation round-up 15 April 2014