BetVIP Switches Payment Processor

BetVIP, an online bitcoin sportsbook and casino, has changed its payment processors as Coinbase suddenly altered its terms of use. BetVIP is the first fully licensed sportsbook that facilitates users to place bets with cryptocurrencies.

A representative of the casino claimed that Coinbase has now prohibited all gambling, whereas initially it only prohibited illegal gambling operations.

Business development manager at Coinbase, Nick Tomaino, said that he was unable to comment on the specifics but said that Coinbase wallets and APIs "are open to use for anyone in the world that operates legally, and the same holds true for gambling businesses", and added, "We haven't explicitly dropped gambling business and gambling is actually a growth opportunity that we are excited about in the future as the regulatory landscape becomes more clear."

Daniel Schwartzkopff, CEO of BetVIP, said that their aim was to bring "transparency and legitimacy" to the digital currency ecosystem that had been "marred with controversy and fly-by-night operators". He confirmed that they will now process the bitcoin payments through Cubits Pay.