Australia Cracks Down on Online Gambling with Crypto and Credit Card Ban

IconCryptoNewsTerminal Staff11 Jun, 2024

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Australia Cracks Down on Online Gambling with Crypto and Credit Card Ban

The Australian government has taken a strong stance against online gambling by implementing a ban on cryptocurrency and credit card payments on gambling platforms. This move is part of a broader effort to tackle "betting-induced harm" in the country. This ban is a significant blow to the online gambling industry in Australia, as cryptocurrency and credit cards are widely used payment methods. Platforms that fail to comply with the ban could face severe penalties, including fines of up to $155,000. The Australian government's decision follows similar measures taken by other countries in recent years. In 2020, the United Kingdom banned the use of credit cards for online gambling. The aim of these bans is to reduce the accessibility and appeal of online gambling, particularly for vulnerable individuals. The ban on cryptocurrency and credit card payments is expected to have a significant impact on the online gambling landscape in Australia. It remains to be seen how the industry will adapt to this new regulatory environment. ```

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