The U.S. Department of Justice has charged Google software engineer Michele Spagnuolo with gaining over $1.2 million by using insider information to trade on Polymarket.
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DraftKings to launch crypto-to-cash deposits in 4 states
DraftKings has announced the launch of a new cryptocurrency deposit feature in Illinois, Kentucky, New Hampshire, and Vermont.
During a Massachusetts Gaming Commission (MGC) meeting, DraftKings shared that the new proposal would allow players to fund their accounts with cryptocurrencies, which are converted into dollars for betting.
MGC Chief of the Sports Wagering Division, Carrie Torrisi, said:
“Before this language was removed from the commission’s regulations, DraftKings had been working towards the launch of a new deposit method that would allow patrons to deposit converted cryptocurrency via a third-party platform.”
MGC Chair Jordan Maynard added:
“It’s Kentucky, Vermont, New Hampshire, and I believe Illinois that have allowed this.”
DraftKings planned to launch cryptocurrency deposits in Massachusetts as well, which is the operator’s home state; however, local regulations prevented it.
The policy is in place to address money laundering concerns and digital funds tracing. Based on this, the commission denied DraftKings’ request to use the technology in Massachusetts by stressing the need for strict financial supervision.
The MGC decided that the conversion process from crypto to cash isn’t enough to reduce the risks connected to anonymous transactions. As a result, the operator turned to other jurisdictions that are more adaptable to alternative payment methods in the regulated gambling sector.
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