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Virtual Currency › Casinos

Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender... more +
Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency.    less -
Blank Rome LLP

FinCEN Director Emphasizes AML Priorities for Casinos, Sports Wagering, Mobile Gaming, and Card Clubs in Las Vegas Speech

Blank Rome LLP on

As underscored in a recent speech by the director of the Financial Crimes Enforcement Network (“FinCEN”), compliance officers should ensure that their anti-money laundering (“AML”) programs are current with FinCEN’s...more

Dechert LLP

Financial Crimes Enforcement Network, Treasury Department Affirm Regulatory Regime for Convertible Virtual Currencies

Dechert LLP on

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued guidance on May 9, 2019, underscoring the application of the Bank Secrecy Act (BSA) and its implementing regulations relating to money...more

Sheppard Mullin Richter & Hampton LLP

All Bets are On! Gambling and Video Games - How the Evolution of Games Has Led to a Rise in Gambling Concerns

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Recently, there has been a frenzy of legal activity with U.S. gambling laws and the number of gambling-related legal issues with video games. U.S. gambling laws have changed more in the past few years than they have in a long...more

Sheppard Mullin Richter & Hampton LLP

Social Casino Game Found to Be Illegal Gambling

Sheppard Mullin Richter & Hampton LLP on

The Ninth Circuit Court of Appeals reversed a district court’s dismissal of a purported class action and held that a social casino game constituted illegal gambling under Washington law. According to the Court, all online or...more

Sheppard Mullin Richter & Hampton LLP

Another Gambling Class Action Fails – Court Finds Social Casino Games Not Gambling

Sheppard Mullin Richter & Hampton LLP on

A Federal Court in Washington state dismissed a Plaintiff’s class action claims that social casino games using purchasable virtual casino chips constitute gambling under Washington state law. The Court found that the virtual...more

Sheppard Mullin Richter & Hampton LLP

Court Rules Virtual Currency Casino Not Illegal Gambling Despite Secondary Market

Sheppard Mullin Richter & Hampton LLP on

A Maryland court recently dismissed a case in which Plaintiff alleged that a virtual currency casino within a social game constituted illegal gambling, despite the existence of a secondary market for the player accounts. For...more

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