Vera&John pulls the pin on Bitcoin payments

Vera & John casino have announced today that, effective immediately, they will be suspending Bitcoin deposits.

It was only January this year that Vera&John made the decision to embrace the Bitcoin revolution and become the first licensed & regulated online casino to offer the crypto-currency as a deposit option to customers.

The decision to suspend Bitcoin payments comes following discussions with the Lotteries and Gaming Authority of Malta, where the casino is licensed. Seems the LGA want a little more rigor around Bitcoin regulation. Or maybe, like the rest of us, they are still trying to get their heads around what the heck it is, and what risks it poses to users.

Since January we’ve seen the price of a Bitcoin fall from around the (USD) $900 mark to and April low of $400. Who knows where it will be in another 3 months time?

There was also the well publicised collapse of Mt Gox, one of the major Bitcoin exchanges. Mt Gox filed for bankruptcy after saying they had lost 850,000 coins worth over $500 million due to a software bug. They have since found 200,000 of those coins in a “cold wallet” (WTF!), but are still going through the process of a painful and public death with lawyers and administrators the only likely winners to emerge from bankruptcy proceedings. The losers…those who held their coins with Mt Gox just before the collapse. Ouch!

No indication has been given by Vera&John or the LGA as to whether or when Bitcoins might be reinstated. Just the usual vague, casino PR guff…

“Vera&John continuously challenges the status quo to find better ways to deliver a truly innovative, unique and bespoke product to our players.  We listen to what our players want while embracing technological advances. In turn this enables us to continuously deliver a more personalised customer experience to our ever expanding pool of diverse players who are looking for a fun, entertaining and engaging gaming experience.”