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Bitcoin in South Korean Casinos
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South Korea is a country that sees the potential in cryptocurrency and regulates it on a certain level, as you will soon learn. However, online gambling is prohibited in the country and the ban is strictly enforced, so players don't get to legally access online casinos. Players that go around the ban and find ways to access offshore online casinos, though, get access to Bitcoin, to use it for their deposits and withdrawals, mainly as a way to stay off-grid and not be noticed by the authorities. Since players are warned they'll be facing charges if caught gambling online, cryptocurrencies are their only way to try and do it. Luckily for those players, most of the sites that cater to them offer Bitcoin, so if you're such a player, continue reading to find out how to get started and use this crypto across these sites. Why use Bitcoin across South Korean online casinos?
Cryptocurrency Regulation in South Korea
South Korea is an astonishingly beautiful country, with its biggest cities looking as futuristic as they get. The country invests in innovation and it never stops developing, being at the forefront of many industries. Now, as such a forward-thinking country, naturally, South Korea inaugurated crypto. The crypto regulatory framework came into effect in July 2024, even though it was in the making a few years back.
With the aim to protect users, the country has ensured to introduce strict laws and rules for crypto providers to follow. Local crypto exchanges are required to store at least 80% of users' coins in cold wallets, separate from the exchange funds. Apart from these measures to protect users, the Financial Services Commission, in charge of the finances in the country, introduced several other measures for crypto exchanges to abide by, in order to offer South Koreans a safe crypto banking scene.
Previously, South Korea considered banning trades that were conducted from anonymous bank accounts in cryptocurrency, and at that point, Bitcoin’s value dropped $2,000 in value. Later on, the country changed its stance, and no such ban was put in place. Instead, proper rules were introduced for both crypto enthusiasts and crypto service providers to follow.
This would mean that you should have no problems using Bitcoin for any online transaction, online casino deposits and withdrawals included. Sadly, not really. Even though operators based all over the world have been offering South Koreans the chance to join their online casino sites for years now, the country does everything in its power to sway players far from it. South Korean MPs have considered measures to tackle players' desire to gamble online, and many of these have been put into effect. Officially, online gambling is prohibited in the country, even though land-based gambling is not. But even land-based gambling is an option in one casino only, and locals are not allowed to access brick-and-mortar casinos across the country.
To get back to our subject of interest, online gambling, considering South Korea is not very likely to remove the ban on locals, as a South Korean looking for ways to engage in online gambling, you should be very careful. The authorities have made it clear that those caught gambling online can face penalties. What’s more, internet censoring when it comes to tracking down and blocking IPs of offshore online casino sites in the country is pervasive. We’ve even heard that some financial institutions have started blocking transactions to and from online gambling-related websites, even though we couldn’t really discover whether that’s true or not.
This brings us back to the thing that interests us the most: Bitcoin online gambling. Some would say it is the safest for South Korean players, as it has no connections to the banking system. Others would argue that it is nevertheless risky, considering the authorities have now better insight into crypto trading, and players could still get caught. Whether you believe the one or the other, we are here to give you your options. Continue reading to figure out how to get started with Bitcoin and use it across the online casinos you have access to as a South Korean player.
Using Bitcoin Across Online Casinos
As a South Korean, you don’t have to worry about holding and trading crypto, as concluded, but you do have to worry whether or not to use it across online casinos, as online gambling is prohibited. In case you are still willing to join an online casino and use crypto for your transactions, you first need to learn how to obtain some BTCs.
Now, you are probably well aware that you can mine for coins, but this process is exhausting, long, and expensive, especially for the casual crypto user. Thankfully, you have other less invasive options to obtain your coins, and in this article, we'll take a look at them.
One of the most convenient ways to get your BTCs is to purchase them using South Korean won. You will need to visit a crypto exchange platform, create an account with it, and purchase your coins in your native currency, using one of the many payment methods you can link. Huobi, Binance, and UpBit are all eligible options to choose from, so register your account and see which payment methods you have as options to use, like eWallets, prepaid cards, bank-issued cards, or anything in between.
Once your coins are purchased, you need to safely store them. Now, even though the crypto exchange must store 80% of your money in a cold wallet, once you have them, you can store them in any mobile crypto wallet, as these are used the most, especially by online casino players. Create your mobile crypto wallet account, get your addresses/keys, and transfer the coins from the exchange to the wallet account. The minute they arrive in your wallet account, you can start using them.
On that note, there are over 40 online casinos that cater to Korean players you could join, to play using BTC. mBitCasino, Casinobit.io, and CloudBet are great options but feel free to discover the one for you on your own, by checking out our list of eligible casinos to join. Register your player account and, to fund it with Bitcoin, go through these steps:
- Access your player account and find the Baking/Payment Methods page.
- Locate the Deposit Methods section and press Bitcoin’s logo.
- When the pop-up appears with the casino’s wallet address, copy it.
- Enter your wallet, specify how much you wish to transfer, and paste the casino's address there.
- Confirm your transaction and in an instant, the BTCs will arrive at your balance.
Not only is it an option for withdrawals, but Bitcoin is actually the preferred payment method among players from South Korea. Considering the situation with online gambling regulations, players love using it to get their winnings to their respective accounts.
The withdrawing process is pretty much the same, only this time you'll be pasting your wallet address to the Banking page at the casino after you set the amount you wish to cash out. The casino operator will check out your request, and if all is in order, confirm the transaction, and send you your winnings to your crypto wallet.
Top 3 Methods Offering Bitcoin at Online Casinos
We mentioned that there are other ways to start using Bitcoin. You may not believe it but there’s an option to skip this process where you’re creating a crypto wallet address, and instead use a different method to complete your coins purchase. We’re talking about the option offered by many alternative payment methods, eWallets that have integrated with popular exchanged platforms to allow users to purchase crypto on the spot. The following are the top three methods that offer Bitcoin across online casinos:
- MoonPay – MoonPay is an extremely crypto-friendly solution, given it comes from Malta, the land of digital currencies. Using over 160 fiat currencies you can purchase more than 90 digital currencies, Bitcoin included, without having to visit an exchange platform. You will be able to directly convert your native currency to crypto, in a matter of seconds.
- PayPal – PayPal needs no formal introduction, considering it is one of the world’s most well-known eWallets. But what you do need to know about it, in case you haven’t heard already, is that just like MoonPay, PayPal allows you to convert fiat to crypto, hold and trade your Bitcoins via your PayPal account. As if that wasn’t enough, it is an option across most, if not all, online casinos that cater to South Korean players, so make sure you give it a go!
- Neteller – thanks to its collaboration with a major exchange platform, Neteller is not only a regular eWallet you could use, but one that also functions like any trading platform. Convert your native currency to coins, or your coins to fiat currency, whichever you want, as soon as you download its app, and start making your BTC deposits and withdrawals with it!
Conclusion
There's no doubt that Bitcoin is the way to go as a South Korean player wishing to join and enjoy your time across international online casinos. With it, you can make both deposits and withdrawals without your transactions ever getting recorded in your bank statement. It is offered across every second, if not every single, online casino that caters to South Korean players, so give it a go the first chance you get.
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Casinos for Players from Korea, Republic of that Offer Bitcoin
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FAQs
Is it legal to gamble online in South Korea?
No, it is not. Online gambling in South Korea is prohibited, even though some forms of land-based gambling are legal.
Are South Korean players prosecuted for joining international online casinos?
South Korean citizens are advised by the authorities not to join international online casinos, or else they will face prosecution and punishment. That's explicitly stated, and there's no doubt about that. Offshore, illegal casino sites are blocked by the government, too.
Is it legal to use cryptocurrencies in South Korea?
Yes, it indeed, is. You can hold and trade cryptocurrency in South Korea, thanks to the regulations put in effect in 2024. There are strict rules to be followed by crypto service providers, but you as a user, should not be bothered with that.
Will I be able to use Bitcoin to gamble across online casinos that target South Korean players?
Sure thing. There are over 40 online casino sites targeting South Korean players which accept Bitcoin here at WoO. You can check them out at your convenience, to see whether you’ll find the one to join.
How do I know whether Bitcoin is an option for withdrawals at the South Korean casino I joined?
Its logo must be listed among the Withdrawal Methods accepted at the casino. You need to check this page and find Bitcoin among the accepted methods. If it’s not there, but it was for deposits, try contacting the casino’s Support team to see whether there’s some misunderstanding.