GamCare calls for crypto trading self-exclusion services
| By Nosa Omoigui
Gambling harm charity GamCare has called for the introduction of a self-exclusion scheme designed for those involved in high-risk cryptocurrency trading.
The company notes that it has seen an increase in those experiencing harm from high-risk investing on a daily basis, which are reminiscent of the problems experienced by those suffering from gambling harms.
In addition to self-exclusion schemes, GamCare suggests that cryptocurrency trading and investment platforms should implement tools and strategies designed to identify and protect customers vulnerable to trading harms.
Gamstop CEO Fiona Palmer said: “Over the last three years, we have seen how effective tools like Gamstop can be for those struggling with online, regulated gambling.
“The area of cryptocurrency trading especially has experienced rapid growth and, with that, potential harm. We would be happy to discuss the area of self-exclusion with the FCA and other organisations working in this sector.”
Gamban CEO Jack Symons added: “Many of these products (CFDs, binary options, crypto, etc.) share a lot in common with gambling platforms; there’s no barrier to entry, they encourage over-trading and possess game-like characteristics.
“Helpline Advisors explained how helpful it would be to have something they could offer to callers desperately trying to avoid these quasi-gambling products, which made us realise adding these platforms would be beneficial both to the product and the collaborative strength of the TalkBanStop campaign.”