partypoker Ends Peer-to-Peer Transfers: What's Next for Online Poker?

In July 2020, partypoker ended peer-to-peer transfers due to anti-money laundering regulations. Rob Yong, partypoker frontman, announced the change via Twitter, stating that the decision was forced on the site due to regulatory pressures.

partypoker aims to comply with licensing laws to avoid issues similar to Black Friday. The platform has learned from past experiences and strives to maintain a clean record to obtain an operator's license in the US. PokerStars, another major player, faced significant challenges entering the US market due to a costly settlement.

Payment processors may charge extra fees for transactions deemed as business operations, and PayPal does not allow gambling transactions in many jurisdictions. This leaves some players, especially those playing from abroad, in a difficult situation. Cryptocurrency has been suggested as a potential solution for online poker transactions, but it has not yet been widely adopted by major sites. With disgruntled customers and Bitcoin as the most popular way to upload funds, the industry could be set for some big changes in the near future.