From Crypto Exchange to Casino: Binance's Bet on Online Gambling

It's pretty wild to think about, but there was a time when Binance, the biggest name in crypto, dipped its toes into the online gambling world. And no, we are not talking about the risky business of futures trading, often joked about as the 'Binance casino.' We mean a real-deal online casino, complete with all the bells and whistles of slots and blackjack.

So, why are we even talking about this? Well, it turns out a lot of folks are still hunting for the so-called “official Binance casino.” That curiosity led us to explore BPlay, the name of this venture. But let us tell you, the deeper you dig, the less likely you are to want to throw your chips in. It really goes to show that not everything with the Binance tag is a sure bet.

BPlay - The Crypto Casino with a Direct Binance Integration

Back in 2020, a new player hit the online gambling scene: BPlay. But this wasn't your typical casino launch with flashy marketing and big promotions. Nope, BPlay made its entrance in a low-key style, just a mention on the Binance blog among other exchange partners.

Here's a bit of context - at that time, Binance was all-in on finding new ways to boost its BNB token's value. Enter BPlay, a shining example of using BNB in gambling. Think of it as another Binance Coin casino or Binance USD Casino, since two of the five assets it supported were Binance's own creations. You might have guessed by now that BPlay stands for "Binance Play."

The coolest part? BPlay was integrated directly with Binance. This meant millions of Binance users could see "BPlay Games" as an option when moving funds. For players, this was super convenient – no blockchain hassle, instant transactions, and no fees. Plus, instant cashing out from BPlay to Binance. And get this: you could log into BPlay using your Binance account. No extra sign-ups needed. Imagine how jealous major crypto casinos must have been about this exclusive setup!

So, connecting the dots, it's pretty clear who was behind BPlay and why it's fair to call it the only "official Binance casino" that ever hit the online gambling world.

Renamed to PlayBread and Shut Down

2021 was a tough year for Binance. This was when global regulators really started to clamp down, no longer buying the "decentralized" narrative from founder Changpeng Zhao. The idea that Binance had no headquarters and was above any legal jurisdiction? Regulators weren't having any of it.

Amidst this regulatory heat, the direct link between a crypto exchange and an online casino was not a great look. So, BPlay underwent a quick makeover and emerged as PlayBread. This wouldn't be the last of Binance's strategic name changes. In a similar vein, they later redefined their BNB token. Long understood as 'Binance Coin', it was reinvented as an acronym for 'Build and Build' – a creative, albeit odd, attempt to detach from past connotations. We've covered more about Binance's manipulations in a separate detailed article.

Once it lost direct backing from the exchange, the "official Binance casino" couldn't keep up. Players moved on, and in 2022, PlayBread, along with its old BPlay identity, faded into obscurity. Just like that, a chapter in crypto gambling history closed.

Challenges of Binance Casino

The Binance casino's struggles went beyond mere marketing shortcomings. Its own platform had a host of issues that contributed to its downfall.

Game Fairness Concerns

While the casino boasted an array of slots from renowned providers, it was its own lineup of games - including Dice, Blackjack, Roulette, Texas Hold'em, Video Poker, and Baccarat - that drew skepticism.

• Despite an appealing design, these games lacked provably fair algorithms, a critical standard for proprietary games from lesser-known sources.
• To worsen matters, players had no access to game round IDs for resolving issues.
• Adding to the concerns was a certificate purportedly issued to PlayBread by iTech Labs, a reputable agency known for testing the integrity of random number generators in casino games. However, the legitimacy of this certificate became a subject of contention.

Legal Grey Areas

The casino listed Seychelles as its place of registration. However, its terms ambiguously cited both the Seychelles and Cayman Islands courts for legal disputes, leading to confusion and concern among players. Given that Binance itself registered its various units in both jurisdictions, it's easy to see how such an oversight could occur when drafting the terms.

Binance Integration Issues

The casino's integration with Binance was initially a major draw. But it soon became a red flag, as players hesitated to link their primary crypto accounts with a platform endorsed by Binance in only a single blog post. The risk of tying substantial cryptocurrency assets to a casino was a gamble too far for many.

Withdrawal Complications

Generally, withdrawals were smooth, particularly through linked Binance accounts. However, when Binance removed casino account access through its platform, it triggered an unexpected hurdle. Players had to set separate passwords for their casino accounts, which the platform treated as a password change, leading to a mandatory 48-hour withdrawal freeze. This policy snag unfairly penalized players just for following the new protocol.

Moreover, there were reports from users about difficulties in withdrawing their funds after the closure of the Binance Casino. One notable instance involved a user who was actively encouraged by PlayBread's VIP manager to play more in the weeks leading up to the closure. Tragically, when the casino shut down abruptly, this player was left high and dry, unable to claim $6,000 in winnings. With communication channels suddenly cut off, the player's attempts to seek redress were fruitless. The fact that this issue was only brought to public attention a year later suggests it remained unresolved. The full extent of affected users and the total financial impact of these issues are still unclear.

Conclusion

With its vast resources and expertise in the cryptocurrency domain, Binance's own casino had the potential to rival major players like Stake. However, BPlay's journey ended not with a bang, but with a whimper, culminating in a disappointing exit scam. Binance, despite initially exploring various cryptocurrency avenues, quickly decided to step back from the online gambling industry. While you can still use Binance Coin for casino games, none of these platforms are officially endorsed by Binance.

FAQ

Q: Is there an official Binance casino?

A: BPlay/PlayBread Casino was once partnered with the exchange, making it the closest thing to an official Binance casino. However, as of now, there is no such official casino associated with Binance.

Q: Can I send deposits to casinos directly from Binance?

A: Yes, unlike Coinbase, Binance allows users to make deposits to casinos directly from their accounts.

Q: Which casinos support Binance Coin?

A: Many crypto casinos accept Binance Coin as a deposit method. Additionally, there are several decentralized casinos on the Binance Smart Chain blockchain that accept BNB and other tokens from the same network.