Statement Regarding Uphold

A recent tweet by Dr. Martin Hiesboeck (Head of Research at Uphold) stated that CasinoCoin will not be listed on Uphold due to “legal uncertainty in almost every jurisdiction”. This blog will outline why this statement is factually incorrect, and set the record straight in regards to the legal standpoint of CasinoCoin (CSC).

CasinoCoin is one of the most requested XRPL tokens for integration with Uphold, and social media engagements regularly rank among the top drivers for related accounts. Conversations with Uphold have been ongoing for some time, and every concern has been addressed. It was made clear that we would accept a hard “no”, provided a solid reasoning was given. While it is at the discretion of Uphold whether to list CSC, we do not believe it was handled appropriately.

Eminence Ltd (Eminence) is the legal entity that issued CasinoCoin on the XRP Ledger (XRPL). Since the issuance, Eminence has worked closely with various regulators around the globe and have always complied with regulatory requirements.

Eminence has had several legal opinions that have deemed CSC is not a security. These include the United States, Isle of Man, and Lichtenstein. It is common practice to share these opinions with exchanges and other entities as necessary. In addition, the legal opinion filed by a reputable law firm on the Isle of Man confirms that Eminence is not facilitating any gambling. Doing so would require a gambling license which Eminence does not currently hold or require.

The conclusions of the legal opinions are very clear, and we have provided documentation supporting our point of view to Uphold. It is unclear how Uphold’s due diligence results in a different opinion. If a third party comes to a different conclusion due to the nuance of legal frameworks and complexities, our aim is always to identify those and remove roadblocks.

The main function of the CasinoCoin Lobby is to act as a gateway to partnered operators. It does not offer functionality or mechanisms that would allow direct wagering within the Lobby. Any operator that Eminence partners with must have their own license and be a legally registered company. CasinoCoin is a payment method, like XRP.

We will continue to pursue partnerships with 3rd parties, and we will continue to work with regulators in necessary jurisdictions.