Binance BPlay Casino: How a Crypto Exchange Almost Became a Gambling Giant. But something went wrong.
Few people will remember now, but there was a moment when Binance almost opened its own casino — not figuratively, but quite realistically, with roulette, slots, and the ability to drain all your crypto in an evening. Yes, yes, we are not talking about the futures that traders love, but about a full-fledged crypto casino, which the exchange, apparently, decided to launch in pursuit of hype and profit.
Let's remember this mysterious story, from which regulators can still have a nervous tic, and experienced players can laugh.
Table of Content:
- BPlay: Crypto Entertainment According to BinanceAnchor - Why BPlay Took Off (and Then Crashed)
- Gambling Without Guarantees: Dangers of Casinos from BinanceAnchor - Gambling Without Guarantees: Dangers of Casinos from Binance
- The Withdrawal Epic: The Final Slap in the Face to Players
- The Irony of Fate: What Went Wrong?
- Binance and Casino: What's Left of the Resounding Failure?
- A Lesson for an Experienced Player
- Final Verdict: Binance Casino Was, But Not Long and Unsuccessful
BPlay: Crypto Entertainment According to Binance
The story begins in 2020, when Binance, already a fairly large and reputable crypto exchange, suddenly rolls out a project called BPlay. It was a casino integrated directly with the exchange's accounts. Players didn't even have to register again — you press a couple of buttons and transfer coins directly from the spot to the slots. Just a dream for any gambler with bitcoin and laziness in their hearts.
Of course, Binance didn't make a lot of noise about its new project. Instead of traditional marketing, they quietly posted a blog post where they modestly named BPlay as one of their partners. But you don't have to be a detective to understand that the exchange clearly wanted to stake out a niche for a crypto casino and attract additional interest in its BNB token. Here's the irony: today, Binance is trying to convince everyone that BNB is not "Binance Coin" at all, but "Build and Build". However, at the time of the launch of the casino, it was obvious that we are talking about the exchange coin.
Linked materials
Why BPlay Took Off (And Then Crashed)
The main advantage of the casino was the integration with the exchange: instant and free transfers between the Binance account and the game balance. Even mastodons like Stake and Roobet would envy such an opportunity.
But the euphoria did not last long. Soon, regulators from all sides - from Britain to the United States - came to the exchange. It became clear that the association with an unlicensed casino, to put it mildly, adds to the problems of the exchange's reputation. And then BPlay was urgently renamed PlayBread (the question "why exactly "bread" remains open to this day). And then they quietly hid it out of sight. As a result, the project was completely abandoned, and then completely closed by 2022.
Gambling Without Guarantees: Dangers of Binance Casinos
In fact, Binance casinos have had problems not only with regulators. Many players complained about the lack of normal fairness verification mechanisms. Of course, the iTech Labs certificate proudly hung on the site, but there were all kinds of rumors about its authenticity. And the very possibility of "draining" money directly from a trading account frightened many players. It's one thing to lose bonus tokens on an anonymous platform, but it's quite another to see your main balance on Binance fly away for a "lucky" blackjack spin.
Another funny nuance was legal incidents. Binance Casino simultaneously referred to the laws of Seychelles and the Cayman Islands. Apparently, the lawyers had a double life, or perhaps they themselves did not know which registration scheme is trending for Binance today.
The Withdrawal Saga: The Final Slap in the Face to the Players
Well, in order to finally "finalize" the project to the level of failure, at the end of PlayBread's existence, users faced epic withdrawal problems. When Binance decided to disavow the casino and disabled integration with the exchange, all players suddenly found themselves in need of urgently setting a password. It would seem to be a trifle. But the casino administration considered it a password change and blocked the withdrawal for 48 hours. What if someone stole your hard-earned money? Taking care of the players, no less.
There were also sadder cases - stories with VIP players who were actively lured to the court before closing, and then "cheated" for decent sums without any explanation. But, however, for experienced gamblers, this is a standard "cryptocurrency risk".
The irony of fate: what went wrong?
In general, it is difficult to imagine how the exchange, which so carefully protects its image (at least publicly), suddenly decided on such a wild experiment. But if you look more broadly, it is clear that at that time, Binance was looking for any way to grow the BNB ecosystem and expand the range of its applications. Then, apparently, the casino seemed to be a good option: gambling, a sea of crypto, instant transactions are just a dream for quick profits.
But there is a nuance that the exchange seems to have forgotten about. Gambling is not just a way to "drain tokens". This is a whole industry where regulators, reputation, and player trust rule the show. And even such a giant as Binance is not able to jump over legal barriers in one fell swoop and create a successful project "on the knee". Perhaps Binance realized this too late, when the flywheel of problems began to spin in full.
Binance and Casinos: What's Left of the Resounding Failure?
After the Binance casino shut down, the exchange did everything to make it forget about as soon as possible. Of course, there were no official explanations, comments or compensations for players who lost money. However, this is a common practice for failed crypto projects — "out of sight, out of mind."
Today, many newcomers to the crypto world are unaware that Binance once had its own casino. Players keep searching the web for "official Binance casino," but the only thing they find are either pages that tell this story in a sarcastic way, or sites that pretend to be "heirs" to BPlay. Both of them, of course, have nothing to do with the original.
A Lesson for an Experienced Player
What do we, mere mortal players, need to take away from this whole story? It's very simple: a big name does not guarantee quality, and even more so safety. An exchange that has conquered half the world may turn out to be an inept newcomer to the casino industry and instantly turn from a "serious platform" into a typical sharashka with exit scam habits.
So, if the next time you come across a casino with a high-profile brand that promises paradise conditions, think twice. Or even three times. It's better to waste five minutes checking licenses and reviews and play in trusted crypto casinos than to complain on forums for months about the missing money.
Linked materials
Final Verdict: There Was a Binance Casino, but Not for Long and Unsuccessfully
To sum up, Binance casino is one of those projects that could have become legendary, but was just an example of how not to do it. The irony here is that the exchange, which built its empire on decentralization and freedom of cryptocurrencies, got caught on the most banal mistake: an attempt to combine too different worlds — a free cryptocurrency market and impossibly regulated gambling.
Today, BPlay and PlayBread are just pages in the history of online gambling, which are remembered only by the authors of articles like this one. Well, and regulators who periodically look suspiciously at Binance, checking its next report.
As the saying goes, every crypto giant has its skeletons in the closet. Binance had it as a casino. And you must admit that the skeleton turned out to be funny, but somehow completely unreliable.
WaifuKnifu Damn, if they really pay 10% without hidden fees, this is a cool topic for developers!
FroggiAshhh If Saka goes off today, no amount of ball-passing will save PSG. It's all or nothing!
Nothing skeletons in Binance's closet!
So that's why BNB was pumped up a lot then! Not only "Build and Build", but also "Bet and Bust" apparently. :D
Everyone is wrong
Illustrative story
Some kind of surreal. An exchange that cares so much about reputation and compliance stirs up casinos in Seychelles/Cayman without normal licenses? Something doesn't add up here.