GamCare recommends self-exclusion system for cryptocurrency traders
Announcement comes amid increasing numbers of calls to the National Gambling Helpline for those seeking support
Gambling support group GamCare has recommended the introduction of a self-exclusion scheme for stock and crytpo traders following concerns that there are not enough specific tools in place to help those with issues relating to high-risk trading. .
The charity’s National Gambling Helpline has announced that it is receiving on average of 20 calls per week relating to crypto and other forms of high-risk trading. GamCare also noted that private treatment centres have seen an increase in trading being part of other cross-addictions such as substance abuse and gambling disorders.
Commenting on the growing risks of cryptocurrency and high-risk investing, CEO of Gamban Jack Symons said: “Many of these products share a lot in common with gambling platforms; there’s no barrier to entry, they encourage over-trading and possess game-like characteristics.
“Regular consultations with advisors on the National Gambling Helpline, in addition to research undertaken by Gamban, identified the need to add these products to the Gamban block list.”
To try and understand the situation better, GamCare brought together banks, investment platforms, the debt advice sector, gambling business and gambling support services. This collective thought that regulatory bodies and services, such as the Financial Conduct Authority (FCA) and the Government, should consider a sector-wide self-exclusion scheme for all trading platforms that offer high-risk investments and day trading.
Alongside a self-exclusion scheme, the group suggested trading and investment platforms and cryptocurrency exchanges should introduce tools that identify customers who are vulnerable to trading harms.
GamCare has also reported that gambling support and treatment organisations should try and better understand the level of need and related harms and consider what kind of support and intervention is required for those experiencing trading harms.
The suggested actions included gathering data from users presenting these issues, undertaking needs assessments, providing staff with training, promoting this service to those in need and developing resources for staff and practitioners to help those in need.
Commenting on the workshop’s recommendation of a self-exclusion scheme for trading platforms, CEO of GAMSTOP, 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.”
Gamcare recently announced, alongside GAMSTOP and Gamban, that TalkBanStop had received funding from the Gambling Comission after a successful 12-month pilot.