Deposit and withdrawal limits on Virtue Poker
Virtue Poker has a gaming license with the Malta Gaming Authority (MGA). While the funds you transferred to Virtue Poker were transferred in ETH, and all games on Virtue Poker are expressed in ETH, the MGA requires that all transactions be represented in it’s Euro (€) value equivalent for the purpose of compliance with their regulations, particularly deposit and withdrawal limits. This can create some odd situations if the value of either ETH or € changes dramatically.
Note: The MGA uses the current daily index Euro (€) rate as posted at Bankrate.com.
For example, when you first register with Virtue Poker, the maximum you can deposit is €1,000 daily and the maximum you can withdraw daily is €2,000 (assuming you passed KYC - more on that here). Let’s say you deposited 2 ETH on December 15, 2020. The price of ETH that day was €483. You promptly forget you deposited it, and on May 22, 2021, you remember and decide to withdraw it.
The good news: your €966 is now €4,096. The less-good news: you can’t withdraw it all because your daily withdrawal limit is €2,000. The huge appreciation in the value of ETH from December to May caused it to suddenly be subject to withdrawal limits. It’s still 2€; it’s just worth more in Euros than it was when you deposited it.
This is inconvenient, but it is an easy problem to solve - split the withdrawal over several transactions. We realize you’ll be paying gas prices for multiple transactions; however, this is the best current solution. Our initial license with the MGA limits deposits and withdrawals but we expect the MGA to grant our request to allow deposit/withdrawal increases in the near future.