NYPokerKing accused of running a “Ponzi scheme”
Poker pro Chase Bianchi published an Instagram post accusing NYPokerKing of not holding players’ funds and its main promoter of running a “Ponzi-like business”.
The poker club is apparently not holding player funds in full which is obviously not standard in the industry. Bianchi claims that they were also not processing cashouts in time.
https://www.instagram.com/p/BhZrRzVFQka/?utm_source=ig_embed
Even though these delays might be caused by payment processing difficulties, it is certainly not something poker players are looking for when they sign-up with a poker room.
Moreover, Bianchi mentions that they are playing withdrawals directly with depositors’s funds which would be pretty much a Ponzi-scheme at this point.
Furthermore, he assumes that their payment processing method got shut down and now they have to rely on new depositors’s funds to pay withdrawals for their customers.
Player funds are not held in full
According to Chase, a person who is responsible for the withdrawals at Pokerclub.ag admitted that they are actually not holding player funds in full.
Bianchi spoke to Adnan on the phone and was told that they are processing small transactions by matching peer to peer in order to avoid PayPal and Venmo issues.
However, there were lots of people commenting on Bianchi’s posting, mentioning that they wouldn’t trust the guy at all and many of them confirmed the strange withdrawal policy.
NyPokerKing not paying players?
It is not the first time that players claimed that Pokerclub.ag owed them money. “Wizard-50” created a twoplustwo thread in 2019 which made similar claims.
According to him, they owed a player more than $40,000. This particular player had to keep playing on the site to receive payments.
The thread-creator claims that another player stopped playing and asked for a cashout, but the poker room ignored his requests.
Apparently, many players, according to Instagram and twoplustwo users, have been blocked or ignored by the owners.
It’s not the first time Bianchi went after Adnan though. He already tweeted about the problems in 2019:
Adnan "NYPokerKing" Mohamad's online poker room appears to be insolvent and won't pay players. Two contacted me, they are owed $40,000 and $20,000. Chat logs and full explaination on 2p2 thread: https://t.co/1e426AmkNR
Paging @Joeingram1 for lead investigator.
— Chase Bianchi (@Chase_Bianchi) January 2, 2019
According to Chase, Adnan Mohamad turned to claim these players owed money under investigation for cheating. Moreover, he asked players to send him “suspicious activity” which hasn’t provided clear evidence yet.
Pokerclub.ag itself is an unregulated poker room. Even though none of the claims made have been officially confirmed yet, we recommend you to be cautious with who you sign-up with.
If you are looking for reliable us poker sites, feel free to check our rakeback deals.
Adnan Mohamad has been called out for being a scammer several times already. There are several posts and videos about him and his dubious business.
Due to the fact that online poker is still illegal in New York, it’s difficult to take legal action against NyPokerKing.
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