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Lock Poker Clarifies P2P Transfer Withdrawal Policy

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Press Release
Published on:
May/09/2013
Lock Poker Clarifies P2P Transfer Withdrawal Policy

Curacao May 9th, 2013

Through a detailed investigation over the past few weeks the Lock security team uncovered a large group of persons that were abusing the P2P transfer policy and creating a large network of mule accounts to move and withdraw funds without any play at all taking place.

To deal with this situation a policy change was put into place to clear out the backlog of withdrawals by accounts with little to no play and increase the speed of withdrawals for players taking actual winnings.
Lock has introduced a new cash-out policy for transferred funds which requires a player to accumulate at least 15% in GGR on the funds received via P2P transfer before these funds are cashed-out. Put simply, for every $100 of transferred funds to be withdrawn, $15 of rake or fees will need to be accumulated beforehand.
The policy change was put in place explicitly to put an end to money laundering via Lock's player transfers. Players withdrawing winnings are not affected.

Lock will continue to process withdrawals and work to reduce all withdrawal delays over the coming weeks.
A large amount of mis-information has been spread recently on various poker news sites and forum postings about player funds being lost in recent banking scandals; none of this true.

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