question The Term "Bank" in a Domain Name

[dande]

Hello Friends,

Recently I have been working on a new capital intensive venture, and I have been trying to get everything right.

So, I decided to acquire a premium domain name to use for this project.

The domain is in upper 5-fingure and we are about to agree on final price and payment terms.

However, the name has the term "Bank" in it. But the business we intend to start is a non financial service business.

Is there any possible regulatory implication of having "Bank" in a business name? Something like "ClickBank.com"?

Please, kindly advice before I agree to this deal... It is very urgent as I am about to send out the mail for the final offer.

Thanks for being there.

DAN

 

[dande]

The name is "BetBank.com"

And it's currently live as a Bitcoin Sportsbook under the main name - UOBET.COM. Feel free to join us at https://uobet.com

 

[jberryhill]

Initially I was thinking of Incorporating ***Bank Inc.

It depends on where. Some states get pretty excited about anyone who is (a) running some sort of financial related service which is not an FDIC insured bank, and (b) using the word "bank" in their business name.

I have run across various situations where people were using the word "bank" in a sense other than as a financial institution, and it is often sufficient to explain to the inquiring regulator that a "phone bank", for example, is a common phrase used to refer to a telephone call center operation, and other sorts of things.

But if you are running some kind of business that might be characterized as a financial service, then you could have problems.

 

[dande]

It depends on where. Some states get pretty excited about anyone who is (a) running some sort of financial related service which is not an FDIC insured bank, and (b) using the word "bank" in their business name.

I have run across various situations where people were using the word "bank" in a sense other than as a financial institution, and it is often sufficient to explain to the inquiring regulator that a "phone bank", for example, is a common phrase used to refer to a telephone call center operation, and other sorts of things.

But if you are running some kind of business that might be characterized as a financial service, then you could have problems.

I don't think Sports betting and Casino is characterized as financial services? We've incorporated a different name in Curacao where the business is currently licensed.

HTTPS://UOBET.COM is the main domain, while HTTPS://BETBANK.COM is the secondary name for now.

 

[jberryhill]

I don't think Sports betting and Casino is characterized as financial services?

Are people going to have accounts?

Are they able to put money into those accounts?

Are they able to withdraw money from those accounts?

I think before forming an opinion of what is, or is not, a banking service, you might want to look at a few statutory definitions of what is, or is not, a banking service. Laws are kind of neat that way. We right them down with words that have meanings.

 

[dande]

Are people going to have accounts?

Are they able to put money into those accounts?

Are they able to withdraw money from those accounts?

I think before forming an opinion of what is, or is not, a banking service, you might want to look at a few statutory definitions of what is, or is not, a banking service. Laws are kind of neat that way. We right them down with words that have meanings.

Well, opinion is highly divided, even among attorneys, putting me into a kind of confusion. That's the reason I decided to make UOBET.COM the primary domain for now.

I will soon be seeking License from Nevada Gaming Control Board. Then everything will be cleared.

 

[dande]

If you love Bitcoin betting, please consider joining us at UOBET.COM