A crypto exchange is where euros turn into crypto and back. For a casino player it is **both ends of the loop**: you buy crypto on an exchange to deposit, and sell it back there to cash out.
Two different types
A regulated exchange. Requires identity verification, operates under a licence and is connected to the banking system, so SEPA transfers work. In the European Union these are governed by the MiCA regulation. Transactions are reported to the tax administration.
A decentralised exchange (DEX). Trading happens through smart contracts without an intermediary and without identity verification. Euros cannot enter here: a DEX only swaps crypto for crypto.
What a casino player should know
An exchange can freeze an incoming payment. A payment from a gambling site is a pattern that anti-money-laundering rules require to be checked. Some exchanges ask about the origin of funds, some restrict the account. If yours is strict about this, send the win to your own wallet first and only then onwards.
An exchange account is a custodial wallet. The exchange controls the keys. A frozen account means frozen money.
Every exchange is a taxable event. Selling crypto for euros — and swapping crypto for another crypto — is a disposal of property in Estonia. Export the fees and rates immediately, not in April.