The Six-Time World Series of Poker Winner Partners with Lexicon, A Community-Chartered Bank Known for its Hospitality to Gamblers, After Termination With A Previous Financial Institution
Daniel Negreanu, seen here at the World Series of Poker Main Event in 2015, has moved his winnings account to Lexicon Bank. (Image: CNBC)
LAS VEGAS, July 23, 2020—Six-time World Series of Poker (WSOP) winner, Daniel Negreanu, has moved his winnings account to Lexicon Bank after his previous account with another financial institution was terminated in July.
Many poker players in the U.S. have faced an added level of scrutiny with their financial institutions, that rarely gets applied to other occupations, and often encounter frustrating processes on incoming and outgoing wires due to current U.S. banking regulations and policing procedures. Large cash transactions and large dollar electronic transactions, such as wires and transfers when conducted as frequently as a high-level poker player, are more susceptible to red flags in the banking process. Many end up facing delays or being cancelled altogether, jeopardizing tournament entry.
Lexicon Bank, a community-led bank opened in August 2019, was founded by poker advocates and enthusiasts, and boasts Board of Directors leadership, from notable Las Vegas gaming and casino properties, who are familiar with Know Your Customer (KYC) regulations. Over its inaugural year of serving Las Vegas, Lexicon Bank is proud to be tabbed as a professional poker-friendly bank, and has become a new banking partner for the poker community and poker related businesses like Poker Royalty.
“With banking roots in the mecca of gaming for poker, serving as a banking partner for professional poker players was a natural fit for Lexicon Bank,” said Russell Rosenblum, Chairman of the Board and poker enthusiast. “Our bank has direct contact with the poker community through personal relationships, business partnerships, and community endeavors, and we have a unique understanding of how to assess if someone is a true poker player. This then allows us to limit Big Bank hurdles that many players unfortunately face.”
Lexicon Bank most notably serves small businesses and sole proprietors across the Southern Nevada community and offers a private banking experience no matter the asset size of the client.
A personalized banking experience allows Lexicon bankers to vet professional poker player legitimacy and ensure that cash management is handled with ease. Lexicon Bank works to intimately know the needs of account holders, which makes the banking experience better for the bank client. Knowing the needs and typical transactions of their account holders helps to limit the risk of regulator questions on wires and fraud. Lexicon utilizes many methods to demonstrate to account holders and regulators that they are well-versed on where to verify winnings online, and collects additional account information such as player numbers at hotels, expected WSOP tournament participation and much more.
Additionally, Lexicon Bank offers private concierge service for professional poker clients managing their twelve-month plan of appearance for tournaments, by working directly with sites for banking transfer details. This high-touch service helps limit issues on wires into and out of the bank from major tournament sites, and decreases risk on the bank’s end, processing funds since they have direct knowledge of tournament location and dates.
In conjunction with serving as a sponsor for the World Series of Poker and having a presence onsite for domestic and international players to manage their winnings, Lexicon Bank is working on ways to make it more convenient for professional poker players to bank, while still observing and following all banking regulations.
For information on opening an account or transitioning an account, please email
poker@lexiconbank.com or call (702) 780-7700. Poker accounts are eligible for customers who have played in at least one World Series of Poker event.
ABOUT LEXICON BANK
Founded in 2019, Lexicon Bank is Nevada’s community-focused banking partner. Lexicon Bank provides private, personal, comprehensive banking services to business and personal banking customers, placing an emphasis on creating and nurturing a long-term relationship. By providing personalized services to all customers, Lexicon Bank can help to foster Southern Nevada’s economy and community – ultimately helping to grow the Las Vegas local business economy. The bank is redefining banking as it should be in the Las Vegas Valley and Southern Nevada by creating a private bank for small business no matter the size. Lexicon Bank is located in Tivoli Village at 330 S. Rampart Blvd., Suite 150. The bank is open from 9 a.m. to 5 p.m. and can be reached by phone at (702) 780-7700 or online at lexiconbank.com.
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