This is due to the government's involvement in regulation.
Some sites have no other choice as they want to be something good and be considered legal so inevitably they have to follow the regulations that the government wants including KYC which of course this also makes all affected by the regulations.
Now even though there are still some big sites that do not implement KYC in it but looking at the current movement it seems that some other sites have implemented KYC so we must also be prepared for it.
The choice may be to do KYC and gamble safely or not to do KYC but there will definitely be some obstacles that you will encounter when playing.
Topic: Anonymity is no longer a benefit of gambling with cryptocurrency. - page 15. (Read 1850 times)
August 05, 2023, 12:55:45 AM
August 05, 2023, 12:14:49 AM
I was reading and I saw something that I would have agreed with before, but not anymore because of how much things have changed in the crypto gambling.
~
Because of KYC verification which is now done by most crypto casino to know the people who gamble on their casino, I think anonymity is no longer a benefit of gambling with cryptocurrency in crypto casino.
Am i wrong to think that this information on the internet needs to be updated.
It's true. It isn't that there are no casinos that don't accept KYC (Afaik there are still a few ones out there), but the majority due to the rules that the licenses that they got from whoever is allowing their services to be offered, KYC is a pretty much-required rule nowadays. It's a counter for money laundering on paper but in essence, it's basically trying to control everyone or have access to info of every player so that they can track pretty much everything. ~
Because of KYC verification which is now done by most crypto casino to know the people who gamble on their casino, I think anonymity is no longer a benefit of gambling with cryptocurrency in crypto casino.
Am i wrong to think that this information on the internet needs to be updated.
But well, despite that, I highly doubt reputable casinos would sell personal info of their players to outside, that's their reputation we're talking about. And while there are instances of casinos locking player accounts, they're mostly because of ToS violations. The only bad side of this is that our info is on the hands of someone else, and security isn't necessarily a guarantee in almost all cases.
August 04, 2023, 11:57:20 PM
-snip-
Because of KYC verification which is now done by most crypto casino to know the people who gamble on their casino, I think anonymity is no longer a benefit of gambling with cryptocurrency in crypto casino.
Am i wrong to think that this information on the internet needs to be updated.
It all depends on your point of view regarding KYC verification, which almost all casinos enforce.Because of KYC verification which is now done by most crypto casino to know the people who gamble on their casino, I think anonymity is no longer a benefit of gambling with cryptocurrency in crypto casino.
Am i wrong to think that this information on the internet needs to be updated.
If you think that KYC is a way to maintain gambling sites because can avoid fraudulent or illegal actions regarding money laundering where such problems are very detrimental and risk the survival of gambling sites, then you will not feel disadvantaged and think about anonymity.
But if you only think about personal gain about anonymity so you don't want the casino to know your identity then it is impossible for you to receive KYC verification at any time.
But I think more and more people are aware of the importance of KYC verification so that slowly they can accept every casino that enforces KYC verification.
August 04, 2023, 11:33:09 PM
Casinos that do a lot of KYC are more likely to steal your money than casinos without KYC. Casinos use KYC as a reason not to pay.
Some casinos have been accused of this, but I think well established casinos have much more at stake and are not worried about stealing $1-10k from their players. I'm guessing those that are hit with the KYC and get funds confiscated were probably doing something the casino prohibits. Multi accounts, arbitrage betting, abusing bonuses, or something that violates terms. There are offenses that I agree players should be punished for but this thread is not about that.
though Of course there are still good reputable casino that only act asking KYC for security and for laws and nothing extended .
and also good sight in this matter mate because lets admit that this is truly happening maybe not everytime but still existing .
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August 04, 2023, 11:29:52 PM
The KYC requirement is something that every casino now needs to comply with.
In some cases they at least put it in the ToS for show. If you deposit and bet low amounts they don't ask for KYC. I've never been asked for it so far. And then there are some that in theory ask for KYC if you go over, for example, $2,000 or in total deposits or winnings, but they turn a blind eye and don't ask for it until a much higher amount. In theory this is to make it look like they are collaborating with AML, but they know that no KYC is a big attraction for them.
August 04, 2023, 11:27:29 PM
The KYC requirement is something that every casino now needs to comply with. Otherwise they risk losing their business and face the music. There are many casinos that come up and have a usual ~1 to 2 year period when they remain KYC-free. This is taken advantage of by many gamblers before they declare a KYC wave and the gamblers move to another casino.
Point is that gambling will not stop and privacy requirments will continue to be there. This ends up being a cat and mouse game and eventually gamblers will have to accept one or the other, either submit kyc and play on one casino which they trust or keep jumping ships every year.
Point is that gambling will not stop and privacy requirments will continue to be there. This ends up being a cat and mouse game and eventually gamblers will have to accept one or the other, either submit kyc and play on one casino which they trust or keep jumping ships every year.
August 04, 2023, 11:21:33 PM
Most cryto casino are centralized because of the government in their countries who have now see that there is money in the business and has come up with government policy to regulate the casino. Since crypto casinos don't want to run out of business, they decided to abide with the government policy by making it mandatory for KYC. There are only few casinos who are decentralized and I don't think that a gambler will be able to cash out huge sum of money for such casino. I think that as time passes on,we might not be able to see a decentralized casino anymore. Government wouldn't just allow crypto to be anonymous as they are doing everything to centralize anything that involves crypto,but they can't do this on bitcoin.
August 04, 2023, 10:31:08 PM
It still is, but you will have to look for that platform that doesn't require KYC. At this point in time, though, you're like looking for a needle in a haystack to find one. Most have KYC phrases in their terms and conditions already. But I guess the likes of Anonibet remains anonymous for gamblers. However, with anonymous platforms being very few, you cannot be very picky as to your preferred features. You don't have much choice.
With the development of gambling platforms though, web3 features such as connecting your own crypto wallet is already in place. You don't have to make a deposit anymore. So that's something provided by crypto gambling platforms that's probably anonymity-friendly.
With the development of gambling platforms though, web3 features such as connecting your own crypto wallet is already in place. You don't have to make a deposit anymore. So that's something provided by crypto gambling platforms that's probably anonymity-friendly.
August 04, 2023, 10:01:20 PM
Casinos that do a lot of KYC are more likely to steal your money than casinos without KYC. Casinos use KYC as a reason not to pay.
Some casinos have been accused of this, but I think well established casinos have much more at stake and are not worried about stealing $1-10k from their players. I'm guessing those that are hit with the KYC and get funds confiscated were probably doing something the casino prohibits. Multi accounts, arbitrage betting, abusing bonuses, or something that violates terms. There are offenses that I agree players should be punished for but this thread is not about that.
Definitely agree with a lot of this. Some tops ones only confiscate those that are multi-accounting for bonus abuse or to circumvent limits. They ignore jurisdiction. I don't want to call any casinos out but there are top casinos that will go after winners using jurisdiction. They'll allow losers to play.
August 04, 2023, 08:59:14 PM
Casinos that do a lot of KYC are more likely to steal your money than casinos without KYC. Casinos use KYC as a reason not to pay.
Some casinos have been accused of this, but I think well established casinos have much more at stake and are not worried about stealing $1-10k from their players. I'm guessing those that are hit with the KYC and get funds confiscated were probably doing something the casino prohibits. Multi accounts, arbitrage betting, abusing bonuses, or something that violates terms. There are offenses that I agree players should be punished for but this thread is not about that.
August 04, 2023, 08:51:39 PM
Yes this information is now partially correct. Earlier casinos used to be KYC free and people used to gamble without worrying about their identities. But many casinos now have made the KYC rule mandatory. They are doing this in order to avoid money laundering and keep a track of gamblers in their casinos. Now we cannot do anything regarding this rule. What we can do is just find gambling sites and casinos which doesn’t ask for KYC and play there. Yes we also need to remember that, the casino should be trusted enough to be played.
August 04, 2023, 08:32:23 PM
Well, it is mandatory by law, and I don't think there's a lot of things you can hide from the government anyway. It's an inevitability that is slowly creeping up in the cryptospace, so it is to be expected. Though third-parties couldn't snoop on your activities, unless of course the gambling platform allows them to check on your history, but that is quite impossible unless you have the side of the law enforcement with you, so I guess in a way, it's still pretty anonymous.
Gambling with cryptocurrencies however, still has some benefits as the coins you're playing with could potentially increase their value, getting your winnings up should there be any.
Gambling with cryptocurrencies however, still has some benefits as the coins you're playing with could potentially increase their value, getting your winnings up should there be any.
Curacao laws don't require KYC for deposits. There are laws for withdrawals. No casino strictly follows the rules. If a player losses $50,000 and then wins $10,000 and asks for a $10,000 withdrawal, he won't be asked for KYC. Casinos want this player. If a casino does KYC, they are looking to confiscate your funds.
August 04, 2023, 08:21:54 PM
The information needs to be updated because the reality has changed in recent years. Currently, crypto casinos have also implemented KYC for their members, but there are still casinos that have not implemented KYC for all of their members. These casinos are reputable and trusted so members who play at these casinos don't need to worry.
Crypto casinos still allow their members who only play gambling with little money not to do KYC. But we also must understand that casinos now have the right to ask their members for KYC anytime. So we also have to be prepared to be asked to do KYC.
Maybe from now on, if you want to play gambling, only use small money and avoid using big money if you are still a new member at the casino. It can make the casino suspicious and the casino may ask you to do KYC first.
Crypto casinos still allow their members who only play gambling with little money not to do KYC. But we also must understand that casinos now have the right to ask their members for KYC anytime. So we also have to be prepared to be asked to do KYC.
Maybe from now on, if you want to play gambling, only use small money and avoid using big money if you are still a new member at the casino. It can make the casino suspicious and the casino may ask you to do KYC first.
August 04, 2023, 08:17:41 PM
Because of KYC verification which is now done by most crypto casino to know the people who gamble on their casino, I think anonymity is no longer a benefit of gambling with cryptocurrency in crypto casino.
We should understand even way back before that soon, centralization in crypto will also affect crypto-gambling sites.
Aside from that, you might be right that most crypto casinos do have KYC but it's "not mandatory" and you can still play at most crypto-casinos freely and smoothly without undergoing KYC. These sites have no choice but to comply with regularization to make their operation "legal in papers".
Just ride the wave and just play on your usual. It's not that KYC is a big reason why our crypto-gambling should be affected.
August 04, 2023, 08:01:54 PM
I was reading and I saw something that I would have agreed with before, but not anymore because of how much things have changed in the crypto gambling.
https://indiacsr.in/what-is-a-crypto-casino-meaning-advantages-and-potential-risks-explained/
Because of KYC verification which is now done by most crypto casino to know the people who gamble on their casino, I think anonymity is no longer a benefit of gambling with cryptocurrency in crypto casino.
Am i wrong to think that this information on the internet needs to be updated.
Quote
Faster and more secure transactions: Crypto transactions are processed much faster than traditional bank transfers, and they are also more secure.
Anonymity: Crypto casinos allow players to remain anonymous, which is appealing to some players.
Wider variety of games: Crypto casinos offer a wider variety of games than traditional online casinos.
More generous bonuses: Crypto casinos often offer more generous bonuses than traditional online casinos.
Anonymity: Crypto casinos allow players to remain anonymous, which is appealing to some players.
Wider variety of games: Crypto casinos offer a wider variety of games than traditional online casinos.
More generous bonuses: Crypto casinos often offer more generous bonuses than traditional online casinos.
https://indiacsr.in/what-is-a-crypto-casino-meaning-advantages-and-potential-risks-explained/
Because of KYC verification which is now done by most crypto casino to know the people who gamble on their casino, I think anonymity is no longer a benefit of gambling with cryptocurrency in crypto casino.
Am i wrong to think that this information on the internet needs to be updated.
Anonymity was never meant to be a benefit of gambling with cryptocurrency. Except perhaps with shady casinos and using Monero? I don't know. But since we are in the Bitcoin forum, I am just going to assume that you meant Bitcoin. Bitcoin was never anonymous nor was it meant to be anonymous. In fact, it is built as a public ledger. We can all see who gets Bitcoin and where it goes.
The problem here is that you are gambling on a centralized platform which demands KYC.
August 04, 2023, 07:27:24 PM
With enough research, you can still find a few crypto casinos that don't require KYC, and the others mentioned it too. Most crypto casinos now are in-between (list of casinos and KYC), but the non-KYC casinos won't disappear because that benefit alone can bring tons of players to a crypto casino. That benefit is slowly fading in crypto gambling, but not all crypto casinos are heading to the levels of traditional casinos.
August 04, 2023, 06:34:20 PM
Well, it is mandatory by law, and I don't think there's a lot of things you can hide from the government anyway. It's an inevitability that is slowly creeping up in the cryptospace, so it is to be expected. Though third-parties couldn't snoop on your activities, unless of course the gambling platform allows them to check on your history, but that is quite impossible unless you have the side of the law enforcement with you, so I guess in a way, it's still pretty anonymous.
Gambling with cryptocurrencies however, still has some benefits as the coins you're playing with could potentially increase their value, getting your winnings up should there be any.
Gambling with cryptocurrencies however, still has some benefits as the coins you're playing with could potentially increase their value, getting your winnings up should there be any.
August 04, 2023, 06:27:24 PM
Most casinos use the same Curacao license but they have different degrees to which they ask for KYC documentation. The chart shows degree of KYC. 0 = no KYC while 5 = mandatory KYC upon withdrawal.
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August 04, 2023, 06:17:29 PM
I believe that phrase is meant for the original context of cryptocurrency which truly is all about Anomynity and this have changed a lot of this in both the casino that adopt cryptocurrency as a form of payment this is so because cryptocurrency allows for seamlessly untraceable transactions unless the one that is done through KYC platform.
This is why, most important to gamble only on no KYC casinos to avoid the disposal of your identity, moreover, cryptocurrency gambling offers privacy 79% higher than traditional August 04, 2023, 06:06:40 PM
Because of KYC verification which is now done by most crypto casino to know the people who gamble on their casino, I think anonymity is no longer a benefit of gambling with cryptocurrency in crypto casino. Am i wrong to think that this information on the internet needs to be updated. This has something to do with compliance something a casino needs to continue to operate in many countries so they can do their business without questioning their legality, They need a license for their operation and to make sure that their platform is not being used for money laundering and any illegal activities. There is nothing to be changed in the way casinos operate we are all good at this if you're not comfortable with this then you need to play on a decentralized gambling platform where you connect your wallet to play. Jump to:
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