Clarity on KYC verification & online gambling.

Fatunad

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Quote from: DoublerHunter on September 16, 2022, 04:56:34 PM

Quote from: Queentoshi on September 16, 2022, 07:59:01 AM

I understand the importance of KYC verification to be carried out by casinos, but since the introduction of use of cryptocurrency in gambling by online casinos and other betting services, does KYC verification from online casinos and sport betting services not directly go against the anonymity that cryptocurrency seeks to provide to people? Does it mean that gambling online anonymously is no longer possible?

^Even casinos themselves hate this KYC procedure because it makes them additional tasks for their staff. It is because they are regulated by the governments and they are required to follow KYC verification to know customers and probably avoid that money laundering since we know that since starting this was the government fighting, to stop money laundering and possibly to fund terrorist activities.
However, we still have gambling casinos that don't have KYC, as long they are here we can avoid using a gambling casino that requires too much heavy KYC procedures.

They do hate KYC because they do know that this community does always love on being anonymous but just like on what most people been saying here is that they do need to comply on whats been asked or else
it wont really be that possible to have those operation specially if the origin of the said platform is living on a country which does have strict rules about gambling businesses or platforms.

goaldigger

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KYC is a thing now, most of the licensed casinos already have a KYC requirement and beside it is stated in most of the site that KYC can still be asked so we will not remain anonymous once you do gambling.

Cryptocurrency made for this purpose but since we want the regulations and adoption, we have mo choice but to comply. If you are not ok with KYC then don’t gamble at all, this is beyond our control already and even casinos left with no choice. Providing fake identity is not safe as well, better not to do this at all.

DoublerHunter

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Quote from: Queentoshi on September 16, 2022, 07:59:01 AM

I understand the importance of KYC verification to be carried out by casinos, but since the introduction of use of cryptocurrency in gambling by online casinos and other betting services, does KYC verification from online casinos and sport betting services not directly go against the anonymity that cryptocurrency seeks to provide to people? Does it mean that gambling online anonymously is no longer possible?

^Even casinos themselves hate this KYC procedure because it makes them additional tasks for their staff. It is because they are regulated by the governments and they are required to follow KYC verification to know customers and probably avoid that money laundering since we know that since starting this was the government fighting, to stop money laundering and possibly to fund terrorist activities.
However, we still have gambling casinos that don't have KYC, as long they are here we can avoid using a gambling casino that requires too much heavy KYC procedures.

carlfebz2

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Quote from: Queentoshi on September 16, 2022, 07:59:01 AM

I understand the importance of KYC verification to be carried out by casinos, but since the introduction of use of cryptocurrency in gambling by online casinos and other betting services, does KYC verification from online casinos and sport betting services not directly go against the anonymity that cryptocurrency seeks to provide to people? Does it mean that gambling online anonymously is no longer possible?

Due to regulation then it becomes tighter as the years been passing by considering that these businesses are regulated then expect that they would really be complying on what are the rules and regulation
that had been stated specially if these platforms are regulated or licensed ones which means that we wont really took all the blame to the casino since they are just following on whats been told to them.

We have seen that there are casinos now that imposing or applying KYC restrictions which do really sucks but still we do have still those platforms which we could really still
able to play anonymously or wont really be having any problems at all in regarding to KYC.

Baofeng

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As others have mentioned, online crypto gambling in the beginning is fully anonymous, it was in its early years. And when crypto specially bitcoin attracted the attention of regulatory bodies specially in 2017, wherein there is a massive change from exchanges to gambling platform, everything is now requiring KYC. But if I'm not mistaken, there are still casino's that only requires KYC when you reaches certain threshold of withdrawals. But in any case, you should be ready for your documents as you might be ask one day by your favorite casino for your personal documentations.

ChiNgadOr

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Quote from: Queentoshi on September 16, 2022, 07:59:01 AM

I understand the importance of KYC verification to be carried out by casinos, but since the introduction of use of cryptocurrency in gambling by online casinos and other betting services, does KYC verification from online casinos and sport betting services not directly go against the anonymity that cryptocurrency seeks to provide to people? Does it mean that gambling online anonymously is no longer possible?

You need to know that not all casinos that requires KYC verification which is the reason why we can select from the large numbers of casinos we have online and go for what we want if we don't really like KYC casinos. There are some that are KYC standard and the reason why they do that is because they are centralized crypto gambling casinos and they are always strict on enforcing KYC for users so that the attempt of having multiple accounts of cheat can be detected through there system.
Another reason why some casinos do care about KYC is because of money laundering act to avoid illegal spending of money that are term as laundering.

Johnyz

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In the rising regulations, we are slowly getting back in the old times and being anonymous is no longer an ideal thing to implement especially on many crypto casinos.

The only option is to avoid the platform that asked for too much KYC, maybe a simple name and age will do but if they continue to ask for more details and supporting documents, personally I won’t proceed on that as well. KYC is still an issue here and probably will still be an issue in the years yo come.

livingfree

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It is against the anonymity that cryptocurrencies portray. But they're also a service and a business that needs to be registered and has to obey the rules where they're registered at.

They have to be implemented by the rules and with the rules. Now, as a business, they have also their own policies that go lies together with the government and that includes KYC.

On the early days, it was like that, we're all free and the government doesn't worry much about what we do in crypto and crypto related businesses. But now that it has gotten wide and bigger, they can no longer ignore what they can get from it.

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Quote from: KTChampions on September 16, 2022, 12:40:13 PM

..you should use decentralized services, but I have not heard of such regarding bookmakers/casinos.

The former Directbet.eu is one of the best crypto-sportsbook before where you don't need an account to place your bet. It means that there is even no chance of KYC here even though the bet amount was really big. OneHash, a mutual betting site also did the same, no account is needed but currently, opening an account is now necessary there and I have just learned that they not offering sports betting now.

If we don't like KYC, no choice but to just choose a sportsbook where KYC is not a mandatory requirement. There are lots of sportsbooks currently that we can freely use even without the KYC. We should have to take advantage of it while it's possible.

darkangel11

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Quote from: KTChampions on September 16, 2022, 12:40:13 PM

Quote from: Queentoshi on September 16, 2022, 07:59:01 AM

I understand the importance of KYC verification to be carried out by casinos, but since the introduction of use of cryptocurrency in gambling by online casinos and other betting services, does KYC verification from online casinos and sport betting services not directly go against the anonymity that cryptocurrency seeks to provide to people? Does it mean that gambling online anonymously is no longer possible?

If you use insignificant amounts and do not violate the rules of the casino, then no one will be interested in you. If you use large amounts, then everyone and everywhere will be interested in you. These are the rules imposed by the regulators. Therefore, if you need to use large amounts, you should use decentralized services, but I have not heard of such regarding bookmakers/casinos.

Pretty much this.
KYC sucks but it's there and you should be aware of it.

There are ways to avoid it and ways to gamble without giving them your personal data. If you're a high roller you already know those and if you're not, you're not going to need to hide. Just choose casinos that don't require KYC for all their clients just those who withdraw big money.

Fivestar4everMVP

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Quote from: Queentoshi on September 16, 2022, 07:59:01 AM

I understand the importance of KYC verification to be carried out by casinos, but since the introduction of use of cryptocurrency in gambling by online casinos and other betting services, does KYC verification from online casinos and sport betting services not directly go against the anonymity that cryptocurrency seeks to provide to people? Does it mean that gambling online anonymously is no longer possible?

First, I think it is already stated that cryptocurrencies are not created for anonymity, they are created as a easier, cheaper, faster and safer way to send and receive money.

And secondly, I would like to emphasize that anonymity is only possible in an environment that is crime free, online casinos that does not request kyc stand a chance at being used as a means to launder money, which is a serious crime in many cities of the world.

uneng

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Quote from: Queentoshi on September 16, 2022, 07:59:01 AM

Does it mean that gambling online anonymously is no longer possible?

It's still possible today. There are few alternatives of casinos which don't ask for KYC, although we have no guarantees tomorrow they won't start demanding KYC from users. So gamblers must be careful even when depositing and keeping funds on such casinos, because at any moment they might be forced to provide their IDs in order to cashout funds, otherwise they are going to lose their funds.

Anonymity or pseudo-anonymity was good while it lasted during the early days of cryptocurrency. I think many people here will remember those times with nostalgia...

BitcoinAccepted

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Several threads have already been opened regarding the KYC and I think there will be a lot more talk about it. We are in 2022, so the KYC is something that seems to have become inherent in the gambling industry these days. If you are going to play at a gambling site (only crypto or regular bookmakers) then you have to prepare yourself that sooner or later there will come a time when you have to undergo a KYC. That is the situation and it is not going to change. There are still a handful of bookmakers that don't require KYC but they are getting less and less.

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Quote from: Queentoshi on September 16, 2022, 07:59:01 AM

... does KYC verification from online casinos and sport betting services not directly go against the anonymity that cryptocurrency seeks to provide to people? Does it mean that gambling online anonymously is no longer possible?

It is, the idea of using cryptocurrency is sending money from A to B even without knowing ^(personally) who actually is A and/or B. With the whole lot new regulations, this way become more at risk.
Gambling anonymously online is still possible you just need to filter and choose trusted non-KYC gambling/casino sites, there are still lot of them.

While on the other hand you can choose what gambling website to trust your info if you want to proceed their KYC and stick to that. I don't know if this is a thing to a casino sites' terms but you can request to delete your account together with your info. Then proceed to register another new casino site then do KYC. Well, it's up the users. Just make sure you knew the risks because privacy leakage is dangerous than anyone could imagine.

Finestream

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Quote from: Beparanf on September 16, 2022, 08:15:28 AM

Quote from: Queentoshi on September 16, 2022, 07:59:01 AM

I understand the importance of KYC verification to be carried out by casinos, but since the introduction of use of cryptocurrency in gambling by online casinos and other betting services, does KYC verification from online casinos and sport betting services not directly go against the anonymity that cryptocurrency seeks to provide to people? Does it mean that gambling online anonymously is no longer possible?

Centralized Exchange doesn’t requires KYC before when regulators still not stepping in but since they are now providing license for exchange to operate then KYC become mandatory at this part of crypto.

This is same scenario to crypto casino industry. Casino is now being regulate and there license is being use against them to implement KYC to the customer. Right now there are still casino that offers no KYC but soon anonymous gambling on license casino is not possible anymore.

I think KYC requirement is going to be inevitable already as most of the reputable casinos are going all in. So probably, making yourself completely anonymous will not be possible at all as KYC verification will become mandatory once you enter into online gambling or playing into legit and reputable casinos. Maybe for now we can still be anonymous as a gambler but I know later on, we can no longer escape KYC anymore.

KTChampions

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Quote from: Queentoshi on September 16, 2022, 07:59:01 AM

I understand the importance of KYC verification to be carried out by casinos, but since the introduction of use of cryptocurrency in gambling by online casinos and other betting services, does KYC verification from online casinos and sport betting services not directly go against the anonymity that cryptocurrency seeks to provide to people? Does it mean that gambling online anonymously is no longer possible?

If you use insignificant amounts and do not violate the rules of the casino, then no one will be interested in you. If you use large amounts, then everyone and everywhere will be interested in you. These are the rules imposed by the regulators. Therefore, if you need to use large amounts, you should use decentralized services, but I have not heard of such regarding bookmakers/casinos.

harizen

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Quote from: Queentoshi on September 16, 2022, 07:59:01 AM

I understand the importance of KYC verification to be carried out by casinos, but since the introduction of use of cryptocurrency in gambling by online casinos and other betting services, does KYC verification from online casinos and sport betting services not directly go against the anonymity that cryptocurrency seeks to provide to people? Does it mean that gambling online anonymously is no longer possible?

Crypto-gambling should be anonymous, as it supposed to be in general, but since centralization now hitting any crypto-companies, soon we can expect that most crypto-gambling sites will have a mandatory KYC. But for now, don't mind it, it's not that KYC will be a mandatory requirements that will be imposed on the gambling sites.

Just enjoy now the anonymity of crypto-gambling today and don't take it as a big deal. Also keep in mind that always follow the site terms to avoid having any account issues and problem in the future as KYC is now mandatory for red flagged accounts at most cases.

Adbitco

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The major reason why kyc is mostly required in various casinos is to reduced and track against money laundering, from investigations since casino site do operates with license and most of exchange like Binance and any other tie 1 trading platform including those gambling site. They are trying their best to do away such activity, and to protect users investment in their platform which is why it was made compulsory for every user to pass through the KYC process.

Now talking of anonymity, this remains only between the casinos sites and their users since You and I doesn't see each other's details and can not be revealed by the counterparty or the operators, this applicable to cryptocurrency exchangers otherwise you wanna used dex to trade or swapping your tokens.

coolcoinz

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To answer your questions, OP:
KYC goes against the principles of anonymous cryptocurrencies. It's a rule imposed by centralized governments that claim to be democratic but in reality are authoritarian when it comes to finances. A great example of a fake democracy is Canada that was blocking accounts of people involved in protests so that they wouldn't have money for fuel and food.

Gambling without KYC is still possible. For instance, many jurisdictions require KYC only above a certain sum of money. If you spend $100, many casinos won't make it hard for you.
It also depends on your local laws. If your country requires kyc from all casinos, it's going to also require it from online bitcoin casinos.

FatFork

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Quote from: Queentoshi on September 16, 2022, 07:59:01 AM

does KYC verification from online casinos and sport betting services not directly go against the anonymity that cryptocurrency seeks to provide to people?

Yes, it does.
Here is an interesting topic that you might find useful: Why KYC is extremely dangerous – and useless

Quote from: Queentoshi on September 16, 2022, 07:59:01 AM

Does it mean that gambling online anonymously is no longer possible?

Not necessarily. Many people still avoid registering their details on gambling platforms, and some platforms will only require identification after winning a large amount, or to prevent fraudulent and criminal activity.

Topic: Clarity on KYC verification & online gambling. (Read 308 times)