Clarity on KYC verification & online gambling. - page 2.

ralle14

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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 to avoid KYC while gambling but the number of casinos that don't have KYC after registration is getting small compared to before as other casinos are starting to introduce KYC. It only becomes difficult if you're playing with a large amount of money as there are casinos that have rules regarding the amount you're allowed to withdraw if your account hasn't gone through KYC.

Quote from: Cryptomultiplier on September 16, 2022, 10:19:09 AM

We should thank the KYC system because the verification they impose is a huge scare to fraudsters and money laundering who use the gambling method to launder stolen or ill-gotten cash.

There's no need for us gamblers to feel thankful for the KYC system because it's only helping the casinos for the most part and gamblers don't get much after complying aside from additional access to their service.

Odusko

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You can do away with centralized casinos that require verification at any point, it is a matter of choice either to gamble on a decent-sized casino or a centralized casino. KYC has become a highly demanded thing from gamblers lately and this has made privacy hard for crypto users who may have seen gambling as a way of passing time.
But ultimately I advise you to gamble only on decentralized casinos if you value your Anonymous but then you will be ready to forfeit some other future that is accessible to KYC members on the site.

Cryptomultiplier

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Quote from: qwertyup23 on September 16, 2022, 09:38:53 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 the 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?

The implementation of KYC documents is for the benefit of the casino since it has to comply with the existing laws in the country. If they fail to comply, then the licenses will be revoked, thus losing their progress and website in an instant.

We should thank the KYC system because the verification they impose is a huge scare to fraudsters and money laundering who use the gambling method to launder stolen or ill-gotten cash. Of course, a casino found guilty of failing to provide a correct spreadsheet will face a penalty by the regulatory body in the manner of having a revoked license. Also during payouts, most casinos if not properly regulated may fail to payout winnings for reasons of improper I.d cards or another document to ascertain the identity of the user. There's less anonymity in the crypto space these days because the usage keeps gaining momentum from new users, hence the reason for KYC verification which helps to show new persons joining the network that their funds are secured from scams if they can only adhere to security tips and processes.

Maus0728

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There are few casino in this list^[1] that do not require their user to undergo KYC, so your concern about gambling anonymously is pretty much doable, perhaps at a certain amount of time, and unless they deemed it necessarry.

Regardless of whether bitcoin or crypto in general promotes pseudo-anonymity or privacy, jackpot winner will sometimes, if not always surrender their ID anyways just to get their money, and most of the time, they do not give a damn.

[1]Information of Crypto Casinos License and KYC requirements

$crypto$

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Quote from: yazher on September 16, 2022, 09:29:12 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?

Yeah! because of the tight restrictions of the governments regarding money laundering and some other illegal activities that could be executed with crypto gamblings, most of them require their users to pass KYC to avoid some troubles. most of the users don't really want it and they just ignored it. They avoid it because they are afraid of their personal details being compromised when the Casino is not trusted.

Because it has become a regulation that casinos may be implemented later, it becomes mandatory to see now many casinos have applied it to users because of course for several reasons such as money laundering and also legality which has become legal because currently, casinos have regulations regarding KYC because of their regulations on the licenses they register which are still under the auspices of the government.

Including I actually don't want KYC to be mandatory maybe for now, there is still anonymity that we want but in the future, we will know that KYC can be important for casinos.

qwertyup23

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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?

I do think that cryptocurrency casinos is just the incident of it- the primary purpose is to establish an online gambling website that is compatible with cryptocurrencies. Basically, it just your typical online gambling website but the payment options and payouts that are available are cryptocurrencies.

The implementation of KYC documents is for the benefit of the casino since it has to comply with the existing laws in a country. If they fail to comply, then the licenses will be revoked, thus losing their progress and website in an instant.

yazher

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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?

Yeah! because of the tight restrictions of the governments regarding money laundering and some other illegal activities that could be executed with crypto gamblings, most of them require their users to pass KYC to avoid some troubles. most of the users don't really want it and they just ignored it. They avoid it because they are afraid of their personal details being compromised when the Casino is not trusted.

electronicash

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Quote from: Solosanz on September 16, 2022, 09:15:16 AM

I'm surprised you're seems like never buy or sell Bitcoin since you're asking this question. What about centralized exchanges then? don't lie, I believe you've submit your KYC to the exchanges. Then why you give them your KYC when you're think cryptocurrency is used to anonymous? the same applies with licensed casinos.

Quote from: Piesel on September 16, 2022, 08:14:38 AM

But anyone can use bitcoin mixing services to deposit his casino balance without any trace but then that does not solve the problem in totality. The whole idea of KYC undermines the role of anonymity some cryptocurrencies present such as Bitcoin.

Have you done this before suggest to other users? You can try to mix your coins and deposit to Yas.bet aka the casino you promote under your signature and let's see what the casino will do to you Cheesy

Concealing your origin source is increase the casino will ask you to submit KYC.

has it happened before? its possible, services like tornado cash was sanctioned and the addresses who once used the service i think had been whipped as well which 6 of them sued Office of Foreign Assets Control (OFAC) because of mixing.

its time to just use something else or just comply to what casino is asking. its now the norm after all BTC is not illegal.

Solosanz

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I'm surprised you're seems like never buy or sell Bitcoin since you're asking this question. What about centralized exchanges then? don't lie, I believe you've submit your KYC to the exchanges. Then why you give them your KYC when you're think cryptocurrency is used to anonymous? the same applies with licensed casinos.

Quote from: Piesel on September 16, 2022, 08:14:38 AM

But anyone can use bitcoin mixing services to deposit his casino balance without any trace but then that does not solve the problem in totality. The whole idea of KYC undermines the role of anonymity some cryptocurrencies present such as Bitcoin.

Have you done this before suggest to other users? You can try to mix your coins and deposit to Yas.bet aka the casino you promote under your signature and let's see what the casino will do to you Cheesy

Concealing your origin source is increase the casino will ask you to submit KYC.

masulum

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hmph..

This is a common problem that is very often being discussed. However, when talking about anti-money laundering (AML) rules, providers need to make KYC rules for deposits and withdrawals with a certain nominal. If there is no KYC, the potential for money laundering will be higher. So as long as KYC is the only way to avoid money laundering, then KYC will always be applied. Unless there is an identity tracking method and AML prevention efforts with the KYC free method, the provider will definitely implement it.

Doell

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I understand your concerns but as the crypto gambling industry progress, we also have to adapt. At first I also want to be anonymous because I was afraid, but seeing the whales gamble and it's safe so I think the KYC given to the site is very safe. Just to know the customer, maybe also fear of money laundering or problems in the future that could jeopardize the casino. By the way crypto is not only one and there are not only one sites too, there are still many that not require KYC, actually depending on which one you want to choose.

ethereumhunter

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I think it's contradictory but crypto casinos can't do anything but comply with the regulations from the regulators because it is related to the licenses owned by the casinos. If the regulators weren't as strict as they are today, it's unlikely that casinos will force their customers to KYC so we can still play anonymously.

But the government must be wary of money laundering cases in casinos because when people play with big money, the casino and the government must know where the funds are coming from. And if it is indeed connected to money laundering, they will easily catch the culprit if the culprit does KYC.

But I guess there are still casinos that keep working anonymously because we see that some casinos use private wallets to connect to someone's account so they will go through KYC. But there is still the possibility that the person will be asked to do KYC.

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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?

There are some blockchain gambling site that are existing. Just like there are centralized exchanges, that does not mean there are not decentralized exchanges, so in gambling too.

As long as you are using a centralized gambling site, they may request for KYC from you. I have not committed any crime, I am not a money launderer and I am not in support of any terrorism or online crime activity, the reason I played on those gambling sites. As long as they provide the services I want, that is all that matters, the reason people are using them. Not that is have huge amount there, so I do not consider not having privacy while making use of such gambling sites. I was once on many fiat based gambling sites before.

Mind this, crypto is not for anonymous payment, only few like monero, some means of transactions of litecoin, dash and zcash, including some other privacy cryptocurrencies are used for anonymous transactions.

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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?

Well, that is a hot topic for discussion.. because the early casinos where very "anonymity" conscious, because Crypto currencies were illegal in most countries back then. Since the early days.. a lot of regulations has come into play and Crypto currencies has become less anonymous. (Also the introduction of third party services like Exchanges and wallet providers has almost killed anonymity, before your coins reach the casinos) Roll Eyes

The Fiat based casinos that converted to Crypto currencies were "regulated" before they started to accept Crypto currencies, so nothing changed with them. Some of the Crypto casinos grew bigger and bigger and they had to license their casinos and most of these licenses require that the casino ask for KYC/AML verification. Roll Eyes

bittraffic

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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?

It appears that way. But it's up to you anymore on how you can remain anonymous. You could just stop using crypto casinos that are asking KYC or you can use your very anonymous wallet to gamble in casinos that don't ask for KYC.

Cryptocurrency is not banned or illegal so there is nothing wrong to it. But there is also nothing wrong if one wants to remain anonymous so do whatever you need to do to stay anonymous if you wish.

YOSHIE

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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?

Synonyms only apply to crypto types such as Bitcoin, not all crypto types are categorized in the Anonymous system, only Bitcoin whose creator is not known, I mean the identity.

The KYC system implemented by online casinos is one of the rules to find out the identity of online casino users to avoid suspicious actions or those who cheat and so on that can harm the casino.

KYC & Anonymous do not contradict each other, the two systems have different understandings and different ways of working, although many online casinos today are implementing the two methods KYC & Crypto, I think these two elements have different meanings in online gambling sites, so nothing contradicts each other, must be separated between KYC & Anonymous, different understandings.

Jating

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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?

Any crypto services that requires KYC, is going against the basic tenant of crypto or it's supposedly (pseudo) anonymity.

However, I guess this is part and parcel of crypto being in the spot light for sometime, and so regulatory bodies is hot on it's tail and wanted everything to be black and white and so they've mandated every services to have KYC in place including gambling platforms which they follow because they want to stay in the business. I would say if you are just average gambler then you can be anonymous, but if you are a whale, at certain point online crypto casinos will ask you to undergone KYC.

Beparanf

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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?

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.

Piesel

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If you are a citizen of the United States and other countries that have strict law on casinos you will be familiar with how important KYC is to gambling houses cryptocurrency have helped players to be able to access a wide range of services but that doesn't eliminate the place for KYC as most casinos have same anti-money laundering laws for both cryptocurrency deposits and bank payments.

But anyone can use bitcoin mixing services to deposit his casino balance without any trace but then that does not solve the problem in totality. The whole idea of KYC undermines the role of anonymity some cryptocurrencies present such as Bitcoin.

Apocollapse

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Cryptocurrency isn't created for anonymity in the first place, Bitcoin isn't anonymous but pseudonymous, only few coins that offer privacy feature. I don't think there's many casinos accept privacy coins e.g. Monero, Monero even get delisted in many top exchanges due to risk of money laundering. There's a chance if Curacao license doesn't accept Monero again, all licensed casinos will delist Monero too.

AFAIK Freebitco.in is no KYC casino, but there's a case before Freebitco.in openly posting user data so it's completely impossible to become anonymous in centralized casino.

Topic: Clarity on KYC verification & online gambling. - page 2. (Read 308 times)