Topic: Crypto-Casinos and KYC - page 5. (Read 2424 times)

I have 2 questions which I would like everyone to please answer and based on the answers can we can have a clear picture.

1- Would you gamble at a crypto-casino knowing it would ask you for KYC documents before withdrawal?

My opinion: No, because fiat casinos offer much better services, odds, and games so I would never want to do KYC at a crypto casino and if I was going to do it, I would rather play at a fiat casino like bet365. There are countless options of exchanging your Bitcoins to skrill/neteller and deposit to play. I don't think that's a problem for anyone so unless crypto casinos offer better services, I won't play there if KYC is required. On top of everything else, the main reason why crypto was made was to keep ourselves anonymous and if crypto casinos should follow the same path.

If a player cheated the casino by any means, then the casino should just ban the player because asking for KYC is not going to solve the case.


2-  Do you feel safe giving out your KYC to online crypto-casinos?

My opinion: After the documents are sent, they go through a number of people and online casinos keep changing their staff from time to time and in some case, if a staff member knows my address and in case I am a high-roller I would be in some serious trouble because the staff member can track me and even blackmail me to some extent. I am ok with giving my identity to known sites like bet365 or williamhill but I am still not comfortable verifying myself at a lesser-known crypto casino.

But we can still hope that the casino will think about the anonymity of their members and not forcing them to fills KYC. Maybe they can make a new rule on their site that will give a chance for the crypto gambler to play anonymously. The crypto itself offers anonymity and freedom to its user, so I think it might be a casino will still have that option for their members. Maybe the casino will give another compensation to the government that wants to know their customer by paying high taxes for that casino.

Nowadays I don't think the type of license matters much anymore. I myself have read that sites of the MGA affiliated are stricter with the KYC, but that it is a one-off. And even if you did, you still have no guarantees. It is best to rely on individual player experience to see what is reliable. some players want to remain anonymous, but that is very difficult now.

To be honest, if you want to gamble you're much safer if you find an online fiat casino that is regulated within your own country, otherwise they can put up all sorts of walls to getting your funds and online cryptocurrency based sites are constantly under attack by malicious people who want to steal it all. Unlike a bank if hackers find a way in, they need infrastructure to get the money out which is just as difficult. If a hacker manages to get into a Bitcoin wallet owned by a gambling institution, they can move it instantly and with no way to get it back, after that there are numerous ways for them to launder it so the trail will go cold.It's no wonder all these ransomware attacks are so successful, because they're able to extract near untraceable rewards.

It would really be surely a big problem whenever you do hit up some big wins and accompanied with some issues where you do need to make out some verification and if you do input false information earlier then that would surely be a big mess.

KYC is mainly hated on crypto but due to regulation these platforms wont really be having any choice but to impose those if they had been asked to do so.

So as a user then we wont have any choice too but actually there are still lots of options for us to take.

That's just flat out wrong.

There are still a lot of casinos out there that implicitly never ask for your KYC. Bitsler, roobet, duelbits, you name it. Sure, they have the final say when it comes to whether you get KYC'd or not, but isn't that every single casino that you play on (including freebitco.in, which has atrocious odds)?

Unless you play on a decentralised betting exchange, which is not yet fully popularised, I don't think you can ever escape this inevitability. This risk of AML protocol has to be accepted on any central platform.

I don't know why crypto casinos want a license neither. freebitco.in has no license and they have been doing just fine.

This risk of AML protocol has to be accepted on any central platform.

That is another problem that will a gambler face in the future if they decide to use a fake identity in the gambling casino. They hope that they can play gambling without a problem and if they can found a casino that does not require KYC, maybe they will stay at that casino without moving into the other casino. I guess there will still be a casino that does not require the member to fills KYC. I will not have a problem using the casino, which requires KYC but that will be better if we give our identity if we want to withdraw big money more than 1 bitcoin.

Right now freebitco.in is the only casino I know that doesn't ask for any KYC. The casino in my signature is also not famous for asking KYC but they still have it in their ToS if I am not wrong which means they can weaponize KYC when it is necessary. (not saying they do or they will. They can though)

I don't know why crypto casinos want a license neither. freebitco.in has no license and they have been doing just fine.

Easy for them to do that but there's always a risk on their side, that's an identity thief or they might not be able to go after the gambling site if they will file a case once the site is scamming its clients because they are not using their real identity. I don't know if there are still gambling sites that will offer anonymous gambling in the future, because wherever they are, as long as they are regulated, the government would always require them to implement a KYC as that is the standard for every government.

Crypto casinos and KYC will always be related because crypto on one side offers anonymity to gamblers. But the government wants to know their customer and asking the casino to apply KYC for their members. Some casinos will follow the regulations, while the other casino that is out of that jurisdiction will not follow and will allow people to play gambling without KYC.

Nowadays, a gambler becomes smart. They know that when they are playing gambling using crypto, they will not have to send their identity to the casino and they can hide in their rooms and gamble and make money from gambling. As long as they do not make the alarm sound, they will be okay with playing gambling.

This is when you do deal with fiat casinos online where you would need to comply KYC  unlike on crypto online casinos where you cant really be asked for
such information excluding into other casinos which had recently changed up their terms due to regulation reasons where there are such changes where in result into asking out those information and this is where crypto becomes popular due to anonymity on where you can freely play without giving out your information and without minding much that your information would be known but somehow it could really have some cons too.

Truth to be told this also happens in fiat casinos, after all in my experience you are only asked for KYC information when you want to withdraw so you can deposit as much money as you want and gamble with it but as soon as you want to get your money out of their platform then you are hit with KYC, this means that kids can gamble with fiat as well with no problem and when we take into account that some video games allow you to gamble as well with real money then this is a risk that not only exists here.

Right now freebitco.in is the only casino I know that doesn't ask for any KYC. The casino in my signature is also not famous for asking KYC but they still have it in their ToS if I am not wrong which means they can weaponize KYC when it is necessary. (not saying they do or they will. They can though)

I don't know why crypto casinos want a license neither. freebitco.in has no license and they have been doing just fine.

Truth to be told this also happens in fiat casinos, after all in my experience you are only asked for KYC information when you want to withdraw so you can deposit as much money as you want and gamble with it but as soon as you want to get your money out of their platform then you are hit with KYC, this means that kids can gamble with fiat as well with no problem and when we take into account that some video games allow you to gamble as well with real money then this is a risk that not only exists here.

Imagine, even if you are an underdog, you can gamble here since you can lie on your age when you sign up, and since there's no KYC, you can freely gamble without any problem as long as you don't gamble a lot that would ring a bell on the casino.

Right now freebitco.in is the only casino I know that doesn't ask for any KYC. The casino in my signature is also not famous for asking KYC but they still have it in their ToS if I am not wrong which means they can weaponize KYC when it is necessary. (not saying they do or they will. They can though)

I don't know why crypto casinos want a license neither. freebitco.in has no license and they have been doing just fine.

You can just ignore it. As it said - "Demand creates supply". So, if many people will not support KYC rules, some casinos will not ask for them or someone will create casino without KYC requirements. If casino will ask me to make KYC - i'll just leave if sum is not big enough. 

That's a good point because based on my observation, most casinos I played do not ask for KYC, so crypto casinos are still good for me. However, if regulation changes and they'll require a KYC, then there's nothing I could do but follow. I don't see any difference in using an exchange and casino, if the exchange asks for KYC, then casinos should be treated the same as long as they are both regulated.

No way they can lie to the regulators, the regulators have all the tools to determine if the casino is telling the truth or not, and the penalty for such violation is very serious, it could put the owner or operator to jail and I don't think they'll allow that to happen. Once a casino is regulated and ordered to implement the KYC to all of its client, then the casino will just follow without condition.

I hope so too. I have never given personal information to any gambling sites and I hope I will never even have to. As long as there is an option to gamble anonymously, I avoid casinos that require KYC verification. If this becomes impossible, I will stop gambling.

It seems to me that a lot of people are unaware of the potential dangers of their personal information being misused for criminal purposes.