Topic: Crypto Casinos vs money laundering. (Read 3497 times)

The thing is, and this happens everyday mind you, things wouldn't be a cause for concern until the cops' sirens are heard. With that idea in mind you could put two and two together in the sense that these casinos aren't exactly tolerating it, but aren't exactly against it either as it doesn't disrupt their business for one, and it's not something that they can't outright ban cause it would take massive efforts and a whole lot of enemies too on their part just so they can uphold justice.

So until the authorities do something about it, perhaps mobilize a police task force that tackles specifically money laundering, we won't see any movement on the casino's part as they are in a precarious situation where they can't do anything else they risk losing their business one way or another.

The best or the worse thing? I think there is more than money laundering, and that would be hacking because when a casino is hacked, all funds are going to be swept away but as far as I know no money is lost during a money laundering act. The launderer will just exchange the coins that they got from illegal stuffs. It's like they are only cleansing/cleaning it. Those casinos who has a KYC on them do cares about money laundering.

If the customer is a potential launderer, it will still be blocked by a casino and they can't earn with it but they shouldn't feel bad. At least they help combat these illegalities and maybe they can still get some recognition from the public and on the government.

I think they will be limited to their responsibilities. If the casino brings any allegations of money laundering against a client, their business may suffer in a way that they would never want. If they are asked to investigate these illegal activities, they will not do that because they have no need to investigate the gambler's finances. What casinos can do is ask each gambler for their KYC. If they get any error then they can take necessary action. Money laundering is an illegal activity, every casino should discourage such activity.

and thinking about the money laundering, crypto or btc is just one of the currencies involve in this fraudulent act. but up until now, fiat is still the major means of this illegal activity. launderers just add another route to their scheme. media is just highlighting btc in a bad light. but we all know, fiat is still the major player in these fraudulent schemes.

As a response for whom think that bitcoin can be associated with crime by using it for gambling activities ; Even Fiat money is used in suspicious activities and has not been subjected to any attack to limit its use in one way or another. Moreover, the adoption of Bitcoin by casinos cannot be considered a suspicious activity, especially for licensed casinos.
In my opinion, it is good to see more businesses supporting Bitcoin, including gambling projects and even porn production companies. On this basis, I understand op's remark and his question about it, because the number of crypto-based casinos has increased a lot and cannot be compared to the number in the early years of Bitcoin. Answer: Yes, this contributes to strengthening the position of Bitcoin and supporting it as a reliable currency and a secure payment gateway. However, the side effects that must be dealt with can never be canceled by adopting the necessary procedures.

And maybe that's why some casinos ask users to do KYC in anticipation of the casino being used as a place to launder money from corruptors. Casinos also don't want to become targets for corruptors who play with big money because later it can cause problems for the casinos so the regulators will put more pressure on them. And this won't be good for crypto gamblers who don't engage in illegal activities because they don't know anything about it. But the money launderers know where they can carry out their activities easily. Moreover, their network is very wide so they can easily contact places they are used to as money laundering.

I think there isn't a disparity, both are still equally involved. It's just that it's easier to launder money if you're coming from a developed nation compared to a developing one as most of the requirements wouldn't be that demanding and that people will not really bat an eye if you move x amount of money from one place to another. I think if gambling platforms, authorities, and law enforcements would just be as efficient and effective in catching money launderers, the statistics will show that both are always equally engaged in money laundering, it's just that the amount would (surely) differ.

Money laundering became a virus to many of the developing nations as compared to  developed nations. Because developing countries are large in size mostly and economic spread over large period. So most of the economy was not accountable, their the corruption was occur is large scale. So the developing countries economies involved in Money laundering and more crypto currency casino will be origin in this place. Money laundering will make you fool by the politicians and politicians should not use the money laundering for the people resources should be used on the wrong way of the responsibility.

Well, you may be right or on the line, unless there is a solid proof or evidence to buttress your suspicion on these actions of money laundering from a casino. If you wouldn't go through this stress, so also will the casino not even bother looking into the source of a customers cash for deposits. They really don't care and can't exhaust resources on all players/users who join to participate. It is a win-win for them in all sense. Unless a certain player/user has been flagged by security agencies to be looked into, only then I do think a casino can go through the stress of investigating further for money laundering. I however doubt they can do much besides providing data of the users playing history and transaction claims on winnings and loss.

Casinos don't really make this rules by themselves but rather some regulatory bodies and also the gambling board  a d this casinos only follow instructions given to them by this Bodies.
There is this prove of income verification going on with stake.com and I think this also another way to help comb this criminal activities and ensure customers safety.
We are in a society were everyone wants extreme privacy and most times, people shy away from casinos that seek or require KYC before registration or after deposit and this tends to want to keep their customers, hence making them break some rules or taking some drastic actions.
I suggest that a strict KYC should be implemented in casinos without compromise because this will go a very long way to reduce money laundering in casinos.

Well, I think we know something, that those who launder money the most like governments for nothing in the world do it through a casino, because it is simply very risky, they have other methods, but yes, it may be that some who are very new resort to casinos, but I don't see it as easy, casinos now have many regulatory agents, and those regulatory agents achieve them thanks to the authentication of their licenses, those same licenses that in many threads of new casinos we as players demand for our " security" thing that for me is not a guarantee, I think that if money is laundered, the least they use now is casinos.

We should not encourage the money laundering at any circumstances. Because all the money involved in money laundering is our money indirectly. Either it was the money of corrupted politician. So if you encourage by the name of casino, you are adding additional money to them directly or indirectly. Kindly avoid such things, because we had enough opportunities to earn money in good way. The politicians using the casino as the tool to convert the money to crypto currency and then back to their wallet.

I wonder why some thief who steals a lot of bitcoins would want to risk depositing bitcoin in a casino to launder money when he can just use many mixer sites? it makes no sense, imagine that the scammers steal 20 BTC if he used a casino he would risk doing KYC and it would also take a long time for him to withdraw the bitcoin not to mention that it would no longer be 20 BTC because he would have to play in the casino and without a doubt who would lose a lot playing, so there is no advantage for thieves to use casinos to launder money, at least that is my opinion


governments and politicians do not use casinos to launder money, they create companies to launder money, they create hotels and build tourist facilities to launder money, the big criminals in the drug underworld build luxury hotels to launder money money, they bribe governments to facilitate the documentation of the construction of companies and hotels and facilitate the whole money laundering process, if a criminal wants to launder money, maybe he will create a physical casino, but an online casino would be very limited for a large criminal laundering money


the guys who launder money most of the time and money that comes from drugs, then there is the money that comes from corruption, in African or even Arab countries that steal a lot from their people, they take the money from corruption and build these hotels of luxury that we see in these countries and many companies are built, these companies are not profitable, the money from drugs and corruption is injected into these companies and it looks like the company and the hotel are making a profit, when this is not true

I think that the real money laundering is to ensure that the right person gets their hands on a completely legal fiat. "Winning" from the casino is still gray money, since you have to declare it and pay taxes (different conditions in different countries), so it seems to me that those who launder amounts of money at least a little more than small ones use other schemes.

  - To all those who commented here in the thread section, you said that this is the exact reason why there is money laundering. this is accurate and correct for my understanding as well, only big syndicates or organizations can do such things in real life.

And the sad thing is that it cannot be denied that there are some government officials with high positions involved in this matter because of are corrupt politicians. This happens in different countries and as far as I know, there are others who have been caught in that kind of thing. The others avoid a large percentage of the tax because they engage in money laundering even though they know it is illegal, they still do it.

We have alot of peeps that are basically into money laundering as you've said but, nobody really gives a f*** about where these guys get their money From; to some point, it's not even seen as something very important to follow up on serious investigations before they could let them place their bets....
AFAIK, they could just get an alliance with a certain casino, just to ensure thier safety during this illegal monetary services, So I'd say No. Casinos could sometimes be an avenue to launder 'em cash. I won't really attest that on every casino as some are really strict and would quickly go against any form of fraudulence.

Sandra 💇

They don't need to negotiate with platform management because they can do it directly in many casinos. Or they have a casino that has become their favorite place to launder their money at the casino so they can easily play gambling and launder their money without any investigation. And yes, the casinos do get a good income from this activity and this is probably why there are a lot of casinos out there that are still able to stay in business. It is not easy to find money launderers or even casinos that protect this activity, so the regulators need to work hard to find them.

I think money laundering if done is done through mixers more than is done in casinos although people may use casinos for small amounts which really is not considered money laundering.The casinos may serve a good purpose in making your coins anonymous as you can deposit to them through a wallet and receive money in a brand new wallet that you create and the tx id is different because the money is coming from a wallet of that casino,that is the maximum people can use casinos but criminals to launder money through them I find it hard to believe.

You guys are overrating the integrity of gambling sites, how many of them have that integrity? One thing I want you to know today is that most gambling sites are just making sure they take the KYC of their customers for personal gains, or to have excuses for blocking accounts, not that they are really serious about it. And perhaps, some would do that so that people would think they are serious and more legit, but it is a lie.

Regardless, as cryptocurrency is concerned, if they would truly fight money laundry, the only important thing for them to do is to process withdrawals back to the originating address. Don't be surprised that these companies are complacent in money laundering themselves.

They need to negotiate if that casino requires a KYC. It's indeed risky not only for the side of the launderer because what if the casino fake them and they will agree but the launderer didn't know that they will be reported to the authorities later on? It's also risky for the side of the casino because what if the launderer get busted out somewhere?

Authorities will let them confess if who is their partner and the launder will say that name of that casino. A gambling business is already profitable so if I were them I won't risk their reputation for some extra money. Helping a criminal is also bad but they must only help to prevent this kind of act.