Topic: Do you think casinos can stop demanding KYC? - page 4. (Read 1769 times)
Imho there is no way casinos would ever stop demanding KYC. That is one of their instruments to manipulate with time, as well as an instrument to check users funds eligibility. I see no reason why would casino refuse to ask for KYC, as only some users are not fond of it. If those users ignore casino that has asked to pass KYC, casino will not be in a huge loss because of it.
If casinos stops KYC procedures it will become so risky because it definitely will be the refuge of money launderers in the sense that they will feel they can just deposit money in their casino accounts and make withdrawal whenever they wish to and any system without regulations makes it become porous because there will be so many irregularities and untrusted activities that will be going on and a lot of people may not even like to use any casino without KYC requirements since it is mostly fraudsters and criminals that doesn't like their identity to be known when involving in any financial dealings with any company or organization.
I think casino are forced to do KYC in order to make themselves compliant otherwise the authorities may force them to shut their business as it has the risk of people doing money laundering using their platform.
Another thing is the if casino do not have KYC implementation, then kids, minor and underage will also access the site and gamble. This is definitely not good for the society in general. If there is any way that minors are not allowed to gamble and money laundering can be stooped without KYC, then we all will be willing to accept such solution but until then, KYC will remain mandatory.
But yes, this issue should be the center of attention, and in fact lately I have seen quite a lot of new casinos that do not implement KYC at all which is why I am sure that the goal of these casinos is that they want to get more customers, because it is certainly very possible for children - children who are still underage can then fall into and get involved in games easily, therefore I think the real solution to the problem must be that we ourselves protect and limit a child's activities, because now gambling is increasingly easy to reach, especially as stated I said that now many new casinos are emerging that do not implement any KYC system.
...since it is mostly fraudsters and criminals that doesn't like their identity to be known when involving in any financial dealings with any company or organization.
There are such fraudstars and government does not like having them use these casinos as mixing depots. Hence it was expected long back that things will turn to KYC after a while. Common law-abiding citizens might face the problem but it is part of the system now.Government has to answer for people wrongly moving money, they have to take these steps. Hence casinos will not stop it, but only become stricter or try to maintain a middle group from annoying regular users to repelling frauds.
It is highly unlikely that various casinos will stop claiming KYC procedures. Because regulatory requirements aimed at preventing money laundering, fraud and other financial crimes are unlikely to stop it. Casinos are required to verify the identity of their patrons and ensure compliance with the law. So that it can provide complete protection against illegal activities. All of these issues are troublesome for the customer but are an essential part of the casino industry to maintain security.
If casinos stops KYC procedures it will become so risky because it definitely will be the refuge of money launderers in the sense that they will feel they can just deposit money in their casino accounts and make withdrawal whenever they wish to and any system without regulations makes it become porous because there will be so many irregularities and untrusted activities that will be going on and a lot of people may not even like to use any casino without KYC requirements since it is mostly fraudsters and criminals that doesn't like their identity to be known when involving in any financial dealings with any company or organization.I think casino are forced to do KYC in order to make themselves compliant otherwise the authorities may force them to shut their business as it has the risk of people doing money laundering using their platform.
Another thing is the if casino do not have KYC implementation, then kids, minor and underage will also access the site and gamble. This is definitely not good for the society in general. If there is any way that minors are not allowed to gamble and money laundering can be stooped without KYC, then we all will be willing to accept such solution but until then, KYC will remain mandatory.
Casinos existed without the need for KYC's until the government made it a requirement, and they started demanding it. IMO If the government no longer requires casinos to do KYC verification for new gamblers, casinos will go ahead and still do KYC verifications because they have seen the benefits of knowing their customers better than when they just allowed people to come onto their platform and gamble without their knowledge of who they were. What do you think? Do you think some casino's will revert back to non-KYC and allow money launderers, plus other fraudulent people have their easy way with them as a way to attract customers, or since they recognize the personal benefits of KYC to their casino, will continue demanding it even if it affects their customers?
We do not really need to make any guesses to know what it will happen as we saw what it actually came to happen, casinos did not implemented widespread KYC policies until the governments mandated them to do so, what does this tell us?That casinos are perfectly fine with letting gamblers bet as much money as they want without forcing them to identify themselves, as casinos do not really care about that information, what they care about is the profits they can make, and a higher level of privacy gave them an edge over fiat casinos they could use to their advantage at the time.
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If casinos stops KYC procedures it will become so risky because it definitely will be the refuge of money launderers in the sense that they will feel they can just deposit money in their casino accounts and make withdrawal whenever they wish to and any system without regulations makes it become porous because there will be so many irregularities and untrusted activities that will be going on and a lot of people may not even like to use any casino without KYC requirements since it is mostly fraudsters and criminals that doesn't like their identity to be known when involving in any financial dealings with any company or organization.
If casinos stops KYC procedures it will become so risky because it definitely will be the refuge of money launderers in the sense that they will feel they can just deposit money in their casino accounts and make withdrawal whenever they wish to and any system without regulations makes it become porous because there will be so many irregularities and untrusted activities that will be going on and a lot of people may not even like to use any casino without KYC requirements since it is mostly fraudsters and criminals that doesn't like their identity to be known when involving in any financial dealings with any company or organization.
There is so much talk about money laundering through casinos, but I don't think it is very widespread. And how much money can someone launder through the casino? Without losing most of your money in the process... All in all, I believe that KYC does not help much, whoever wants to launder money in this way will already find people for it with all the documents.
By transactions and betting history, I think that the casino can create a profile of the player and know if that person is laundering money, taking advantage of bonuses, or doing anything they shouldn't.
Casinos existed without the need for KYC's until the government made it a requirement, and they started demanding it. IMO If the government no longer requires casinos to do KYC verification for new gamblers, casinos will go ahead and still do KYC verifications because they have seen the benefits of knowing their customers better than when they just allowed people to come onto their platform and gamble without their knowledge of who they were. What do you think? Do you think some casino's will revert back to non-KYC and allow money launderers, plus other fraudulent people have their easy way with them as a way to attract customers, or since they recognize the personal benefits of KYC to their casino, will continue demanding it even if it affects their customers?
There wasn't KYC verification necessary before because Bitcoin wasn't considered as a currency by governments. Now they consider Bitcoin as money and a currency, so it's equal to fiat in those terms. There are still some casinos with only in-house games that keep no-kyc policy but their numbers are limited. You have to consider that crypto casinos evolved and besides in-house games, they added live casinos, slots and etc... So they are forced to ask their customers for KYC documents in order to offer you live blackjack, roulette and other games because these b2b casino suppliers are regulated and casino needs to meet their regulatory demands too.It's impossible for casinos to revert back to non-KYC with their current states. If they do that, they'll be labelled as criminals I guess. The only possibility to deposit and withdraw high amount of money via crypto casino without going through human interaction is to use web3 crypto casinos like Metawin.com
that day will only come when the government fight against decentralized systems ends and of cause, I don't think it will. Kyc before now was a thing of choice on most online platforms or casino to be precise. Users loved to protect their privacy and identity and thus stayed away from any means of verifications that would expose their identity. Though privacy and anonymity was an advantage of the non kyc, but then every good side has a bad side.
It’s not about the government fighting decentralized system but rather to avoid problem dealing with money launderer which is the common issue of online services. You can use mixer services as an example for this, Their service was used by criminals freely since they don’t have KYC that’s why the government seize their business as whole in contrary if they have KYC which they can just submit the ID of the criminal who use their services(ofc this will not gonna happened since mixer promotes privacy).
KYC was already available to all type of services even before cryptocurrency was introduced. We can’t say that government is using KYC to fight decentralized system but rather to fight criminals hiding from decentralized system.
Maybe people just confused about the the government intention since they focus on other thoughts that government is killing the idea of being anonymous in crypto space. But for now what we can see that they made those actions to fight those criminals so that they cannot use any big crypto platforms for their money laundering schemes made.
If they didn't do anything with it then those criminals could successful launder money online. Especially that its easy to transfer their funds to other what those criminal think a safe destination for their dirty money.
Even in offline merchants if there's money involve in transaction KYC is being asked so much better for people to think about other positive things done by government. Since if they really want to fight decentralized system they can easily eliminate them by creating a law to ban bitcoin and any other crypto platforms running on this industry. By that they can easily eliminate this industry.
that day will only come when the government fight against decentralized systems ends and of cause, I don't think it will. Kyc before now was a thing of choice on most online platforms or casino to be precise. Users loved to protect their privacy and identity and thus stayed away from any means of verifications that would expose their identity. Though privacy and anonymity was an advantage of the non kyc, but then every good side has a bad side.
It’s not about the government fighting decentralized system but rather to avoid problem dealing with money launderer which is the common issue of online services. You can use mixer services as an example for this, Their service was used by criminals freely since they don’t have KYC that’s why the government seize their business as whole in contrary if they have KYC which they can just submit the ID of the criminal who use their services(ofc this will not gonna happened since mixer promotes privacy).
KYC was already available to all type of services even before cryptocurrency was introduced. We can’t say that government is using KYC to fight decentralized system but rather to fight criminals hiding from decentralized system.
Casinos existed without the need for KYC's until the government made it a requirement, and they started demanding it. IMO If the government no longer requires casinos to do KYC verification for new gamblers, casinos will go ahead and still do KYC verifications because they have seen the benefits of knowing their customers better than when they just allowed people to come onto their platform and gamble without their knowledge of who they were. What do you think? Do you think some casino's will revert back to non-KYC and allow money launderers, plus other fraudulent people have their easy way with them as a way to attract customers, or since they recognize the personal benefits of KYC to their casino, will continue demanding it even if it affects their customers?
that day will only come when the government fight against decentralized systems ends and of cause, I don't think it will. Kyc before now was a thing of choice on most online platforms or casino to be precise. Users loved to protect their privacy and identity and thus stayed away from any means of verifications that would expose their identity. Though privacy and anonymity was an advantage of the non kyc, but then every good side has a bad side.
We heard of stories how criminals used casinos to steal funds with no trace. They make deposits to their casino accounts and since there was no identification, they can go scout free without being caught. Government got tired of all these and thus verifications were imposed on these non kyc casino. So I don't see the casino stoping the kyc verification anytime soon as the government are still trying to fight against decentralized systems.
KYC is like safety measurement of the casino to those people who make a suspicious activity with their account so the casino will make sure that they are a legitimate player and doesn't abuse at all the current system of the casino, also to make sure the transactions are all in a legal way, people tend to don't want to have KYC well yes because they want to make sure themselves are still anonymous so they keep looking for a casino that doesn't require a KYC, but in the casino side they just was not to protect their business to to prevent illegal actions.
It doesn't only depend on the casino's will, but also where these companies are based, and even the nationality of the players. For example, with the newest European regulations, some casinos will be forced to ask for KYC if they don't want to risk receiving multimillion-dollar sanctions.
Yes, one could say that we all benefit from stoping criminals laundering dirty money, but this measure is like killing flies with cannon shots: we will be forced to give them all our personal details, at the risk of leaking or being misused; and casinos will be forced to take appropriate cybersecurity measures, which are not cheap, which will leave out small businesses that cannot afford the expense.
KYC is like safety measurement of the casino to those people who make a suspicious activity with their account so the casino will make sure that they are a legitimate player and doesn't abuse at all the current system of the casino, also to make sure the transactions are all in a legal way, people tend to don't want to have KYC well yes because they want to make sure themselves are still anonymous so they keep looking for a casino that doesn't require a KYC, but in the casino side they just was not to protect their business to to prevent illegal actions.
Many problems occur which result in casinos or gambling sites having to suffer problems and losses, such as misuse of systems related to prizes or suspicious activities such as cheating and what is even worse are unlawful activities such as money laundering.All of this is clearly something that is completely unacceptable and always has fatal consequences for the development and good name of the casino itself, they will of course try to run their business well and minimize all the bad things that could happen.
I consider KYC to be guarantee for the casino to be able to trust all its customers and make it easier for them to track or resolve problems if they occur in the future, after all everything is casino policy and must be adhered to.
Indeed, some gamblers, even most gamblers, will try to refuse or avoid KYC for anonymous reasons or they want to avoid bad things such as selling personal data, this is very rare but gamblers have their own concerns.
Only best way in my opinion is to stick with trusted and reputable casino, this can help gamblers eliminate worries and also be able to bet more comfortably even if they have to accept KYC requests.
KYC is like safety measurement of the casino to those people who make a suspicious activity with their account so the casino will make sure that they are a legitimate player and doesn't abuse at all the current system of the casino, also to make sure the transactions are all in a legal way, people tend to don't want to have KYC well yes because they want to make sure themselves are still anonymous so they keep looking for a casino that doesn't require a KYC, but in the casino side they just was not to protect their business to to prevent illegal actions.
...since it is mostly fraudsters and criminals that doesn't like their identity to be known when involving in any financial dealings with any company or organization.
There are such fraudstars and government does not like having them use these casinos as mixing depots. Hence it was expected long back that things will turn to KYC after a while. Common law-abiding citizens might face the problem but it is part of the system now.Government has to answer for people wrongly moving money, they have to take these steps. Hence casinos will not stop it, but only become stricter or try to maintain a middle group from annoying regular users to repelling frauds.
It is highly unlikely that various casinos will stop claiming KYC procedures. Because regulatory requirements aimed at preventing money laundering, fraud and other financial crimes are unlikely to stop it. Casinos are required to verify the identity of their patrons and ensure compliance with the law. So that it can provide complete protection against illegal activities. All of these issues are troublesome for the customer but are an essential part of the casino industry to maintain security.
If casinos stops KYC procedures it will become so risky because it definitely will be the refuge of money launderers in the sense that they will feel they can just deposit money in their casino accounts and make withdrawal whenever they wish to and any system without regulations makes it become porous because there will be so many irregularities and untrusted activities that will be going on and a lot of people may not even like to use any casino without KYC requirements since it is mostly fraudsters and criminals that doesn't like their identity to be known when involving in any financial dealings with any company or organization.specially into these type of businesses.
It is highly unlikely that various casinos will stop claiming KYC procedures. Because regulatory requirements aimed at preventing money laundering, fraud and other financial crimes are unlikely to stop it. Casinos are required to verify the identity of their patrons and ensure compliance with the law. So that it can provide complete protection against illegal activities. All of these issues are troublesome for the customer but are an essential part of the casino industry to maintain security.
If casinos stops KYC procedures it will become so risky because it definitely will be the refuge of money launderers in the sense that they will feel they can just deposit money in their casino accounts and make withdrawal whenever they wish to and any system without regulations makes it become porous because there will be so many irregularities and untrusted activities that will be going on and a lot of people may not even like to use any casino without KYC requirements since it is mostly fraudsters and criminals that doesn't like their identity to be known when involving in any financial dealings with any company or organization. hero member
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It is highly unlikely that various casinos will stop claiming KYC procedures. Because regulatory requirements aimed at preventing money laundering, fraud and other financial crimes are unlikely to stop it. Casinos are required to verify the identity of their patrons and ensure compliance with the law. So that it can provide complete protection against illegal activities. All of these issues are troublesome for the customer but are an essential part of the casino industry to maintain security.
It quite unfortunate that Casinos only ask if the user registering the account is up to 18 without them working on further verification process, and children below 18 can simply register without the casino even knowing. Though even some adult would prefer not to go through the process of providing a means of verification to prove that they are actually up to 18, and I believe this is among the reason why casino decided to start showing less concern for the verification process. The KYC process is really important to the casino and also and also to the society as it would also reduce the number of persons creating multiple accounts for abuse.That's why we must be careful when selecting the casino and makes sure that the casino have a good reputations so we don't have to worry if they will abuses our identity for other bad things. When we can have a reputable casino and they asks us to do KYC, we can follows the instruction without have a bad thinks if the casino will scams us. Maybe in the future, the government will forces all casino to apply KYC for their users so the governments can watch and monitor people who often playing gambling.
Casinos existed without the need for KYC's until the government made it a requirement, and they started demanding it. IMO If the government no longer requires casinos to do KYC verification for new gamblers, casinos will go ahead and still do KYC verifications because they have seen the benefits of knowing their customers better than when they just allowed people to come onto their platform and gamble without their knowledge of who they were. What do you think? Do you think some casino's will revert back to non-KYC and allow money launderers, plus other fraudulent people have their easy way with them as a way to attract customers, or since they recognize the personal benefits of KYC to their casino, will continue demanding it even if it affects their customers?
Firstly, the government will never change its rules regarding KYC, in fact they will probably try to implement things that are more difficult, and it has become a habit to be able to control its people, but if that happens, I doubt the casinos will also become non-KYC, without meaning to accuse the casinos, we have often seen how casinos use KYC reasons to withhold their users' money when it comes to large funds, and this seems to be effective.Many casinos don't mention KYC clearly, meaning they only ask their players to do it because of certain circumstances, so there are also casinos that actually don't like to implement KYC on their users, so in my opinion if that happens then there will be two camps of casinos that stick with KYC and casinos that are truly free from KYC, I'm sure there will still be fans of casinos with KYC like traders who still choose CEX even though there are DEXes that don't require KYC.
Do you think casinos can stop demanding KYC? well in this case some casino might stop demanding KYC and back to non KYC and make all different people join their platform. Tho I also believe that if government stop demanding KYC service there is some platform that still require KYC or you can signup without KYC until hit certain limit.
But the real answer I don't think the government will pull out the rule about KYC in casino. In my opinion
But the real answer I don't think the government will pull out the rule about KYC in casino. In my opinion
It is highly unlikely that various casinos will stop claiming KYC procedures. Because regulatory requirements aimed at preventing money laundering, fraud and other financial crimes are unlikely to stop it. Casinos are required to verify the identity of their patrons and ensure compliance with the law. So that it can provide complete protection against illegal activities. All of these issues are troublesome for the customer but are an essential part of the casino industry to maintain security.
It quite unfortunate that Casinos only ask if the user registering the account is up to 18 without them working on further verification process, and children below 18 can simply register without the casino even knowing. Though even some adult would prefer not to go through the process of providing a means of verification to prove that they are actually up to 18, and I believe this is among the reason why casino decided to start showing less concern for the verification process. The KYC process is really important to the casino and also and also to the society as it would also reduce the number of persons creating multiple accounts for abuse.
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