Have some people used casinos to hide the origin of funds?

Forsyth Jones

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Quote from: Jawhead999 on September 08, 2024, 08:15:06 AM

If you think mixers aren't illegal, so do casino. Money "laundering" is actually illegal because you're use it for bad thing, while hiding origin of funds didn't essentially mean to laundry money, it's to protect your privacy.

Not legal doesn't mean the chance to get scammed is high, some "legal" sites like centralized exchanges can scam you by freeze your funds with some ridiculous excuses.

I think that terms like "money laundering" are a pejorative term invented by the states themselves to define whether the origin of resources is legal or illegal, when in fact the state is the biggest thief of all, money is money, nothing changes the nature of money. The state is a stranger in any relationship of peaceful exchanges between individuals, it should not dictate the rules since it's not capable of preventing certain crimes such as those arising from robberies, hacks, etc. KYC is just a useless rule imposed by states with the bogus purpose of monitoring financial crimes, but in reality it's to have control over the money from trade between companies and individuals.

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This is the reason why KYC is still a pro and con. I mean actually the casino asks customers to do KYC just to maintain the casino's reputation and avoid cases of criminal funds. But there are some people who still disagree with the KYC system on the grounds that they don't want to sacrifice personal data just to have fun at the casino even though the customer's funds are clean. And these customers who disagree with the KYC rules do not mean that they are using criminal funds but there are indeed a small number of gamblers who come from countries that prohibit gambling. So those who come from these countries will definitely not agree with the KYC. And in this case, I never do that because I feel like gambling using clean funds without hesitation to do KYC to comply with casino rules.

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I never do that because I gamble with my own money, not other people's money, sometimes I can't understand those who use crypto and gambling to hide funds, whatever their purpose is, if it's just to avoid taxes I think it's a common thing for everyone to do, but if it's company money, ummm, that means they are bad people

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Quote from: Lanatsa on September 08, 2024, 02:41:50 AM

Quote from: nimogsm on September 01, 2024, 01:34:43 PM

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And thats why scams and frauds are really that still rampant just because there's no way that it could be contained or would really be isolated if we do speak about on where funds could possibly came from.
There would really be various ways or methods on which those coins that are tainted would be washed out and will really be ending up on being clean. We do know about casinos that these are platforms which are
regulated business by the government on which they are really that getting in line in speaking about laws and prohibitions in regard about money laundering on which we know that this is really that rampant.
This is why on the moment that they've seen someone who do make out some huge deposits then they would really be locking and asking for some income or source of funds verification of a certain user.

Come to think also that it isnt really just that talking about verification but also that 2x wager requirement of said deposit. This is why as a certain person who do tend to make use casinos
to wash those tainted coins then you would really be that skeptical into this part. There's no way that you could make yourself that assure that you could get out even with that
2x deposit wager requirement.

Through casinos, money laundering. Indeed, it is a challenge. Folks, some of the smartest brains are working on this right now. Blockchain analytics are available and regulatory agencies are collapsing. We can monitor those "tainted" coins never before possible. Now regarding that two times wager requirement. It isn't that straightforward. Casinos are not merely sitting back and allowing anyone to wash cash. They have sophisticated systems set up. Indeed, there are gaps; but, we are closing them. Technology's on our side, and we're not going to let these bad guys win

Yes, be dubious. That's smart. Let us also honour where credit is due, though. We are forward. We are constructing a more robust and safe financial system.

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Quote from: nimogsm on September 01, 2024, 01:34:43 PM

Nowadays, few people use casinos since almost all major providers have identity verification, which already makes this pointless. If you need to steal cryptocurrency, there are plenty of other ways and I don’t think this is a secret to anyone, mixers are still relevant, there are exchanges without verification, etc. Also in large cities there are offices that exchange cryptocurrency for cash, there have been no problems with this for a long time.

Those who want to hide the origin of funds in casino can be caught easily by the casino. Casino can requesting them to do KYC for more especially if casino suspect for their fund flow. If casino know that they want to hide something from them, casino can do many things including closing their account.

Maybe gamblers are aware of that so they will think more to do that thing. But that will not stop people like them to search for the other place to hide the origin of fund. They think they can still hide their fund or what they do in other place but not in casino.

After all, casino will not let people to do suspicious thing in their place. They will watch all of their members to prevents the bad things happen to their business.

Jawhead999

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It's really a bad idea, even the casino didn't ask your KYC, but the owner can give the information to authority if they want.

Quote from: Questat on September 08, 2024, 07:40:49 AM

It could be traced if they launder the money through a casino. There's a reason casinos are regulated, as the government wants to monitor transactions to see the flow of money. If someone really wanted to launder or hide the origin of their funds, they could use a mixer, which isn't entirely illegal but is unregulated. However, there's a risk in doing that, as mixers aren't legal, and the possibility of getting scammed is high. If that happens, recovering the money is almost impossible.

If you think mixers aren't illegal, so do casino. Money "laundering" is actually illegal because you're use it for bad thing, while hiding origin of funds didn't essentially mean to laundry money, it's to protect your privacy.

Not legal doesn't mean the chance to get scammed is high, some "legal" sites like centralized exchanges can scam you by freeze your funds with some ridiculous excuses.

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Quote from: Forsyth Jones on July 06, 2024, 05:38:34 PM

It is true that nowadays, there are several restrictions imposed by the casino due to AML/KYC laws, but in the beginning, that didn't exist (online-casinos).
~snip

It could be traced if they launder the money through a casino. There's a reason casinos are regulated, as the government wants to monitor transactions to see the flow of money. If someone really wanted to launder or hide the origin of their funds, they could use a mixer, which isn't entirely illegal but is unregulated. However, there's a risk in doing that, as mixers aren't legal, and the possibility of getting scammed is high. If that happens, recovering the money is almost impossible.

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Quote from: Hispo on September 01, 2024, 03:22:54 PM

Quote from: nimogsm on September 01, 2024, 01:34:43 PM

.... Also in large cities there are offices that exchange cryptocurrency for cash, there have been no problems with this for a long time.

Perhaps in your country, because in mine those offices or places for people to exchange cryptocurrency for cash are non-existent, mostly because the fer people have to the government of this country to seizing their assets and holding them without a legal reason.
Instead of offices which exchange crypto for cash, we still have physical casinos, which allow people to gamble their chips without a clear and well defined limit.
So, from my appreciation, it is more likely for someone in this country to use physical/brick and mortar casinos to conceal the origin of their money rather than going straight to cryptocurrency casinos, which will almost certainly ask them for identity documents.
Those offices you talk about must at least ask for a minimum of documentation, otherwise they would end up with coins gotten from hacking and theft.

Regarding crypto, I think almost every country will have its own regulations in its use, even some countries may have been able to accept it as an investment asset but there are also those who cannot accept it for various reasons.
If in context like this, I would think much more that hiding assets for specific purpose and utilizing gambling sites has indeed occurred a lot and it will be kind of money laundering and basically they do this to be able to eliminate the history of the origin of the funds obtained.
Previously, identity verification such as KYC had not been widely established by several gambling sites and the chances of something like this happening were much easier, but now I sure something like that is much more difficult because of several KYC regulations.
From what @nimogsm said maybe it could actually happen there but we wouldn't know what is actually done in how such an exchange works, there might also be requests for various documents as you have mentioned.

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Quote from: nimogsm on September 01, 2024, 01:34:43 PM

Quote from: Samlucky O on July 11, 2024, 09:52:33 AM

I never knew that someone can use casino to hide the origin of fund. Although if not for a bad intention of a case of stolen fund or hacked fund I don't see any reason why someone would want to go through that process why there are just simply ways to send fund and trade through P2P and cashout your bulks. But any way whatever has disadvantages also have advantage meaning it can be used to keep fund safe from hackers or people who might be tracing someones fund so with this process the destination will be cut short along the way. Thereby bridging the tace.

Nowadays, few people use casinos since almost all major providers have identity verification, which already makes this pointless. If you need to steal cryptocurrency, there are plenty of other ways and I don’t think this is a secret to anyone, mixers are still relevant, there are exchanges without verification, etc. Also in large cities there are offices that exchange cryptocurrency for cash, there have been no problems with this for a long time.

And thats why scams and frauds are really that still rampant just because there's no way that it could be contained or would really be isolated if we do speak about on where funds could possibly came from.
There would really be various ways or methods on which those coins that are tainted would be washed out and will really be ending up on being clean. We do know about casinos that these are platforms which are
regulated business by the government on which they are really that getting in line in speaking about laws and prohibitions in regard about money laundering on which we know that this is really that rampant.
This is why on the moment that they've seen someone who do make out some huge deposits then they would really be locking and asking for some income or source of funds verification of a certain user.

Come to think also that it isnt really just that talking about verification but also that 2x wager requirement of said deposit. This is why as a certain person who do tend to make use casinos
to wash those tainted coins then you would really be that skeptical into this part. There's no way that you could make yourself that assure that you could get out even with that
2x deposit wager requirement.

Hispo

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Quote from: nimogsm on September 01, 2024, 01:34:43 PM

.... Also in large cities there are offices that exchange cryptocurrency for cash, there have been no problems with this for a long time.

Perhaps in your country, because in mine those offices or places for people to exchange cryptocurrency for cash are non-existent, mostly because the fer people have to the government of this country to seizing their assets and holding them without a legal reason.
Instead of offices which exchange crypto for cash, we still have physical casinos, which allow people to gamble their chips without a clear and well defined limit.
So, from my appreciation, it is more likely for someone in this country to use physical/brick and mortar casinos to conceal the origin of their money rather than going straight to cryptocurrency casinos, which will almost certainly ask them for identity documents.
Those offices you talk about must at least ask for a minimum of documentation, otherwise they would end up with coins gotten from hacking and theft.

nimogsm

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Quote from: Samlucky O on July 11, 2024, 09:52:33 AM

I never knew that someone can use casino to hide the origin of fund. Although if not for a bad intention of a case of stolen fund or hacked fund I don't see any reason why someone would want to go through that process why there are just simply ways to send fund and trade through P2P and cashout your bulks. But any way whatever has disadvantages also have advantage meaning it can be used to keep fund safe from hackers or people who might be tracing someones fund so with this process the destination will be cut short along the way. Thereby bridging the tace.

Nowadays, few people use casinos since almost all major providers have identity verification, which already makes this pointless. If you need to steal cryptocurrency, there are plenty of other ways and I don’t think this is a secret to anyone, mixers are still relevant, there are exchanges without verification, etc. Also in large cities there are offices that exchange cryptocurrency for cash, there have been no problems with this for a long time.

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Quote from: Forsyth Jones on July 06, 2024, 06:01:29 PM

Quote from: HONDACD125 on July 06, 2024, 05:52:25 PM

Of course, many do this because they don't want to give the slightest satisfaction to any government, there is also money involved with (real) and heinous crimes.

But anyway, everyone has the right to privacy and it's a duty to use crypto like Bitcoin, Litecoin, Dash etc for this reason (many, like bitcoin, are easily tracked).

This is a very high rate of money laundering and it's very bad of one to try such, I use to wonder sometimes how some get huge amounts of money and the when you dig to know the source of it, they rather tell you they got it from one gambling activities or the other and you'll be so happy for such wins of the person not knowing it's coming from somewhere.

You can imagine the level of corruption and money laundering, when they do so they hide it in the name of the casinos so no one can Trae the origin of the money and that's why sometimes such accounts of the person is blocked from having transai cause they must have witnessed an unusual funds in the person account.
For me I can't think of such, left alone doing it, so it's better we are involve in things that are legal and void of such illegal Acts.

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Quote from: Forsyth Jones on July 06, 2024, 05:38:34 PM

It is true that nowadays, there are several restrictions imposed by the casino due to AML/KYC laws, but in the beginning, that didn't exist (online-casinos).

That is one reason why the casino make the KYC process compulsory and the other thing they do is to put a wagering requirement on the deposit. Some people may use the online casino platform for money laundering and the casino put the wagering requirement so that even if someone has the bad intention he will have to risk his money and only then he can withdraw it. Most people will lose the money in order to fulfil the wagering and these bad guys do not use the gambling platform because of increased restrictions.

LDL

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In the case of those who earn money by black market, it becomes necessary to hide their identity and transact money. They transact their money in various guises i.e. decentralized websites especially gambling or casinos where KYC is not mandatory so that no one can trace their transactions. Moreover, if they don't hide their identity, they can get into trouble under various laws. So they use mixers or anonymous transactions in money transactions. A big advantage in their case is that they mainly participate in all these activities by evading the taxes given by the government.

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These are very old cases and money laundering is very common through casinos, exchanges as well as mixers where a user deposit funds from his address and get received that fund from another address or organization's address by withdrawal process. Thus its hard to track a fund. That's why Such organizations makes their terms and conditions become harder including asking kyc from their users. Even need to wagers even 3 time before withdrawals. Besides government can track these address and ask for data from those organization like casinos and casinos will have to hand over such data to government for the policy even seized the account if need. Although some people still doing that by using decentralized casinos and mixers.

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When someone does this, they'll for sure ready to take on a verification because casinos are also smart if they're being used just as a way of their users to pass or mix their funds through them. That's why there are strict rules like wagers first before withdrawals.

Quote from: Forsyth Jones on August 30, 2024, 02:21:44 PM

Do telegram casinos or most of them also ask for Kyc?

I have seen some of them operated and made a thread in the forum but not all of them stayed for so long. I think that most of them have started as noKYC but then, it won't be surprising if some of them that have stayed will start asking for kyc soon.

Quote from: Forsyth Jones on August 30, 2024, 02:21:44 PM

And why do some casinos operate on telegram?

Just a trend and they think that it will be popular and liked by the community.

Forsyth Jones

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Quote from: Lucasgabd on August 30, 2024, 10:29:56 AM

you are right, they can't really track for what address you withdrew but they can try triangulating information and sometimes if you make a mistake the track is found again
you have to be really methodical to be able to remain fully anon, it's not an easy feat
do you know of any guides on that out there?

You can use Tor over Bitcoin by configuring your full node to connect to the Tor network, all transactions that are transmitted from your node will not be associated with your IP, but with an onion address.

Here is a guide on how to do this> https://raspibolt.org/guide/bitcoin/bitcoin-client.html

Do telegram casinos or most of them also ask for Kyc? And why do some casinos operate on telegram?

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Quote from: Forsyth Jones on August 09, 2024, 01:19:45 PM

Quote from: justdimin on July 12, 2024, 05:36:33 AM

This is exactly why some of the casinos started to ask KYC from people. Not all of them asks it, but there are some out there who does it, and the reason for why they are asking for it is because they saw a lot of people who hide illegal funds. You might be as simple as a drug dealer, just use a casino as a mixer basically, and they do not want to be a part of it.

This is of course still possible on casinos that do not ask for your KYC, but if the money comes from an illegal source they are aware, they will notify the authorities and freeze your account and give your money to the law enforcement instead, so whoever does it still takes a risk. So answer is, yes some people have used it to hide the origin of their funds.

Even so, there are always ways to get around Kyc, with Kyc the casino knows your identity, but if i withdraw the coins to an address that doesn't belong to me, like an online exchange to receive the equivalent of another currency, using Tor for this, any possibility of tracking is broken there, there must be other means.

you are right, they can't really track for what address you withdrew but they can try triangulating information and sometimes if you make a mistake the track is found again
you have to be really methodical to be able to remain fully anon, it's not an easy feat
do you know of any guides on that out there?

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Quote from: Samlucky O on July 11, 2024, 09:52:33 AM

I never knew that someone can use casino to hide the origin of fund. Although if not for a bad intention of a case of stolen fund or hacked fund I don't see any reason why someone would want to go through that process why there are just simply ways to send fund and trade through P2P and cashout your bulks.

No I don't think somebody can hide there funds on Casino without traceable because there is always a wallet address that would be generated on every deposit so there is no way a transaction will happen on that wallet without being visible to be tracked, so I don't think casino is a place were somebody can hide there money after performing some illegal activities, though it can only happen if the casino is not a kyc enabled casino because somebody can easily use fake details to register and carry out there transaction without traceable because if they track the account they would obviously be going for anonymous person, so now with the enforcement of kyc on casinos it will be very difficult for those users with bad intentions to use it because all there details will be there and will be very easy to track, perhaps that's one of the advantage of kyc Casino.

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Quote from: justdimin on July 12, 2024, 05:36:33 AM

This is exactly why some of the casinos started to ask KYC from people. Not all of them asks it, but there are some out there who does it, and the reason for why they are asking for it is because they saw a lot of people who hide illegal funds. You might be as simple as a drug dealer, just use a casino as a mixer basically, and they do not want to be a part of it.

This is of course still possible on casinos that do not ask for your KYC, but if the money comes from an illegal source they are aware, they will notify the authorities and freeze your account and give your money to the law enforcement instead, so whoever does it still takes a risk. So answer is, yes some people have used it to hide the origin of their funds.

Even so, there are always ways to get around Kyc, with Kyc the casino knows your identity, but if i withdraw the coins to an address that doesn't belong to me, like an online exchange to receive the equivalent of another currency, using Tor for this, any possibility of tracking is broken there, there must be other means.

Topic: Have some people used casinos to hide the origin of funds? (Read 1027 times)