Topic: Have some people used casinos to hide the origin of funds? - page 5. (Read 1027 times)
Yes I really wonder if it often happened. We know casinos track way more the funds on their platforms since unlike exchanges, winnings come from their hands and not from other customers. Because exchanges just let people place buying and selling orders with their funds while taking a fee on those orders while casinos (unless they are fully decentralized ofc) take bets from customers and play with(against actually) them by betting they will lose more than they will win, thanks to the house edge essentially.
This is why KYC is implemented in a casino because, if not, money laundering would be easily done by criminals. Aside from mixers, casinos are one way to clean funds, or what we call laundering. The government knows about this and has very strict policies that we need to follow. However, some casinos are even abusing these rules in their favor. They use the KYC requirement to scam gamblers, which is why we need to choose the right casino—a casino with a good reputation.
It's true what you said, maybe with some casinos that submit KYC the aim is to avoid things that are not wanted by gamblers and the casino owners themselves. There are also some casinos that don't apply for KYC, but every now and then when a gambler manages to get a big win, usually the casino will apply for KYC or even lock the account. But if the casino applies for KYC, in my opinion it is not wrong, because with KYC it will help us to avoid things that we don't want.Casinos that submit KYC only for their own profit, in my opinion, is bad behavior, because even though they are already holding gambling, I think it is already quite profitable, with casinos that cheat gamblers by submitting KYC, is it possible that they want bigger profits? I don't know exactly what it is like, but what you say is true, we have to be smart and smart in choosing a casino that we will use. also if the casino applies for KYC and has a good reputation I think don't hesitate to fulfill it because maybe that is one of the things that gamblers should pay attention to.
There's only one thing that we have to keep in mind: if a casino is regulated, they are automatically mandated to require KYC verification from its users/gamblers. Understanding this, as gamblers, we should be ready to comply with the requirement anytime.
If we think we can win big money on a gambling site, it's wiser to start our KYC process from the very beginning. This way, we will know if we pass or fail, and if we pass, we can gamble peacefully, confident that we can cash out our winnings without a question, unless we are cheating.
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).
There have certainly been cases where people have used casinos (and even exchanges) to hide/shuffle the origin of funds, 'cause when you deposit crypto on a platform, your link to the platform's address ends and when you go to withdraw, you withdraw funds from different origin (from other customers). Unless the platform keeps deposit/withdrawal logs of all user operations and provides them to authorities when requested.
This can be done even by people who have no intention of doing so. But that's the nature of cryptocurrencies, so like it or not, it's difficult for authorities to track the funds (even if the person isn't doing anything outside of their country's tax laws).
There have certainly been cases where people have used casinos (and even exchanges) to hide/shuffle the origin of funds, 'cause when you deposit crypto on a platform, your link to the platform's address ends and when you go to withdraw, you withdraw funds from different origin (from other customers). Unless the platform keeps deposit/withdrawal logs of all user operations and provides them to authorities when requested.
This can be done even by people who have no intention of doing so. But that's the nature of cryptocurrencies, so like it or not, it's difficult for authorities to track the funds (even if the person isn't doing anything outside of their country's tax laws).
I think you are saying money laundering and it happens not just in crypto, even in common business that you list expected, it happens there but because of anonymity of crypto, it was becoming harder for law enforcement to track down money laundering on crypto casino and for that reason, mandatory kyc was introduced for any casino that want to license and operate in a particular jurisdiction and they even made it compulsory for players that any fund deposit can't be withdraw from there casino until it meet a requirement of one wager before you will be allowed to withdraw, this way laundering will be difficult because you can lose everything while wagering a single game if care is not taken.
If for some reason people are using centralized exchanges and casino that requires kyc to launder money, they are just ignorant and foolish because you can't wash dirty money through a process that recognized you and the kind of person you are, it's going to lead to problem later or in the future.
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).
Yes but this depends on the casino you are using, although web3 casino's doesn't impose restrictions you can only connect your wallet to make deposit then withdraw directly to same address except you want to make use of btc then you can create account even as that there is no restriction unlike the centralized casinos where you could be asked to pass various kyc level to be able to have access to percentage of money that is being won from their platform. 
That seems like a terrible way to try and conceal where your funds came from. They’re specifically on the lookout and trying to stop stuff like this. However, this is a great way to get your account and funds locked on the site. I’m sure plenty of those complaining about not being able to withdraw their funds are guilty of this…
If I'm going to hide the origins of my funds and make it a transfer point, casinos are my last resort; they have very strict regulations, and I can lose the funds through playing. If it involves a huge amount of money, I will have to prove the origins of the funds if they question my transaction, so why not do it on platforms that specialize in hiding the origins of the funds, and that is a mixing platform?
This is why KYC is implemented in a casino because, if not, money laundering would be easily done by criminals. Aside from mixers, casinos are one way to clean funds, or what we call laundering. The government knows about this and has very strict policies that we need to follow. However, some casinos are even abusing these rules in their favor. They use the KYC requirement to scam gamblers, which is why we need to choose the right casino—a casino with a good reputation.
There are many real issues that need to be reviewed regarding the application of KYC requirements to gambling, because the application of KYC can be exploited by casinos with bad reputations to collect a lot of user data. I think the solution to this problem must be an official site or list from the government that indexes officially registered casino gambling sites following regulatory requirements, so users no longer need to worry about providing KYC data at casinos that have been officially verified by the government.As for people that wants to wash or shuffle money, casinos aren't a place for that, with the heavy regulations and monitoring by the authorities it won't take much before you're found. Casinos are not free as it were decades ago.
Casinos are fully aware of this, so they have it on their terms, and they make it a point to implement KYC on questionable accounts. However, casinos are the riskiest way to hide the origins since you can lose all your funds.
But why use casinos when there are mixers you can use to hide the origins of funds? The purpose of mixers is to anonymize transactions, the one that you're looking to hide the origin of your funds.
But why use casinos when there are mixers you can use to hide the origins of funds? The purpose of mixers is to anonymize transactions, the one that you're looking to hide the origin of your funds.
With casinos having a playthrough requirement on a deposit usually of a minimal 1x and a max of 5x the deposit, you'd be a fool to try and launder the money through a casino as you are probably going to lose more than you want trying to gamble it. Would probably be easier to use a mixer or pay a middleman somehow if there is someone you can find and trust with your money.
A government official whose monthly salary is assumed to be five hundred dollars and including government grant bonus should be 700 dollars every month but if his income is 3000 dollars to 4000 dollars every month then the matter will be discussed naturally. In order not to expose these issues of the government official, he tries to hide his extra money in different ways, it can be seen that he spends a part of the extra money in the casino. Everything has good and bad practical aspects. Some people take gambling as fun while there are some gamblers who use their black money for gambling. This kind of phenomenon is seen naturally in every country especially in the countries that have casinos.
This is why KYC is implemented in a casino because, if not, money laundering would be easily done by criminals. Aside from mixers, casinos are one way to clean funds, or what we call laundering. The government knows about this and has very strict policies that we need to follow. However, some casinos are even abusing these rules in their favor. They use the KYC requirement to scam gamblers, which is why we need to choose the right casino—a casino with a good reputation.
It's true what you said, maybe with some casinos that submit KYC the aim is to avoid things that are not wanted by gamblers and the casino owners themselves. There are also some casinos that don't apply for KYC, but every now and then when a gambler manages to get a big win, usually the casino will apply for KYC or even lock the account. But if the casino applies for KYC, in my opinion it is not wrong, because with KYC it will help us to avoid things that we don't want.Casinos that submit KYC only for their own profit, in my opinion, is bad behavior, because even though they are already holding gambling, I think it is already quite profitable, with casinos that cheat gamblers by submitting KYC, is it possible that they want bigger profits? I don't know exactly what it is like, but what you say is true, we have to be smart and smart in choosing a casino that we will use. also if the casino applies for KYC and has a good reputation I think don't hesitate to fulfill it because maybe that is one of the things that gamblers should pay attention to.
If you're asking people here if they've ever done it before, I don't think you'd never have any luck with whatever you're trying to look for because people aren't going to admit whatever they're doing because that's illegal, that's basically how people that have been doing money laundering so admitting so would definitely be a misstep for them, that's how it is OP. I think there's a lot of them but I don't think that there's not a lot of people here in the forum that does it though.
This is why KYC is implemented in a casino because, if not, money laundering would be easily done by criminals. Aside from mixers, casinos are one way to clean funds, or what we call laundering. The government knows about this and has very strict policies that we need to follow. However, some casinos are even abusing these rules in their favor. They use the KYC requirement to scam gamblers, which is why we need to choose the right casino—a casino with a good reputation.
There are many real issues that need to be reviewed regarding the application of KYC requirements to gambling, because the application of KYC can be exploited by casinos with bad reputations to collect a lot of user data. I think the solution to this problem must be an official site or list from the government that indexes officially registered casino gambling sites following regulatory requirements, so users no longer need to worry about providing KYC data at casinos that have been officially verified by the government.This is why KYC is implemented in a casino because, if not, money laundering would be easily done by criminals. Aside from mixers, casinos are one way to clean funds, or what we call laundering. The government knows about this and has very strict policies that we need to follow. However, some casinos are even abusing these rules in their favor. They use the KYC requirement to scam gamblers, which is why we need to choose the right casino—a casino with a good reputation.
There are many real issues that need to be reviewed regarding the application of KYC requirements to gambling, because the application of KYC can be exploited by casinos with bad reputations to collect a lot of user data. I think the solution to this problem must be an official site or list from the government that indexes officially registered casino gambling sites following regulatory requirements, so users no longer need to worry about providing KYC data at casinos that have been officially verified by the government.
This is why KYC is implemented in a casino because, if not, money laundering would be easily done by criminals. Aside from mixers, casinos are one way to clean funds, or what we call laundering. The government knows about this and has very strict policies that we need to follow. However, some casinos are even abusing these rules in their favor. They use the KYC requirement to scam gamblers, which is why we need to choose the right casino—a casino with a good reputation.
If you still decide to use a casino, make sure that you can withdraw your coins safely. If the casino mentioned KYC in its ToS (and there isn’t any casino that doesn’t nowadays) then they can ask for docs anytime even though they don’t normally do it. That’s a big risk to take. If they think the origin of your funds look questionable or the amount is too big, then they may do that. Then you can say goodbye to your funds.
there’s also some minimum or limits to how much you can deposit and withdraw so that is yet another thing to consider if you want to use casinos for such things. crypto exchanges that are centralized are pretty much the same you cannot withdraw until you hit a specific amount and even then they may question your funds 
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).
I haven't done any research yet but I can say that there's some truth to this. Laws exist because people can take advantage of the system. If there no money laundering that was happening on daily basis and criminal elements inventing novel ways to move dirty money, then there would not have been a need to have the "Anti-money-laundering" laws. And these laws are getting stricter because if you are a user resident in a certain region, your access to the online casino may be restricted for reasons best known to them. Quote
This can be done even by people who have no intention of doing so. But that's the nature of cryptocurrencies, so like it or not, it's difficult for authorities to track the funds (even if the person isn't doing anything outside of their country's tax laws).
Despite this, it is still difficult for the money laundering to stop. It may have been reduced and discouraged but criminals will find other means. For example in my country, money laundering is done through , foreign exchange, real estate, NGOs and other means. 
There have certainly been cases where people have used casinos (and even exchanges) to hide/shuffle the origin of funds, 'cause when you deposit crypto on a platform, your link to the platform's address ends and when you go to withdraw, you withdraw funds from different origin (from other customers). Unless the platform keeps deposit/withdrawal logs of all user operations and provides them to authorities when requested.
Long back itself, I read some casinos and exchanges were rejecting the shady resource based incoming funds. But, people who opted not to be traced down by their coins, might have used casinos for breaking the the continuation of their blockchain traces. But, at the same time, when some other user getting that fund and traced by authorities then they will bring the casino into the scene. This is why casinos are too strict on KYC policies now. I agree that there might have some people used casinos for that purposes and also long time gap might have saved the actual person who withdrew those dirty coins.This can be done even by people who have no intention of doing so. But that's the nature of cryptocurrencies, so like it or not, it's difficult for authorities to track the funds
Usually tax authorities need the answers of 'how'. When we open the source details, I believe everything will be solved. If a casino pays a person with hacked coins then they are answerable for accepting and holding such coins. 
Does such rule and wish to mix funds with casino funds via deposit/withdrawal really work? User deposit to a specific address all the time, he get withdrawal from a bunch of accounts only. Casinos account address are only one more address in chain. All the addresses are transparent anyway. And it is not hard to generate one address for every user, and bind it on him only. I doubt that anything is mixing properly with deposit/withdrawal through casinos.
Do you know that a coin can be traced to a mixer? It is also possible that a transaction can be traced to a conjoin. Coins can be traced to an exchange and also can be traced to a gambling site. This is because the blockchain is transparent. If you mix a coin, it means you block its trace to something. If you are using a casino that does not require KYC, transactions there can not be linked to your real identity and it is a kind of mixing by blocking the trace to something. But what if it is a centralized casino seized the money or the casino forced the person to do KYC. Also that casinos has rules. It can be that a gamble should gamble and win 2x before they can withdraw. Gambling site with no KYC can be used for mixing but not a good idea at all. It is a bad idea because the money can be lost. 
Blockchain is completely transparent, except you're using private coins like Monero, Zcash etc, saying cryptocurrency use casino, DEX, or anything to hide origin of funds aren't entirely correct.
The banks or government can trace the origin of funds, but they will stuck after they found out you're using DEX, mixer etc. When they know you're using DEX or mixer, the next step is they're might likely ask your transactions history in that DEX or asking the reason why you use mixer.
The banks or government can trace the origin of funds, but they will stuck after they found out you're using DEX, mixer etc. When they know you're using DEX or mixer, the next step is they're might likely ask your transactions history in that DEX or asking the reason why you use mixer.
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).
There have certainly been cases where people have used casinos (and even exchanges) to hide/shuffle the origin of funds, 'cause when you deposit crypto on a platform, your link to the platform's address ends and when you go to withdraw, you withdraw funds from different origin (from other customers). Unless the platform keeps deposit/withdrawal logs of all user operations and provides them to authorities when requested.
This can be done even by people who have no intention of doing so. But that's the nature of cryptocurrencies, so like it or not, it's difficult for authorities to track the funds (even if the person isn't doing anything outside of their country's tax laws).
There have certainly been cases where people have used casinos (and even exchanges) to hide/shuffle the origin of funds, 'cause when you deposit crypto on a platform, your link to the platform's address ends and when you go to withdraw, you withdraw funds from different origin (from other customers). Unless the platform keeps deposit/withdrawal logs of all user operations and provides them to authorities when requested.
This can be done even by people who have no intention of doing so. But that's the nature of cryptocurrencies, so like it or not, it's difficult for authorities to track the funds (even if the person isn't doing anything outside of their country's tax laws).
- I haven't tried that yet, OP, but your OP looks like you've tried to do it, right? Also, I don't often win at gambling, so the only thing that often happens is that I put money into the casino without withdrawing from it because I won playing gambling.
Maybe for those who often win a lot of money in gambling, they do it so that they don't get questioned when it comes to the bank accounts they have, in my opinion.
Though, I agreed that this is cycle ecosystem of the cryptocurrency where we are in.
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