How my lack of knowledge has blinded me so far - page 2.

michellee

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Quote from: Fundamentals Of on March 21, 2023, 08:43:01 PM

I understand if KYC is included in the ToS of casinos. For one, they are not totally free to implement whatever they like. They are operating under certain regulations and KYC is now being required from many government regulators.

What I don't like about KYC implementation is when it is made compulsory. That is not necessary. Another reason is that when it is seemingly being used to prevent winners from getting their prizes. KYC could be weaponized so that casinos would not pay up anymore.

And that's why casinos also can't do anything when the regulator asks them to follow the rules of the regulator. We really don't like implementing KYC on crypto gamblers but we can only comply with KYC regulations and casinos do so because of pressure from the regulators.

We as small gamblers, may only be able to follow the rules of the casino, but we can still look for other casinos that don't strictly implement KYC. But if the casinos end up asking the winners for KYC only to prevent them from getting their prizes, we can move on to other less strict casinos about KYC.

Silberman

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Quote from: Fundamentals Of on March 21, 2023, 08:43:01 PM

I understand if KYC is included in the ToS of casinos. For one, they are not totally free to implement whatever they like. They are operating under certain regulations and KYC is now being required from many government regulators.

What I don't like about KYC implementation is when it is made compulsory. That is not necessary. Another reason is that when it is seemingly being used to prevent winners from getting their prizes. KYC could be weaponized so that casinos would not pay up anymore.

Exactly, the gambler that is just betting a few dollars here and there does not really need to pass KYC or any other similar process, let them make their small bets, it is obvious they are not really serious about gambling and for them it is just an occasional hobby, besides even if casinos tried to force those people to go through KYC those people will think about it and come to the conclusion it is not worth for them to go through that process and simply change casinos instead of sending their documents.

Fundamentals Of

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I understand if KYC is included in the ToS of casinos. For one, they are not totally free to implement whatever they like. They are operating under certain regulations and KYC is now being required from many government regulators.

What I don't like about KYC implementation is when it is made compulsory. That is not necessary. Another reason is that when it is seemingly being used to prevent winners from getting their prizes. KYC could be weaponized so that casinos would not pay up anymore.

nullama

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Quote from: rafaloko on March 19, 2023, 06:39:11 AM

To be honest, i dont understand why some ppl so mad at KYC... and would like to know opinions of who is against that, just to understand an their view.

My main issue is identity theft when the company that got my KYC ends up being hacked and my identity details stolen. That's actually a real possibility these days.

livingfree

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Quote from: rhomelmabini on March 21, 2023, 09:11:21 AM

I like KYC if it involves my money they will gonna hold but totally unlike it if it's too random without prior notice that they'll asked it on you, more so when they press it. The thing is, the government is the true sucker in the first place they're the one pressing it against on players. At certain point, it sure to exists and more and more will follow the KYC rule in the future.

Usually it is like that as what you've said, they'll hold your money when it's quite big as you try to withdraw. It's understandable if that's the case. There are casinos that do ask it randomly and that's truly hectic but no longer suprising.

While some users, they do something suspicious that just deposits on a casino and then try to withdraw all of their funds. Well, the casino will detect it thinking that they're just there to launder those assets they've deposited so, if ever they've been ask for it, they shouldn't be surprised.

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Quote from: rafaloko on March 19, 2023, 06:39:11 AM

To be honest, i dont understand why some ppl so mad at KYC... and would like to know opinions of who is against that, just to understand an their view.

main points of those against it is:
- privacy is a basic right
- KYC is costly and doesn't solve a lot of problems
- you shouldn't punish 99.9% because of 0.1% of bad actors (even if this punishment is only with time and bureaucracy)

those who are for it usually think it solves something and that it's important to combat money laundering or whataver

in practice what happens is that KYC requirements won't stop people of committing crimes, will just create a parallel market for documents and identities.

rhomelmabini

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Quote from: Solosanz on March 21, 2023, 09:20:59 AM

Quote from: rhomelmabini on March 21, 2023, 09:11:21 AM

I like KYC if it involves my money they will gonna hold but totally unlike it if it's too random without prior notice that they'll asked it on you, more so when they press it. The thing is, the government is the true sucker in the first place they're the one pressing it against on players. At certain point, it sure to exists and more and more will follow the KYC rule in the future.

Yeah, even there are few casinos aren't asking user KYC since they don't have any rule about KYC in their terms, I wouldn't surprised sooner or later they will be forced to have a license and obviously will follow the regulations. This might happen on old and reputable no KYC casino, a small casino will not be a target by the government since the money involved on the site isn't that big.

I don't think so with the small casinos, the government just want to regulate it all, it looks like they don't want anyone to slip through on them. I think it's best to stick with the old, huge, regulatory-friendly, and reputed casinos these days just to know that you're in the right place and wouldn't make some huge problem when the time comes regulations become so strict.

aioc

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Quote from: Z390 on March 19, 2023, 06:14:14 AM

From now henceforth, my assumptions about KYC verification from reputable online gambling platforms have changed, I seek for answers and I find them, drop your opinions if you think I am wrong or you think this is not accurate enough.

I have no issue with KYC it's necessary, especially on platforms like casinos where the authorities already confirmed being targeted for money laundering, for online casinos not to be suspected of money laundering they have to implement this, and they also have to check the status of their players because this is online where the platform cannot see their players and just assume that these are adults playing.
They don't want to see children playing on their platform so they have to check the age status and background of players if they deposit and won big amounts.
Part of their compliance with their license issuer is the KYC to make sure that their targeted audiences in specific regions are the ones playing.

Raflesia

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In this case what you are doing by research is not wrong and indeed that is a definite thing because of course the site also avoids things that are detrimental to them in terms of rules and regulations. Actually in this condition it is not wrong because they are also doing business and it is clear that if their business wants to be legalized then they must also comply with the rules of the authorities and one of them is KYC. but on the other hand we as gamblers of course have our own rules, and of course there are those who follow them and some who don't in terms of KYC. it's also not wrong in my opinion because it is a choice that we make. as long as we are not burdened with it then do it but if you feel burdened what are you forced to do.

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Quote from: Casdinyard on March 21, 2023, 02:53:22 PM

Just like what most people have already stated and pointed out, the implementation of KYC in a casino is almost always a good sign that the site is reputable and trustworthy. Not only for the casino as they could avoid regulatory penalties and all that shenanigans, but also due to the fact that it provides immense protection against scammers and hackers that needless to say, are left and right in the gambling industry. KYC is something that I personally look for in a casino, besides good customer services and all that important user benefits. Because I know for sure that if a site has KYC set in it I could rest assure that only I will be able to access my account and any attempts made by other people will be notified to me and will be dealt with immediately.

Not all the time since issues and complaints could really be raised and emphasized out in regarding this matter but its true that when it comes to security then you could somewhat assure yourself that
there's something you could really be able to point out fingers if there are some issues that might happen generally specially on the platform. This is why on the time you do encounter in between
a platform which is really that regulated or licensed or not then it would really be your choice on where you would be tending to deal with.
Most people do say about sticking with the reputable or known ones would be the best move to be done.

Casdinyard

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Just like what most people have already stated and pointed out, the implementation of KYC in a casino is almost always a good sign that the site is reputable and trustworthy. Not only for the casino as they could avoid regulatory penalties and all that shenanigans, but also due to the fact that it provides immense protection against scammers and hackers that needless to say, are left and right in the gambling industry. KYC is something that I personally look for in a casino, besides good customer services and all that important user benefits. Because I know for sure that if a site has KYC set in it I could rest assure that only I will be able to access my account and any attempts made by other people will be notified to me and will be dealt with immediately.

panganib999

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It only makes sense for good casinos to implement KYC upon registration, I share sentiments with people who have qualms with sites that only prompt KYC upon withdrawal when deposits are allowed to go in without problem. But KYC in general is necessary not only for the casino, but for you as well. It's your first and main line of defense against identity thieves and hackers. Given the fact that most of these sites that implement KYC have parameters in place that allows them to determine who is in the account in that particular time.

madnessteat

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Quote from: OgNasty on March 21, 2023, 11:36:52 AM

^

Yes, that's how it goes. It seems to me that after some time, the regulators will be more closely involved in this issue and KYC will have to pass all the gamblers of gambling establishments and sites that have entered or want to withdraw $10,000.

I don't think KYC helps much in the fight against money laundering, because almost every adult knows other working money laundering schemes.

OgNasty

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You make a good point about casinos likely asking you for Know Your Customer information if you ever get a big win. This is I’m sure for regulatory purposes, but I’m also sure that lots of people pick certain casinos for their lack of KYC on new accounts. This is why you see so many people complaining about not getting their winnings here. Suddenly when big money is involved casinos care a lot about who you are.

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Quote from: Z390 on March 19, 2023, 06:14:14 AM

There are people like me who dislike KYC verification requirements from online casinos, and I always have two complaints about it.

1. Why the need for KYC.

2. Why pretend they won't ask for KYC, but ask for verification after a big win.

KYC is important to every casino, I think the reason why most people do not of privacy and the hassle that is involved in it. However, it is the standard operating practice of the to comply regulations. Although they say one of the purposes is to prevent fraud, money laundering etc, I do not think that this is 100% effective because how do some online casinos that do not require KYC operates. Anyways it is vital that before signing up on any casino and funding your wallet, read the terms and conditions.

virasisog

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Quote from: rafaloko on March 19, 2023, 06:39:11 AM

To be honest, i dont understand why some ppl so mad at KYC... and would like to know opinions of who is against that, just to understand their view.

Some people prefer anonymity over safety and security for their own personal reasons. I have seen the importance of KYC for years and have used to complying with the requirements to pass it. There are casinos that won't ask you for KYC upon registration but will require you to submit during the withdrawal process because they are trying to avoid money laundering acts which could possibly affect the whole casino business but don't want to upset their players at the beginning which I think casinos must correct. If they will be implementing KYCs, they should make their players aware of it right from the start. I hope more people would see the importance of KYC because as long as we are on a trusted site, our identities are safe.

danherbias07

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Thank God someone understands it. How I wish all those who try to enter the gambling platform do think as you do.

There's always a reason why businesses would go far on becoming strict about their rules.
First, how can they serve us better if we just keep on complaining about a mere KYC?
Second, it's to save their business which means we don't have to go far at looking for other online casinos which could lead us to be scammed by a non-reputable one.
Lastly, it's avoiding being a target of those crocodiles who "enforce the law". It saves both parties the trouble of going thru every players just so they could prove they are not doing any illegal activities.

A good share OP. Thanks.

Solosanz

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Quote from: rhomelmabini on March 21, 2023, 09:11:21 AM

I like KYC if it involves my money they will gonna hold but totally unlike it if it's too random without prior notice that they'll asked it on you, more so when they press it. The thing is, the government is the true sucker in the first place they're the one pressing it against on players. At certain point, it sure to exists and more and more will follow the KYC rule in the future.

Yeah, even there are few casinos aren't asking user KYC since they don't have any rule about KYC in their terms, I wouldn't surprised sooner or later they will be forced to have a license and obviously will follow the regulations. This might happen on old and reputable no KYC casino, a small casino will not be a target by the government since the money involved on the site isn't that big.

Yatsan

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I personally cannot and will not blame those people who are in doubt and worried of KYC procedures because they have their own reason; protecting their identity. Their reason is valid in the first place since one's personal infos could be used in a bad way especially if hackers would be able to access the system of a gambling platform or the platform itself has the intention to do so. But as OP have mentioned, this procedure has its purpose. The only thing that could lessen your worries is to engage only with platforms having good reputation in this industry because they won't be in such position for nothing, unlike with engaging to any platform without caution. KYC could limit minors and easily withrawing your funds, which are aspects I consider of it.

rhomelmabini

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I like KYC if it involves my money they will gonna hold but totally unlike it if it's too random without prior notice that they'll asked it on you, more so when they press it. The thing is, the government is the true sucker in the first place they're the one pressing it against on players. At certain point, it sure to exists and more and more will follow the KYC rule in the future.

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