KYC does more good than bad to casinos because it's usually a part of the requirements they have to comply with, especially if they are licensed and if they are operating in strict jurisdictions. plus, KYC makes them less prone to having money launderers. If a certain casino is proven to be an instrument to money laundering activities, it can be held liable as well.
On the contrary, KYC does more bad than good to players — but that is if the players are acting in good faith and that the casino they chose is not a scam. Casinos are also businesses that try to protect their own interest, so to avoid hackers, illegal players (like minors and restricted individuals as per their jurisdiction's laws), and money launderers, they implement the KYC procedure.
But to simplify things, if one hates KYC regardless if it's a process the casino does in good faith or not, then don't sign up with a betting site that has KYC.
Topic: KYC procedure in online casinos does more good than bad or the other way around? - page 13. (Read 2176 times)
March 15, 2019, 02:46:30 AM
March 15, 2019, 02:00:28 AM
I am not a fan of KYC in any casino or cryptocurrency websites (eg. exchange)
The sole reason why i stop going to traditional casino in my local area is when they start requiring a valid ID before you can enter their premises and filling up a 2 page forms for their membership ID card and this becomes a mandatory to all casino goers.
KYC is a double edge sword, Its useful for casino operators to protect them against users that using their platform to launder ill gotten cryptocurrency. But for a casual casino players this will be a painful procedure specially if you just a small time casino players.
I am UP for KYC if the players is dealing with a certain amount of bitcoins just like how exchange platform operate their KYC procedure.
The sole reason why i stop going to traditional casino in my local area is when they start requiring a valid ID before you can enter their premises and filling up a 2 page forms for their membership ID card and this becomes a mandatory to all casino goers.
KYC is a double edge sword, Its useful for casino operators to protect them against users that using their platform to launder ill gotten cryptocurrency. But for a casual casino players this will be a painful procedure specially if you just a small time casino players.
I am UP for KYC if the players is dealing with a certain amount of bitcoins just like how exchange platform operate their KYC procedure.
March 15, 2019, 01:14:12 AM
I don't like KYC, I like to have a complete freedom in online gambling.
Without KYC we can enjoy more as we are playing anonymously, so I believe that crypto gambling should not require KYC as that is only for fiat gambling.
Without KYC we can enjoy more as we are playing anonymously, so I believe that crypto gambling should not require KYC as that is only for fiat gambling.
March 15, 2019, 12:41:12 AM
I'm mostly against KYC but its a requirement in some jurisdictions, I dont see how its a great benefit to the consumer. There is a basic argument it could help in account recovery as the person can use their personal id to reestablish control on an account.
I would also mention a couple of times KYC has been used for profit and removal of funds that belonged to me. Even after proof of identity was provided the company cited KYC as a reason they would lock money within an account, unfortunately people now associate kyc negatively for experiences similar to that
I would also mention a couple of times KYC has been used for profit and removal of funds that belonged to me. Even after proof of identity was provided the company cited KYC as a reason they would lock money within an account, unfortunately people now associate kyc negatively for experiences similar to that
Fact!, One of the main reason why people gambles online because it is either illegal in their place or they just want to hide their identity. However it is still in the law that some online casinos should follow.
It is just too simple if you are agianst it then don't play casinos that requires it.
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March 15, 2019, 12:31:33 AM
I don't encourage KYC on online casinos although if the company is based in a country that requires them, i see no problem for them asking their customer to verify their identity. Majority of users attracted to online casinos are those searching for privacy amd other reason. asking them to provide kyc will just make you loss them to other online casinos not requesting for kyc.
Generally speaking, kyc does more good since it can help prevent fraudulent activity but consider the privacy of the customer I don't buy the idea of online casinos requesting for them.
Generally speaking, kyc does more good since it can help prevent fraudulent activity but consider the privacy of the customer I don't buy the idea of online casinos requesting for them.
March 15, 2019, 12:24:06 AM
*snip*
But perhaps some people think about KYC positively — like KYC reduces the risk of money laundering and protects the casinos from fraudulent players?
But perhaps some people think about KYC positively — like KYC reduces the risk of money laundering and protects the casinos from fraudulent players?
That`s the main reason why they implemented KYC. Casino`s also need to protect themselves from such people like hackers and fraudster, who can deposit/withdraw money from their unsuspected victims. Internet is vast and full of malicious people, businesses like online casino need such regulation to protect their investment.
On the other hand they are complying to city regulation which force them to implement KYC as part of a legal business. Hence KYC is good for both parties to secure both their identity and business from malicious intent from criminal elements.
March 14, 2019, 11:41:31 PM
first of all , i didnt know that casino/gamblings sites do also cater kyc . all the times i thought that kyc is only present on ico before we invest and also to some trading exchange sites . anyway , im also against this kyc thing because for me it only causes alot of hassel . aside from that , i dont also want to expose my identity online . what is the purpose of playing online if we will give our personal infos to some one else ? eh ?
There are many gambling sites asks for KYC to their players in order to withdraw. Of course, most of them are not bitcoin/crypto gambling sites. Most sites that asks for KYC is a hybrid gambling sites that accepts both fiat and crypto. Probably due to the regulation of the license so they need to ask their users to provide KYC.
I'm one of gamblers who do not like to do KYC, I'll avoid all casinos that requires KYC as I want to gamble anonymously. I do not even required to provide too much personal information to gamble in local fiat gambling sites. In this hybrid sites, players need to provide something like Driver License, National ID, Bill address, Selfie photo etc while I do only need to provide bank account to play on local fiat gambling sites.
My last personal opinion about KYC for gambling activity, it is OK for casino to ask KYC but for special condition only. Something like if the player is indicated to do money laundering or other suspicious thing. But asking KYC generally to all players is not reasonable enough imo. Small bankroll players wont do that because it does not worth the risk.
March 14, 2019, 09:49:33 PM
first of all , i didnt know that casino/gamblings sites do also cater kyc . all the times i thought that kyc is only present on ico before we invest and also to some trading exchange sites . anyway , im also against this kyc thing because for me it only causes alot of hassel . aside from that , i dont also want to expose my identity online . what is the purpose of playing online if we will give our personal infos to some one else ? eh ?
March 14, 2019, 09:44:50 PM
As long as the website is trusted and operating for years and has a good reputation, why not? I know that it is a hassle for some user to do KYC but I guess it's for safety reasons as well that it will never be exploited by abuser, cheater, or by worst to criminals or terrorist.
March 14, 2019, 09:33:47 PM
that they are afraid the casinos will exploit their players' details who provided their personal info.
This is the main reason I guess why many are subject to this policy, we all want to remain anonymous as we gamble, trade or anything that we do with cryptocurrencies. But some who are in their position, are doing this shady act. They are exploiting and taking advantage of their customers identity.Making their own database with those customers that passed on their KYC. There's pros and cons on it but I'm starting to feel off about it although I've passed on with KYC in some websites that I really need.
March 14, 2019, 09:20:28 PM
I'm mostly against KYC but its a requirement in some jurisdictions, I dont see how its a great benefit to the consumer. There is a basic argument it could help in account recovery as the person can use their personal id to reestablish control on an account.
I would also mention a couple of times KYC has been used for profit and removal of funds that belonged to me. Even after proof of identity was provided the company cited KYC as a reason they would lock money within an account, unfortunately people now associate kyc negatively for experiences similar to that
I would also mention a couple of times KYC has been used for profit and removal of funds that belonged to me. Even after proof of identity was provided the company cited KYC as a reason they would lock money within an account, unfortunately people now associate kyc negatively for experiences similar to that
March 14, 2019, 09:12:45 PM
I've read a lot of replies in some casino-related threads talking about how they hate KYC procedures. I get it they don't want all the hassle if giving personal info during registration, that they don't want complicated processes, esp. when withdrawing, and that they are afraid the casinos will exploit their players' details who provided their personal info. But perhaps some people think about KYC positively — like KYC reduces the risk of money laundering and protects the casinos from fraudulent players?
I'm not saying I am pro or against KYC. I really just want to get insights from different perspectives.
I combined most of the responses of those who don't approve of the KYC process in casinos and was able to come up with an article: 4 Reasons Crypto Players Skip KYC Casinos
Also, here's another bitcointalk thread focused on those reasons: https://bitcointalk.org/index.php?topic=5136360.0;all
I'm not saying I am pro or against KYC. I really just want to get insights from different perspectives.
I combined most of the responses of those who don't approve of the KYC process in casinos and was able to come up with an article: 4 Reasons Crypto Players Skip KYC Casinos
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