Topic: Money laundering in crypto casino - page 10. (Read 1459 times)

Yo, yooo!!! This are actually two different topics mhann!!
The governs pressing on money laundering cases on casinos..isn't the same thing with the fact that mixers are being banned .. BTW, the whole issue arouse when the governs weren't given prior authorization over mixers like 'em casinos did.. y'all been told that KYCs are made to stop money laundering?? Lol... There are more reasons to why it's made; why would the governs decide to eliminate a project that hasn't got any bad reviews just because they ain't initializing the KYCs??... Remember, In the crypto space, anonymity is imperative.

Sandra 🧑‍🦰

True! KYC is the key, but there are many gamblers or users of the website with KYC don't want to undergo KYC as they concern about their information without knowing that KYC serves as their security and the casino's compliance to the law, you see as you said KYC is implemented to avoid money laundering to track the doer if they did something like illicit activities including money laundering, crypto casino gambling sites are being subject to be used by those who has illicit activities, so this should be a lesson for everyone that no matter what your concern is comply in KYC first because some or mostly crypto casino do requires KYC first before you can withdraw your money, to avoid locking of funds. Also, you will comply with KYC if you know you will not be doing anything; otherwise, you will have a problem withdrawing your funds from the platform.

Under the mixer thread, you'd notice where it's written that mixers are not completely bad. The fact it's banned in the forum doesn't mean mixers won't exist anymore. The service is here to stay, and for the administrator of the forum to go against it, then something must have happened behind the scene. For the safety and longevity of the forum, I trust the decision is good for us all. The forum isn't against mixers, just that the promotion of mixers in signatures are prohibited. So, people would still use mixers for their businesses. Instead of running to casinos. Although the government will keep clamping down bitcoin mixers to be able to track dark web transactions. Casinos are off the sight, like you said, it's quite incomparable. Many big online platforms pay their users in cryptocurrency, does it mean the government will close them down for money laundering? No. Lots of illegal businesses use mixers to clean their funds, which when one of them gets caught, the FBI visits the forum for their investigation. Endangering the notion of the forum, people could think it's now a dark web or in support of their activities. Ok, lets get it straight, if the government stops casinos from accepting cryptocurrency, is going to stop the casino from paying their advertisers via cryptocurrency?

You made a good point. To not advertise mixer services on this forum doesn't mean those services will stop existing and operating. Mixer's enthusiasts will keep using and looking for them in another niches of the internet, anyway. I don't think money launderers will have to move their schemes to casinos or any other business category for this reason.

But in positive case, that is, if the siege to mixers get more severe in a global scale, they will have to find creative ways to continue operating, and to use KYC casinos to do so doesn't look a good idea, because regulators will be watching closely that way. They definitely won't want that.

I dont think so. Casinos are not effective at laundering money. Money laundering is usually carried out in large amounts and casinos will definitely ask for KYC if there are large withdrawal transactions. Kyc will protect the platform from accusations of money laundering because if it is indicated that there is suspicious transaction activity, the casino will provide user data to the police so that this will help the police and prevent the casino from being accused of abetting money laundering.

As for the forum actions towards those mixers then i dont see for it to be bad, yes it did make out some step that really going against total privacy but for the sake of this forums
existence and reputation then Theymos did made out such decision on excluding out those mixers to be adverstise into this forum on which i dont see for it to be an issue
or simply it is really just that a good decision to be made for the sake of every member of this forum because once this place would be allowing those things
then we do know that government will definitely seize down this forum, so it is really just that a right call.

I have not heard or read about a casino being taken over by the authorities for violating the Anti-money Laundering Act many casinos are licensed so they are fully compliance with the authorities they are very strict in implementing KYC, as you can see how gamblers react on these KYC.
You cannot compare mixers to casinos they are two separate platforms and they serve different purposes.
So I don't think there will be a crackdown, casinos are perfectly safe to promote here.

Well, I wouldn't compare mixers and casinos...  I wouldn't say I like this new forum policy, I think that people should have the right to stay private, but this isn't the first time we see how governments are trying to stop mixers.

For now, crypto casinos are operating without big troubles, but who knows what the future holds? I doubt that crypto casinos and mixers will ever stop to exist, maybe they just won't be on the forum if there are some legal obstacles to their advertising and generally talking about them. As I understand from "the boss" post, for now he just wish to be covered and not associated with any "mixing activities".

No, it cant happen! We know that gambling businesses are really that complying on governments rules and this is why they do really strictly implying those kind of terms and conditions whenever they are dealing something with those huge deposits or whatsoever correlated things about it on which there's always a tendency that it could happen in the platform but since these
companies are really that centralized or regulated by government rules terms then those money launderers wont really be considering on making use of gambling
platforms as their mediums and to consider out that 1x wagering with your deposit might sounds less but its not something that you could really be able to get that confident on.

If there is no order from the government, they'll keep going. The forum has just been on the sight of these undercovers due to the taking down of some mixers a few days ago. It's not the first one and I think that's a nice step that there's a need for them to get filtered and not allowed on January 1.

As for the casinos, it's the same as the physical casinos, as long as they are registered then they're going to be protected by the law and will be under the law. Whilst for the mixers, they are not registered and they don't need to be because that defeats the purpose of it. Not just from being targeted due to the mixing and money laundering but also about the registration, taxation and regulation that they should be under the jurisdiction where they are located.

Majorly every popular and well established gambling casinos does have operating licenses and registration codes which  are all issued by the government through their respective regulatory bodies.
And as such, gambling casinos can never be under the same subjective ban like the mixers are, gambling casinos are already an approved business on like mixers, in gambling casinos, users are required to go through account verification processes which captures their personal details like photo, ID and other various means of identification, any criminal who would want to use a casino to launder money or perform any other criminal activities stand a very high chances of being tracked and caught sooner of later.

So, rest assured that gambling casinos are as safe as they can be when it comes to the possiblity of them facing a ban on the forum like mixers have been banned.

If any gambling based organization commits scams like money laundering then those organizations must come under the law. A number of Mixture campaigns have created good space in the forum but have caused scams like money laundering due to which the Forum has decided that no more Mixture campaigns will be promoted on this forum. Many members will lose their jobs due to banning mixer campaign in this forum but if the forum is protected due to banning of mixer campaign then it is definitely a good decision for the forum. Cheating gambling establishments do but are not discussed much. If the betting sites are cheating then the betting campaigns will never be banned in the forum because different countries are officially sanctioned and then run the betting sites and there should be no problem for the Bitcoin forum to promote these betting sites.

I don't think that the criminals will simply jump on reputable casinos to mixed or laundered their money there. Crypto based casinos as you have said, has AML and they have their own anti-fraudulent group if I'm not mistaken.

And chances are, if they see one then they will have to confiscate it, ASAP resulting to a lost to those criminals as well. And other like wagering requirements have been set up by casino themselves so that they won't be taken advantage by this criminals.

Crypto casinos no doubt could be used for money laundering but it has become very difficult to clear the traces. Most of these casinos operate under licences that stipulate how they run the gambling business. I have read about some situations where some licensors threatened to withdraw or withhold the licence of some casinos because they failed to abide by regulatory provisions. Mixers are not registered or regulated by any government organization and they don't need a licence to operate so they can operate freely.

 Money launderers are aware that casinos are not a good medium for moving illegal funds so they hardly use them. Most casinos that claim not to require KYC will ask for it immediately if they suspect any shady transaction or when withdrawing large sums. I doubt if casinos will be attacked just like mixers because they are already under the control of the government. However, in the crypto space anything is possible.

That is why they have KYC in order for them to track down money laundering activities. Because if there is no kyc for most casinos, they have already been flagged down by the government.

But since they comply and they do it with due diligence and enforcing it, they wont be hot in the eyes of the regulators.

I agree with you on a number of things, but also you forget to mentioned that casinos already have a system in olace to make miney laundering a hard thing to achieve in gambling and that way, any attempts will only get the criminal tendency of losing the money due to wagering conditions, because most of the centralized casinos already have a condition on their deposits and witdrwals which make it impossible for money luanderers to use casino as a safe heaven for their criminal activities.

Also in my country, gambling is a legal activity and at that, and we have policies that mandate every deposit to meet some requirements before being withdrawable, so for gamblers, they already know that any deposits must meet such requirements so that is a bad market for money launderers since they may lose the entire deposits in the process of trying to meet the wagering requirements.

Most of the site now implement the KYC requirement to prevent this from happening and i don’t think the forum will do the same because crypto gambling are regulated and you are not anonymous here as you provide the KYC and follows the regulations too. Crypto casinos are more strict when it comes to this one, and we all know that your account can be questioned any time as long as the site saw irregularity with your account, so you are not safe in casino if you are doing laundering.

We're one step closer to that, no doubt. If the admin of the original Bitcoin forum decides to no longer allow the discussion and promotion of services which enhance the privacy of your coins, you know things are pretty fucked. Nobody tells us this will not repeat for no-KYC casinos, or other means of improving one's anonymity (e.g., Monero).

It is concerning, not because of the suspension of the advertisement of these services per se; it is the action of censorship in an Internet board which stands up for censorship resistant cash. That is what feels wrong.

Criminals using casinos for laundering dirty money don't want to hide their funds, they usually want to get a legit justification of their origin. So crypto criminals just looking for obfuscation don't need to use the same schemes. And what a random casino can provide for that, they can find it at exchanges. If crypto casinos are really concerned about money laundering/obfuscation, they just need to only allow withdrawals to the addresses used for the deposits and to require a proof of ownership of those addresses. It could be done by signing a message with the private key of the address or by sending a given amount to a given address.

Firstly, in my country, gambling is illegal and against the law. And the act of money laundering through a casino, this is fairly new. However, even so, in the country where I live, this kind of mode is often found and this dirty deed is often carried out by a number of regional heads, they do the mode of money laundering through a casino or foreign gambling place, which exchanges the proceeds of crime for casino coins and then the money is exchanged back in cash. And in this way, the results of the money exchange do not become a problem when the money is brought back to their country, because it is considered to come from playing gambling which in some countries, gambling is a legal activity. And in this case of course there are several parties who control the action. and this is where the question becomes, who controls the action? Is it from the casino or not.


I don't know for sure, but I think in this case there is an intermediary who facilitates between the perpetrators of money laundering and a casino that is used as a place to launder the proceeds of crime.