Topic: Money laundering in crypto casino - page 4. (Read 1459 times)

Gambling casinos must need to apply their business in AML this serves as a protection for the users with the company or the gambling casino itself they must need to comply to make operate and also there's a training and seminars requirements conducted related into data privacy and the AML topic itself. Also its players concerns too that they must need to check if the casino has a license to operate to make sure they are still safe with the casino. Ignorance is not excuse if you want to play safe.

If I'm not wrong, casino signature campaigns are older than mixer signature campaigns, way older to be precise. So, I don't think that the growth of this forum was only because of the signature campaigns of mixing services because the forum was doing pretty well even before those campaigns and services were announced here. However, I know that this will have a temporary impact on the forum because it has become a big part of it, and it's not easy to fill such a gap in a short period but it will be filled, I believe.

That being said, if we talk about money laundering and gambling platforms, it used to be pretty easy to launder money using cryptocurrency gambling platforms in the past because there used to be no KYC or AML or any other regulations and gamblers were free to deposit and withdraw any amount they wanted to, but that's not the case anymore. So I believe that's a dead cause as well.

This is the simple answer to that, the government, or the AMLC is trying to implement a KYC and those who don't follow will be considered as illegal.

Casino - Followed KYC  (yes it's legal)
Mixer - NO KYC ( it's illegal)

That's how they see it, so casinos are on the safer side while Mixers aren't. It doesn't matter what our purpose in using a mixer but the government sees it like an illegal activities, so they'll ban it's use.

Licensed casinos and their clients have nothing to worry about, as long as they follow the requirements from their license then even if a criminal tried to use their services in a weak attempt to try to launder their coins, they will fail to do so as there are too many polices in place which will allow a casino to identify them or to at least block their funds.

So no one should be worried about casinos somehow getting the same treatment as other websites that could facilitate those practices.

Like I think I've said before, some of the policies which some gambling casinos state or operates on will make it difficult for just anybody to use them as a medium to launder money, we all know that in some casinos, there is a mandatory wager requirement on every deposit before the gambler can be able to withdraw funds Back, this is to say that, if a person was going to launder money through an online gambling casino, after depositing the money, he or she may be required to play some games to meet a certain requirement before he or she may be able to withdraw.

And even when the gambler places a withdrawal request, there is also the chance that, he or she may be asked by the casino for kyc verification, due to the amount of money he or she is requesting to withdraw, ones the person is asked to kyc before he or she will be able to withdraw, then the whole purpose of laundering money is destroyed, because one can not launder money with their identity known, they can easily be arrested and prosecuted.

According to me there is no risk of gambling because gambling is officially sanctioned in most of the countries. Furthermore, most people participate in gambling in accordance with legal principles when gambling and gambling platforms conduct their activities in accordance with the law. However, gambling platforms that are manipulated like money laundering should be officially shut down. And gambling platforms in particular have anti-money laundering policies. Since the anti-money laundering system is in the gambling platform, there is no worry about the gambling platform like the mixer platform.

Casinos have long been exploited to clean dirty money.  Even before Bitcoin and blockchain technology, their combination of anonymity and accessibility made them convenient for shady transactions. 

Attempts to monitor gambling establishments are routinely dodged.  Customers provide false identification or have backdoor connections that let them bypass anti-laundering regulations.  Law enforcement partnerships crumble when lined pockets blind officials to crime syndicate ties.   

So the decentralized, borderless nature of cryptocurrencies only expands existing vulnerabilities in the casino industry and  more freedom to move money means more freedom to disguise where it came from.  And more freedom to access offshore betting means more places for illegal funds to vanish as winnings.

The government didn't shut down mixers in the first place. Hence, no need to wonder if the government will shut down casinos. Gambling is legalized in most countries, and the government earns lots of money through them. They may be hunting mixers because they don't make much money through those mixers. As everything happens hidden. The government is mainly focused on what they'll profit from any business or technology. If a business is successful and the government doesn't have a way of earning through it, the government will find a way of shutting it down. Don't you think that government officials also launder money using these mixers? Any business or body can be used to launder money. It's not a surprise to see you mentioned casinos as a way money launderers use to move or rinse money with no available traces. KYC only reduced the rate of money laundering, but imagine if a casino is owned by a team of money launderers will they need to bother about anything before laundering money? Many organized crime families make their money through casinos and launder money with the help of their member who owns the casino. I've read of crime families that use a member's gold business to launder money to Mexico. Does it mean that gold stores would be closed down because one store was found guilty of money laundering? Every niche has its downside because people in the business consist of both good and bad intentions. Mixers are great for maintaining privacy, which is the main aim of cryptocurrency. But, it's been misused, alongside bitcoin. So, the government will keep on hunting them to seize the money they've made through the business. Then resell the seized bitcoin for profits.

There's also the other thread that concerns the money laundering and shutdown due to the mixers taking down.

As I have said there, there's nothing to worry about if the casino is registered. If there are illegal activities that happens there, they'll be the one that shall be passed on the problem.

And if there are customers that will be taking their advantage on these casinos, they'll also be flagged down and will be banned permanently to not gamble with them anymore.

What's there to tell! Casinos has been laundering money even before the mixers came. That's why the government imposed so many rules and regulations to gambling platform and casinos. For the ultimate weapon KYC was implemented. That's how they were able to investigate suspicious activity. After all these dramas, money is still being laundered, you just didn't noticed it. For me I think casinos and mixers a very alike. In one you cannot see who got what, in one everything is exposed. But both of them are used for the same reason even though they were created for different purpose. Everyone knows it. From my experience I think the government won't shut down casinos because the casinos have the customers information which  the government can demand easily. But in mixers case what's gone is gone.

At this point, I do not believe in money laundering in crypto casinos, because everything is limited even when things are about money, and most politicians or criminals do their laundering in other ways, not in crypto anymore, even less in casinos than with the KYC, well, at least, they would have to be very novice in this, those who do money laundering do it first with indero fiat, in the style of the drug traffickers as they were in Colombia during the era of Pablo Escobar, as well , where basically the weight of the dollar is handled by the Kg, we are somso people who take for granted that some countries do not have corruption, but the major money laundering is not done so much by criminals, the governments do it and in a way very shameless, but that's another topic, here what matters is that it is very difficult and stupid for them to try to do money laundering through crypto casinos, I don't know, but the possibility of them doing it through decentralized casinos isn't either. I see it as viable for what they do.

They currently do money laundering through other things, it could be that they go and do it through cars, through many things where they can camouflage , this is what makes those who do it much smarter than the authorities. in the present, where 'they can enter any country where they do it and that's it, they have no scruples , it is money that they are practically going to move, so they can do it with a little more brazenness knowing that things can happen like that, I prefer I would think that chaos of this style are more focused on carrying money and transferring it, since in casinos they cannot, nor should they, in a casual casino you do not Make a very large deposit, because they set off the alarms, and I cannot even imagine the Amount of KYC they must do, because that is something that could be on another level because if the casinos with little money bother , with something less than $10k , they will move a lot , I don't even want to Imagine.

This is something that has bene attributed to the casinos a lot, but then people complain that there are KYC requests by the casinos. I am sorry but in order to prevent money laundering, or at least hamper it a bit, the yare going to end up doing something like this, that's an important detail and should be something that will benefit you the most. I understand that we may not end up with something that will be possible to just simply launder your money easily.

Of course if you can find a way to get your money into crypto then you do not need casinos neither, you can use mixers and you can use monero type stuff and just hide your money without anyone finding it, it's possible. The problem is to get crypto with illegal money, you need p2p and that's tough to do. I think casinos have every bit of right to ask for KYC, otherwise governments will punish them. Look at Bİnance, they got hit with a 4.3 billion fine for letting money laundering go around in their own exchange.

Mixers would really be the sweetest spot for  those money launderers and they would be never on trying out to clean their money via casino unless if we do speak into those physical ones but for online ones then it cant really be just possible knowing that there would really be those terms and conditions which you would really be needing to comply before you could pull out those funds but we know
that even on just needing that 1x of your deposit will really be that a pain in the ass kind of requirement and this is why i would say that its never been ideal for them to do such thing.
They wont really be that so dumb on not to know on what are the cons or risks on the time that they would really depositing their money, they wont really be that just too dumb
on not to know.

The major difference with mixers and casinos is that casinos can require from their players the KYC requirements.
This is why mixers are the target of government authorities because they don't have strict protocols with respect to AML, hence, laundering is very possible.
Whereas, licensed casinos and bookies have their AML/KYC protocols in their terms and conditions. So at least authorities are at bay with this business.

I mean it's natural for criminals to use Amy method to wash money.  Mixers are easy targets and for the most part there is no legal reason to use them so it's easy Pickens.  For casinos most of it I would imagine is clean money but there isn't much a casino could do.  I couldn't see them being "seized".  It's like brick and mortar casinos, tons of dirty money plays there but there really isn't anything a casino can do.

I don't think there's ever going to be threats to gambling sites cause there's AML policies that protect them from becoming infestation grounds for these money launderers. If anything, the only qualms I have with the current state of the forum is that besides the fact that most mixers pay higher than standard campaigns in the forum, bitcointalk will become predominated with gambling casino signature campaigns again which is not necessarily a problem, but is a major cause for concern as it may drive other projects/enterprises away thinking they'd have no market here cause everyone's wearing casino signatures. Or maybe I'm just yapping nonsense but I feel like this will definitely be a big issue for the growth of bitcointalk eventually.

It is definitely a big issue because it is crypto and even though if you really look into someones accounts and look for that person to make a mistake, you can't just catch everyone who does it, you need to be looking into that person. There is a big difference between "see if X person has done any money laundering via crypto casinos" and "catch everyone who has laundered money via crypto casinos", and that is at the core the biggest issue.

The bad people who does this already knows this, and that is why they end up doing something that would be dangerous in the end, and I believe that we are not going to end up with a result that would be easy to catch, bad people could just hire others and do their bid on their account and launder their money, then they will get the money into monero and receive it and suddenly they are hiding their billions, if you want something bad done, you can keep using the same monero to make the bad thing get done by someone else.

Long before the case that happened to Mixer occurred, the casino had taken steps to prevent illegal activities such as money laundering by criminals. The majority of casinos that advertise their sites on the Bitcointalk forum have policies in place and comply with government regulations. KYC policies will make it easier for casinos to monitor suspicious activity, they can immediately block suspicious accounts or illegal sources of money with the aim of money laundering.

Casinos will not suffer the same fate as Mixer, they always comply with existing regulations in order to maintain their reputation so they can continue to exist. Casinos that still advertise their sites on forums can be trusted, until now no casino on the forum has been sued like Mixer, except for casinos that have been proven to have committed fraud by using the money they use to increase their wealth.

Although you are right, I don't think you have explained yourself well. The thing about casinos is that you deposit to a different address from the one the casino uses to send you your withdrawal. Deposits are consolidated and withdrawals are processed from that address. Especially in casinos without KYC and without wagering requirements this is quite similar to a mixer because someone tracking you would lose track if you deposit 1 bitcoin and make three withdrawals to three different addresses of approximately 0.333 bitcoin (minus fees). But the casino does know your deposit and withdrawal addresses and could in principle provide them in case of an injunction.

It's very wrong of us to make the assumption that crypto casinos are engaging in money laundering or serving other money laundering purposes, what we are considering here in particular is under being a casino, then the services they offer, it is also important that we realized the fact that a casino that is KYC enabled will always try to make request from its users to support the requirements on KYC in other for them to enjoy using their services, yet every users are still subjected to AML agencies if the needs be including the casinos.