Money laundering in crypto casino - page 4.

0t3p0t

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Quote from: AbuBhakar on December 03, 2023, 12:24:44 PM

We all know the recent issue about the mixer status here in the forum. Crypto casino is also being use for money laundering by some criminals that’s why every casino has AML policy.

I’m just curious what will be the fate of crypto casino once money laundering activity from mixer will jump to casino now that mixer will not be advertised here which means it has less exposure. Is there any possibility that crypto casino will be seized by the government just like what happened to mixers in case they failed to screen the laundering activity?

If worst thing will happen with crypto casino, I think same with mixing services they will also be banned here on this forum. Crypto casinos I think is under the SEC's regulation and therefore compliant to the law. Unusual activities and transactions on accounts might be suspicious to the authorities and could end up accounts being freezed if proven money laundering.

Wind_FURY

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Quote from: Oshosondy on December 03, 2023, 12:30:08 PM

There is no threat to gambling sites because they are obeying the laws. They have the anti-money laundering policy.

If gambling sites should be affected, organizations that favors money laundering should all be closed down. No bank supposed to be existing again because they are used to launder money. Launderers just get a legit business, then use the business to launder money into bank.

Dirty money used in gambling are also mostly like this. Just as unclean money are in banks.

Plus as posted by theymos, the new rules are more about the concern on a noticeable pattern with mixers that get taken down by the authorities after getting popular enough. Law enforcement probably looks all over the internet, and checks where those mixers were advertised or where they might have a strong presence in cryptocurrency forums, Reddit, and other community platforms. Most of them will always point here in BitcoinTalk, and that probably could be a risk for the forum and its administrators.

Quote

Bitcointalk.org aims to allow about as much freedom as is reasonably possible. But this is not a darknet forum, and with mixers looking "grayer and grayer", it's no longer reasonably possible to allow linking to mixers. Even though "a cryptocurrency mixing service is not necessarily illegal," a clear pattern has emerged where mixers pop up, last for a little while, and then get taken down by law enforcement once they get too big. Allowing mixers to be posted on bitcointalk.org before they seemingly-inevitably get declared illegal and seized is not sustainable. Therefore, linking to mixers will no longer be allowed, just the same as linking to darknet sites is already not allowed.

https://bitcointalksearch.org/topic/mixers-to-be-banned-5476162

For OP's issue/concern, it's laughable. Apples and Oranges.

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Quote from: Winterfrost on December 05, 2023, 07:23:49 AM

In the platform they watch how much money is being cashed in and cashed out. There are some limit to the amount you can deposit unless you have passed some ID and security called KYC. They do this so as to avoid all this problems and if a user go against their terms and privacy you will be ban from playing until your appeal will be checked.

They don't watch all the time, unless you're a high roller and you are consistently winning, that would make casinos to look into your activities. However, in terms of money laundering, they have a procedure to follow and that is not coming from them, but from the regulators and from time to time they are also getting some new mandates to ensure that money laundering are caught or prevented.

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Money laundering has been going on for a long time and crypto is not an exception. Any business that has to do with putting in and removing of money on a consistent basis whether be it crypto there are possibilities that some laundering activities could be going on. But i wont be certain of that when it comes to crypto casino. Casinos takes regulation as a criteria in ensuring their platform is safe. In the platform they watch how much money is being cashed in and cashed out. There are some limit to the amount you can deposit unless you have passed some ID and security called KYC. They do this so as to avoid all this problems and if a user go against their terms and privacy you will be ban from playing until your appeal will be checked.

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Quote from: AbuBhakar on December 03, 2023, 12:24:44 PM

We all know the recent issue about the mixer status here in the forum. Crypto casino is also being use for money laundering by some criminals that’s why every casino has AML policy.

Mixer sides were decentralized due to which money laundering could be easily done here with complete anonymity. However, it is very impossible to launder money by keeping yourself secret through casino sites because here if you want to deposit or withdraw a large amount, they will demand kyc from you. In this case, your privacy will not be preserved in any way

Quote

I’m just curious what will be the fate of crypto casino once money laundering activity from mixer will jump to casino now that mixer will not be advertised here which means it has less exposure. Is there any possibility that crypto casino will be seized by the government just like what happened to mixers in case they failed to screen the laundering activity?

Mixer has not been around for a long time and advertising on this forum has only been around for a few years now. But casino sites have been in the market for years and have been advertising on this forum. So I don't think casino sites like mixer can be banned from this forum

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Quote from: ethereumhunter on December 05, 2023, 01:29:18 AM

Quote from: Litzki1990 on December 04, 2023, 08:43:42 AM

This can be a guarantee for online casinos if they require KYC verification before getting official approval. Online casinos or gambling sites can cheat so if new casinos have KYC verification then members can gamble there safely. If the casino sites cheat then the victims of that fraud are the users but in this case we have to take utmost care and play gambling in online casinos. Online casinos are full of gambling, so you should choose the sites that are relatively low risk and the sites that are somewhat trustworthy in conducting your gambling activities.

Indeed, online casinos can deceive their members by carrying out KYC verification. But with the government tightening its regulations, it is unlikely that scam casinos will be able to carry out their plans so easily as all online casinos may come under closer scrutiny. Scam casinos may also decrease because these casinos may be detected by the government as scam casinos so that the government can immediately act to catch them. We must be able to choose a trusted casino that we find through research, especially by looking for trusted casinos from this forum so that we will not get fraud from those scam casinos.

is there any scam casino owners that had been in the bars now? I mean is there any one at least ? i tried searching here in forum but there seems to be none that makes it clear because I think there are no complete case to be filed if they are scamming players just by banning their account because of none KYC verifying or because they are caught being cheater in casinos?
in this those scam sites are making their place in crypto casino and yes scamming their players but not putting behind bars.

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Quote from: letteredhub on December 04, 2023, 06:30:45 PM

Quote from: AbuBhakar on December 03, 2023, 12:24:44 PM

We all know the recent issue about the mixer status here in the forum. Crypto casino is also being use for money laundering by some criminals that’s why every casino has AML policy.

I’m just curious what will be the fate of crypto casino once money laundering activity from mixer will jump to casino now that mixer will not be advertised here which means it has less exposure. Is there any possibility that crypto casino will be seized by the government just like what happened to mixers in case they failed to screen the laundering activity?

Unlike mixer the casinos already have preventive measures in place against money laundry activities through their domain's, their policies as a T&C for users to abide by already gag the user from taking such steps and any suspicious activity by any account they are usually seized, and with the compliance synergy these casinos has with the government in terms of it's operations before now I don't think AML policy is anything new to casinos. They already have the KYCed forceful way of requesting from the customer, which is, after you must have deposited and want to make withdrawal of huge amount you will be asked to pass kyc as a compulsory condition to make withdrawal successful. That's why I said it's ain't a big deal for casinos in this regard.

That's what measure they do and it make them legitimate business because they are running a legal business here. i doubt those compliant casino will be the destination of frauds since for sure they also know that the money they stolen will get intercepted there. So if people ask about this if fraud can still do their thing on a government regulated sites then well I don't think that this one will happen since for sure casino owners will protect their business and will not participate on any money laundering things since this is bad for their business.

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Quote from: Viscore on December 04, 2023, 08:46:12 AM

Quote from: TopTort777 on December 04, 2023, 08:12:36 AM

I am curious how people laundry their money from online casinos. Making a deposit, and then make a withdrawal of clean money?

That's the process, at least those money are already mix in the casino and whatever the gambler will receive are the funds coming from a casino. So it's likely clean already if the person's name is still not known to the authorities.

I still dont understand how they can be 100% clean, when you deposit on same address all the time, and get a withdrawal from same address. I think they generate input/output address for each user, so you basically dont clean anything.

Quote from: Viscore on December 04, 2023, 08:46:12 AM

Quote from: TopTort777 on December 04, 2023, 08:12:36 AM

I think most of casinos, at first will have an alarm triggered when they receive funds from shady addresses,

How would they determine a shady address? If it's coming from a mixer, that doesn't automatically mean that the user are into money laundering.
It will only become shady once there's a memorandum from their regulators to freeze transactions of a certain person who are in the list for such illegal activities.

I am not 100% sure how things work, but for example if you use bestchange, find exchange and deposit on their address funds that were on dirty wallets, alarm get triggered, your exchange gets on hold and their (exchange) fiat card/account (if you want to exchange crypto>fiat) gets a permaban in most cases. If exchanges have this, then I think casinos also have this feature.

Quote from: Viscore on December 04, 2023, 08:46:12 AM

Quote from: TopTort777 on December 04, 2023, 08:12:36 AM

and second they will ask to wager deposited amount. I would feel really bad if I would deposit a hundred thousand and lose it due to getting 1.00 when I have bet on a "safe bet" like 1.01. Few such losses with scare any searching for money laundry guy. Casinos could always ask for KYC and freeze funds for investigation. And even if criminals are ok with loosing money and laundering, isnt mixers fee are lower than taxes casinos pay?

I think sports betting game is a safer way to launder money.

Just an example, you bet on a certain game to a team with 1.90 odds, and you also deposited on the other site betting on the opposite team with 1.90 odds. Regardless of the outcome, launderers will still be able to cash out 90% of the bet, which give casino 10% cut without knowing the gambler is already into money laundering.

I think casino will notice such regular cash-outs and will start an investigation. Imho such tactics wont last long for a criminal. Soon he will get banned from most of casinos and his address will get into blacklist.

P.S. I am not an expert in money laundering, so I am just guessing Cheesy

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Quote from: Wiwo on December 04, 2023, 01:25:23 PM

Quote from: Blitzboy on December 04, 2023, 10:44:54 AM

Money laundering from mixers to crypto casinos is a major concern. The mixer crackdown may reroute illegal flows to casinos, but the business won't die. Why? Because AML policies already monitor crypto casinos. Criminals adapt, but so do regulations. But are present AML policies strong enough to handle this possible surge? The government's mixer seizure shows the dangers of lax regulation. Crypto casinos must adapt and impose strict AML to survive. Government involvement is likely if they fail. How can these platforms evolve to beat launderers and meet regulations? The industry has a huge challenge, but it can also demonstrate its integrity and compliance.

I believe that casinos have some anti-mixer mechanism, I am just assuming though, because some exchanges already have such features in place to detect mixed coins, and detect bitcoins, this way every inflow from mixers may result in account limitation and investigations, which sometimes is part of the anti-money laundering rules that comes with the license.

So we all have nothing to worry about when it comes to money laundering control in casino, The gambling system is more secure and it have a wager mechanism that puts every deposit at risk.

actually it is not Anti mixing is what they have but their security will be alarmed once there is
a flow of funds entering and exiting with questionable act , in that their system will detect and will hold that said funds ,
this happens in other players that decide to not continuing to play and withdrawing their deposited money just after the
handling and yes they are being denied of withdraw , maybe this is how the site prevent being used as laundering part
while in the past this is the best way to mix funds.

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Quote from: Litzki1990 on December 04, 2023, 08:43:42 AM

This can be a guarantee for online casinos if they require KYC verification before getting official approval. Online casinos or gambling sites can cheat so if new casinos have KYC verification then members can gamble there safely. If the casino sites cheat then the victims of that fraud are the users but in this case we have to take utmost care and play gambling in online casinos. Online casinos are full of gambling, so you should choose the sites that are relatively low risk and the sites that are somewhat trustworthy in conducting your gambling activities.

Indeed, online casinos can deceive their members by carrying out KYC verification. But with the government tightening its regulations, it is unlikely that scam casinos will be able to carry out their plans so easily as all online casinos may come under closer scrutiny. Scam casinos may also decrease because these casinos may be detected by the government as scam casinos so that the government can immediately act to catch them. We must be able to choose a trusted casino that we find through research, especially by looking for trusted casinos from this forum so that we will not get fraud from those scam casinos.

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Quote from: AbuBhakar on December 03, 2023, 12:24:44 PM

Is there any possibility that crypto casino will be seized by the government just like what happened to mixers in case they failed to screen the laundering activity?

That used to be a problem with some crypto casinos, and now that most of them have rules against money laundering, it shouldn't become a big problem like before unless there's some form of insider that would allow this to happen and bypass the restrictions. It's still possible for casinos to get taken down, but in my view, the chances are much lower than the mixers when they're more than willing to follow and avoid those situations, knowing that more money can be made as long as they keep operating.

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Quote from: AbuBhakar on December 03, 2023, 12:24:44 PM

We all know the recent issue about the mixer status here in the forum. Crypto casino is also being use for money laundering by some criminals that’s why every casino has AML policy.

I’m just curious what will be the fate of crypto casino once money laundering activity from mixer will jump to casino now that mixer will not be advertised here which means it has less exposure. Is there any possibility that crypto casino will be seized by the government just like what happened to mixers in case they failed to screen the laundering activity?

Unlike mixer the casinos already have preventive measures in place against money laundry activities through their domain's, their policies as a T&C for users to abide by already gag the user from taking such steps and any suspicious activity by any account they are usually seized, and with the compliance synergy these casinos has with the government in terms of it's operations before now I don't think AML policy is anything new to casinos. They already have the KYCed forceful way of requesting from the customer, which is, after you must have deposited and want to make withdrawal of huge amount you will be asked to pass kyc as a compulsory condition to make withdrawal successful. That's why I said it's ain't a big deal for casinos in this regard.

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Quote from: sokani on December 04, 2023, 05:15:49 PM

Quote from: AbuBhakar on December 03, 2023, 12:24:44 PM

We all know the recent issue about the mixer status here in the forum. Crypto casino is also being use for money laundering by some criminals that’s why every casino has AML policy.

I’m just curious what will be the fate of crypto casino once money laundering activity from mixer will jump to casino now that mixer will not be advertised here which means it has less exposure. Is there any possibility that crypto casino will be seized by the government just like what happened to mixers in case they failed to screen the laundering activity?

This is not a total shutdown of mixers, they're only banned on Bitcointalk, so they'll still be in business because they're going to take their ads to somewhere else.

Most projects advertising their services on the forum are normally under public scrutiny to make sure that they're real and they deliver top notch services. This in a way gives users some kind of trust. With mixers ban on the forum, it might help to increase the activities of money laundering through casino as visitors may not be able to know some of the reputable mixers to use and may have to resort to casino. That being said, Casinos are registered and regulated businesses and as long they're regulatory compliant, I don't see them getting shutdown.

End of the day everything is business. Whether it is a gambling platform, mixer, or something else connected with cryptocurrency. The prime purpose is to make money out of it. It can be the owners who want profit and the customers who want things to be dealt in a secure way. Money laundering isn't new, it had been followed long back itself. Now the mixers gave an easy way and that had been well utilised by the launderers. As said the restriction in our forum is good, but people continue using it and I don't think much of them will jump to gambling platforms for the purpose of money laundering.

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Quote from: BitcoinPanther on December 04, 2023, 05:04:25 PM

Quote from: AbuBhakar on December 03, 2023, 12:24:44 PM

We all know the recent issue about the mixer status here in the forum. Crypto casino is also being use for money laundering by some criminals that’s why every casino has AML policy.

I’m just curious what will be the fate of crypto casino once money laundering activity from mixer will jump to casino now that mixer will not be advertised here which means it has less exposure. Is there any possibility that crypto casino will be seized by the government just like what happened to mixers in case they failed to screen the laundering activity?

I think the fate of crypto casino is no different than the non-crypto casino. As you see crypto casino never mix cryptocurrency, the deposit records can be seen on the blockchain and the address where the funds came from is not masked unless the player use mixers for the crypto fund transfer.

Aside from that, crypto casino is required to have license to operate legally, those that have no license to operate is tagged as illegal and will be shutdown if caught. Casino owner often implement KYC so that they can have records of their users and the government won't suspect the casino harboring money launderers because with the information of their players, they can easily track the identity of any transaction made on the casino.

They can wash it and make it look like they are doing legitimate withdrawals on casinos that's why they can exploit it and use casino as the destination to wash up their crimes done. That's why they might be the next option especially if casino owners are not so careful regarding on this activity.

But they can avoid their casino to be used on money laundering and that is implement a KYC with selfie verification and wager requirements for sure with this those frauds will think about using it because they don't want their face to be expose. Although some other people might dislike the idea especially on selfie verification but if we want to make those reputable casino safe from being used to any illegal activities then I guess we need to have this so that they would not eliminated on this forum same on what happen to mixers.

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Quote from: sokani on December 04, 2023, 05:15:49 PM

Quote from: AbuBhakar on December 03, 2023, 12:24:44 PM

We all know the recent issue about the mixer status here in the forum. Crypto casino is also being use for money laundering by some criminals that’s why every casino has AML policy.

I’m just curious what will be the fate of crypto casino once money laundering activity from mixer will jump to casino now that mixer will not be advertised here which means it has less exposure. Is there any possibility that crypto casino will be seized by the government just like what happened to mixers in case they failed to screen the laundering activity?

This is not a total shutdown of mixers, they're only banned on Bitcointalk, so they'll still be in business because they're going to take their ads to somewhere else.

Most projects advertising their services on the forum are normally under public scrutiny to make sure that they're real and they deliver top notch services. This in a way gives users some kind of trust. With mixers ban on the forum, it might help to increase the activities of money laundering through casino as visitors may not be able to know some of the reputable mixers to use and may have to resort to casino. That being said, Casinos are registered and regulated businesses and as long they're regulatory compliant, I don't see them getting shutdown.

People think wrong about this current situation happen they though Mixers will gone but they are wrong this will still exist but It maybe hard for new mixer launch to locate since they don't have bitcointalk platform to help them introduce their services. For sure this current existing mixers will also gone due to government active efforts to crackdown this services but for sure there are still mixers will exist even if they can't advertise their site here.

Casinos will be the lest platform they could go since most of casino have KYC so maybe they don't like to submit their details that's why they might still find those mixers reliable and stick with it. Although Mixers might get less activities due to this banning issue in bitcointalk but they can still market their site to other big platforms so for sure they can be seen by people who's actively browsing those crypto big site.

But eventhough with this discussion I don't think casino with have necessary legal documents can be shutdown anytime soon for sure they continue to exist here.

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Quote from: sokani on December 04, 2023, 05:15:49 PM

Quote from: AbuBhakar on December 03, 2023, 12:24:44 PM

We all know the recent issue about the mixer status here in the forum. Crypto casino is also being use for money laundering by some criminals that’s why every casino has AML policy.

I’m just curious what will be the fate of crypto casino once money laundering activity from mixer will jump to casino now that mixer will not be advertised here which means it has less exposure. Is there any possibility that crypto casino will be seized by the government just like what happened to mixers in case they failed to screen the laundering activity?

This is not a total shutdown of mixers, they're only banned on Bitcointalk, so they'll still be in business because they're going to take their ads to somewhere else.

Most projects advertising their services on the forum are normally under public scrutiny to make sure that they're real and they deliver top notch services. This in a way gives users some kind of trust. With mixers ban on the forum, it might help to increase the activities of money laundering through casino as visitors may not be able to know some of the reputable mixers to use and may have to resort to casino. That being said, Casinos are registered and regulated businesses and as long they're regulatory compliant, I don't see them getting shutdown.

But government is really that trying out their best on trying to crack down these mixers and with the current legal issues then it is really just that right that Theymos did decide not to make any involvement with mixers anymore here into this forum to avoid some future problems in regarding to this which i do see its a wise move that had been done. Anyone or anything that do get involved with mixers then expect
that there might be some potential problems that they could really be able to experience ahead. Money laundering on crypto casinos had been long time resolved and this is via the application of KYC
and having that 1x wagering requirement of deposits.

On this way or method, they would definitely be able to avoid up those things like money laundering. Just like been said by others that no money launderer would be making
use of gambling platforms for them to make use on cleaning up those tainted money but instead they would be looking on something alternative.

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Quote from: AbuBhakar on December 03, 2023, 12:24:44 PM

We all know the recent issue about the mixer status here in the forum. Crypto casino is also being use for money laundering by some criminals that’s why every casino has AML policy.

I’m just curious what will be the fate of crypto casino once money laundering activity from mixer will jump to casino now that mixer will not be advertised here which means it has less exposure. Is there any possibility that crypto casino will be seized by the government just like what happened to mixers in case they failed to screen the laundering activity?

This is not a total shutdown of mixers, they're only banned on Bitcointalk, so they'll still be in business because they're going to take their ads to somewhere else.

Most projects advertising their services on the forum are normally under public scrutiny to make sure that they're real and they deliver top notch services. This in a way gives users some kind of trust. With mixers ban on the forum, it might help to increase the activities of money laundering through casino as visitors may not be able to know some of the reputable mixers to use and may have to resort to casino. That being said, Casinos are registered and regulated businesses and as long they're regulatory compliant, I don't see them getting shutdown.

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Quote from: AbuBhakar on December 03, 2023, 12:24:44 PM

We all know the recent issue about the mixer status here in the forum. Crypto casino is also being use for money laundering by some criminals that’s why every casino has AML policy.

I’m just curious what will be the fate of crypto casino once money laundering activity from mixer will jump to casino now that mixer will not be advertised here which means it has less exposure. Is there any possibility that crypto casino will be seized by the government just like what happened to mixers in case they failed to screen the laundering activity?

I think the fate of crypto casino is no different than the non-crypto casino. As you see crypto casino never mix cryptocurrency, the deposit records can be seen on the blockchain and the address where the funds came from is not masked unless the player use mixers for the crypto fund transfer.

Aside from that, crypto casino is required to have license to operate legally, those that have no license to operate is tagged as illegal and will be shutdown if caught. Casino owner often implement KYC so that they can have records of their users and the government won't suspect the casino harboring money launderers because with the information of their players, they can easily track the identity of any transaction made on the casino.

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Quote from: AbuBhakar on December 03, 2023, 12:24:44 PM

We all know the recent issue about the mixer status here in the forum. Crypto casino is also being use for money laundering by some criminals that’s why every casino has AML policy.

I’m just curious what will be the fate of crypto casino once money laundering activity from mixer will jump to casino now that mixer will not be advertised here which means it has less exposure. Is there any possibility that crypto casino will be seized by the government just like what happened to mixers in case they failed to screen the laundering activity?

Some actually believed that mixers and gambling platforms do share the common means of transaction anonymity and the likes, but we must also understand that they are two different things entirely, but we need to see the way forward first, if the entire mixers outside the forum can also be banned or not and if the use of gambling platforms can be changed or not from the way it has always been.

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If a casino allows you to exchange cryptocurrencies to cash and the other way round, like they allow you to deposit fiat and withdraw crypto, they may be in trouble, but if they only allow cryptocurrencies in and out, what laundering are we talking about? The person came with bitcoin end left with bitcoin. If the bitcoin they had came from a hack, they have KYC procedures to know who deposited it.
IMO it's the exchange that is responsible for laundering most of the time, because they allow someone to turn their crypto (that may come from extortion, theft, and so on) to be exchanged into fiat money.
They should make sure they check client data, since using fiat money can put them on the government's radar. Every time you use fiat, you agree to all the laws this fiat money brings to the table.
Simple solution is to avoid fiat money, exchange crypto on decentralized exchanges and government can kiss your ass.

Topic: Money laundering in crypto casino - page 4. (Read 987 times)