Topic: Money laundering in crypto casino - page 5. (Read 1075 times)
This is a very good question. Really money launders will definitely use casinos to launder money so when it happened what the admin will do? And these mixers and casinos are the things that making the forum lively. But since cryptocurrency casinos normally ask for KYC the money laundering in the casinos will not strong as mixers and in casinos they can be regulated because of the KYC so there will be a limit in it. Money laundry will not be automatically fade away or eliminated from the cryptocurrency ecosystem industry so the best ways is to manage or regulate them in the space. Because if we follow them to ban companies them no company will exist at the end. In a mixer there is no limit of transaction but there is a limit of cryptocurrency casinos for transportation. Even the ones that there is no limit, once they detect a large amount they would ask for KYC. Casinos will be ban but there will be a kind of regulations.
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?
All businesses that provide casino services with cryptocurrencies which have all legal permits and licenses, take all necessary precautions to avoid being used for money laundering. For example, after a user creates a membership to use this service he/she goes through the identity verification, users place minimum bets equal to the money they deposit and similar security measures prevent this service from being used to launder money. In addition, it becomes more difficult to carry out money laundering through such services if certain legal procedures determined by various regulations are followed. Of course, malicious people can find a different method for this and use it to launder money again but this possibility is very low and the casino service used has the option of restricting the accounts of these people and not transferring money to their accounts or wallets.
In summary, if this type of business meets all legal requirements and has licenses, using this business to launder money will not be an easy process and this will not put businesses that offer gambling services with cryptocurrency in a difficult situation.
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’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 don't know why I find this funny but I hope you know that even the small club around your area launder money every week through the illicit drugs they sell and also other criminal activity you can mention but I understand that gambling and mixers are the current problem because of the current hunt down by the government officials but just know that any business that is involved in legit sales can launder money and your government may never find out anything going down like that when they investigate.
Now in gambling, I want you to understand one thing, when you deposit money into gambling, the coin(bitcoin and other altcoins) into their single hot wallets and after you start using the money to bet, they withdraw it to their main hot wallet until when you are ready for withdrawal they send from their hot wallets again and they have many of them. They know that anyone will want to clean their money through that process, so they have a policy which is, you need to first wager atleast an amount before you can withdraw and that process can make you loss some amount to the casino, so when anyone plan to do such, they can end up losing half amount of what they deposit in the casino. Through this, many of them ignore casino to launder money.
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.
The mixing had their own special features compared to the exchange will give some mixer benefit.But the cause of the ban of the mixer because of the SINBAD mixer involved in the money laundering.But the crypto currency had their benefits.The new people was back to the crypto now because of the bull market in the crypto currency main the bitcoin price had touched 41k dollar now.This also increase the gambler to the crypto currency based gambling sites.Keeping the crypto currency in the exchange not give us more return like using the bitcoin in the gambling site.Most of the gambling site based on the crypto currency will have their own demand during the bull market of the bitcoin price. 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.
do take note that most casinos have their wagering requirements before pulling out your funds from them. this is already a counter measure for possible mixing activity on their site. or at least after you deposit your funds, you wagered some of them and not totally doing the in and out scenario of your funds. that's clearly washing your coins there.
with the crackdown of mixer business, for sure, they will be more strict towards gambling sites, especially those which are not yet licensed.
as the KYC/AML policy is already integrated to those licensed casinos/bookies, i believe the government or authorities are relying that these sites are complacent with their terms and enforcing such policy to their users.
Casinos dont conceal anything especially and arent fit for that purpose so I doubt there is much danger of it. The mixer problem was they intended to hide sources and so on and it had happened prior that some users were questionable in their business so the trouble followed those bad sources apparently.
If anything the casino business is open and trying to show open bets, exact odds and outcomes to encourage confidence in their business it seems quite opposite to mixer concealment where they promise not to ever disclose the various traces to ins and out of all the coins mixed. I dont see them as the same at all and the question would apply to every business probably in any case.
If anything the casino business is open and trying to show open bets, exact odds and outcomes to encourage confidence in their business it seems quite opposite to mixer concealment where they promise not to ever disclose the various traces to ins and out of all the coins mixed. I dont see them as the same at all and the question would apply to every business probably in any case.
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.
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.
Sinbad mixer triggers the restriction to mixers here in the forum but the real reason why Theymos ban them in general since this happened multiple times already for a short period of time while we all know how stricter the US authorities can be on platforms that promoting illegal services.
Let’s not blame Sinbad alone on this restriction because this will not happened if the authorities is not showing a possible threat for us here in the forum. I remember reading some of the participants of Sinbad mixers having problem on exchange since the funds that came from the escrow wallet is already sanctioned.
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.
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.
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.
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.But since they comply and they do it with due diligence and enforcing it, they wont be hot in the eyes of the regulators.
While there are still few that are in existence that are kyc-free but it doesn't mean that they wouldn't ask for kyc for the other customers that they have.
And when there's the suspicion of the casino from a certain customer, then that's one reason why they enforces it to one.
Money laundering from mixers to crypto casinos is a major concern. The mixer crackdown may reroute illegal flows to casinos, but the business wont 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.
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?
Several casinos have also anticipated this kind of thing by implementing KYC. The same thing happens in some cases of exchange platforms. they suddenly made new regulations regarding their members who had to complete data verification.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 there are transactions that are indeed suspect, there may be a government focus on non-KYC casinos. This is very possible to happen, and when that time comes there will probably be several casinos that might be involved in the case.
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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. But even so, legal casinos are very careful in carrying out money laundering actions because this will threaten the sustainability of the casino place he owns.
Quote from: Wiwo
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.
Maybe it is a certain step to prevent money laundering by some people who play in these activities. And if this system can be applied in every casino circulating in a number of countries, then at least criminal acts (money laundering) can be resolved.
If you play at a regulated casino, where you are required by law to submit your KYC details then, you do not have to be bothered about money laundering because there is no way that such criminal activity can happen there without going on noticed. We can say that these casinos are centralized because all of your dealing and transactions are being monitored for any suspicious activities. Also, your account is at the risk of being closed, or banned once that system detects suspicious activities. From this article, the type of crypto casino site where money laundering occurs have the following characteristics
- Crypto casinos that are unlicensed, unregulated, or Tor-based gambling
- Crypto casinos that do not require any KYC, and make an open commitment to protecting
anonymity of users - Crypto casino sites that do not publish information about their ownership or
their jurisdiction of registration - Crypto casino sites that do not impose limits on volumes and values of
cryptoasset used
You are free to do any illegal activities if you are the owner of the casinos and it's not registered, but I doubt it will last long, because any unregulated casino can't be trusted, only foolish users who don't know how important a regulation is for a new online casino will be the customers of these unregistered casinos.
You can't hide for long if your casino is regulated and you are still using it for illegal funding, there is always a foot print left behind when you do something illegal online, believe me, even criminals that use Tor and strong tools to hide their human trafficking crimes online still got caught.
Crime never pays and strongly advice people to abstain from such crimes, one thing will always lead to another that will expose you, you can run it for years but one thing will surely lead to another and you will be exposed, stay away from crime.
You can't hide for long if your casino is regulated and you are still using it for illegal funding, there is always a foot print left behind when you do something illegal online, believe me, even criminals that use Tor and strong tools to hide their human trafficking crimes online still got caught.
Crime never pays and strongly advice people to abstain from such crimes, one thing will always lead to another that will expose you, you can run it for years but one thing will surely lead to another and you will be exposed, stay away from crime.
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 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.
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.
The government may tighten its regulations on crypto casinos and monitor them more closely so they can see if crypto casinos are involved or not involved in money laundering cases. Maybethis may trigger crypto casinos to tighten their regulations on their users, and we should be prepared if that happens. Crypto casinos may immediately implement KYC procedures at the start of registration due to new regulations imposed by the government on crypto casinos. But that's just speculation and estimation and we should wait for further information from the casino. This will also prevent scam casinos from developing because they cannot comply with government regulations. But we'll see how things develop in the near future.
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. 
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 feel casinos do have policies against money launders and what it implies is that if it is made known to the casino that a sure is using their platform for such activities, they reserve the right to turn such person in to the authorities of their region of operation and that's why they require KYC at some point.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?
These casinos knowing that their reputation may be at stake regarding money laundering deals they will definitely keep to their policies and keep culprits out of their platforms to avoid the wrath of the authorities but when it turns out the casino has no policies against such then they obviously may stand a chance to be targets of the authorities, and ofcos the law will always take it's cause if these casinos are at any point found guilty to have supported laundry using their platforms.
maybe it could happen but not at popular casinos and maybe if it happened it would only happen to certain individuals who would be confiscated.
I mean if one day there is a new casino that allows laundering large amounts of money maybe the site will be confiscated but it will not affect other casino sites because of course we all here know that the popular casinos here have a valid license and usually if the casino is licensed it will give taxes to country and this will be a little safe because it makes a good contribution and on the one hand, licensed and popular casinos will definitely maintain their reputation so that if a gambler deposits a large amount, the casino will ask for KYC from the first level to the last KYC level to be able to identify source of the gambler funds.
but the problem now is that privacy will be rendered nonexistent due to KYC.
I think this will be a big problem for the company that are not licensed. Moreover, KYC can play a special role to avoid such problems. Gamblers who will use a particular site to spread their money unethically will have such problems if the authorities of those sites do not cooperate with the government in this matter. Here all those users must be identified. All general gamblers can have problems due to several factors. Of course, casino authorities should exercise due caution in this usage. Sites that have been operating within the rules for a long time will have no problem if no illegal activity is found. If KYC is done properly I think money laundering can be avoided. Moreover, even if quick action is taken against the accounts in which such illegal activities are seen, it will not be difficult to identify the criminal. I mean if one day there is a new casino that allows laundering large amounts of money maybe the site will be confiscated but it will not affect other casino sites because of course we all here know that the popular casinos here have a valid license and usually if the casino is licensed it will give taxes to country and this will be a little safe because it makes a good contribution and on the one hand, licensed and popular casinos will definitely maintain their reputation so that if a gambler deposits a large amount, the casino will ask for KYC from the first level to the last KYC level to be able to identify source of the gambler funds.
but the problem now is that privacy will be rendered nonexistent due to KYC.
I am curious how people laundry their money from online casinos. Making a deposit, and then make a withdrawal of clean money? I think most of casinos, at first will have an alarm triggered when they receive funds from shady addresses, 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?
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