Topic: Money laundering in crypto casino - page 5. (Read 1459 times)

Usually businesses and companies laundering money are shell (fake) companies created and maintained with that sole purpose. They can belong to any sectors, but in fact, they don't produce or offer any kinds of services to the public, rather they launder money for some individuals issuing false invoices.

For casinos it doesn't seem a interesting practice, unless they are very greedy for profits, because the business itself is already pretty profitable following the regulations and making income from regular gamblers, so I really don't see a good reason why they would consciously allow such practices on their platforms. That would be a dumb move which could potentially kill the whole business once authorities caught something suspicious going on there.

The legal casino sites and the popular ones have their site license and the licensed casino sites are concerned about these issues and when someone goes to deposit a large amount on their site, KYC is demanded from them and that KYC document is stored in their database.  So if a person is using a gambling site through Mixer then it is possible to trace him through his KYC document if a complaint is filed against him.  So I think money launderers rarely use gambling sites for money laundering

I've read a lot about some shady activities of some casinos, even some are internally doing the work of m!xers to launder money, but I have not heard of any reputable ones that the government had treated the way they treat m!xers, which makes them different. The reason for this is that their (casinos and m!xers) value and mode of operation are not the same things. The businesses that the government had treated like that of m!xers that I know were those operating payment gateways online. An example is Liberty Reserve, where the company and its owner were busted and were charged with multi-billion-dollar money laundry charges. Their assets were seized and the boss went to jail. The reason is that they (m!xers and gateways) are custodial of money primarily for exchange and payment purposes, unlike casinos that are only doing their gambling businesses primarily, but hiding under that to do some illegal activities (that's if they do such at all, just establishing a difference).

It however gets better for those casinos that are fully registered and regulated, they are overseen by the government and might be exonerated of AML and other corrupt practices at least if nothing so illegal is traced to them. Even if such happens, I believe the government would be responsible enough to deal with the situation wisely since always closing such businesses that have primary good intentions can't mean well for the economy.

Exactly, they'll remain because there's a demand, but in terms of popularity, it will reduce as the forum aren't anymore promoting them, or the members in the forum. On the other hand, people might be hesitant in using a mixer as they might see the risk of not getting their money back, unlike when they are being promoted, they were able to build their reputation and resulted to more users using the service.

Using casino for money laundering is like kill yourself since the casino can easily freeze your coins and force you to submit KYC.

Mixer isn't the only tool to be used for money laundering, also mixer isn't always used for money laundering. Remember, if this forum not allow mixer, it doesn't mean all mixer is completely wipe out since the mixer is still exist and promoted in other place.

I'm sure regulators are well aware of this already and yet they haven't improve the KYC process yet on exchanges. I have several verified exchange account and I can say it's just easy to pass, so you are right, they can use fake information and documents to pass with the KYC.

Maybe in the future that KYC requirement will be stricter, like in our local exchange, you need to do some live video KYC application to be approve, so in that way, fake or stolen documents for KYC won't work as it would not match on the identity of a person who's recording live.

Nevertheless, at least there's a trail compared to mixers where they won't be able to easily find the trail.



With exchange, a trader will be paying trading fees and withdrawal fees, quite small though compared to gambling sites if they want to go break even, but will have to pay the commission or the juice which is normally 10% above in sports betting.

They can do it since hackers may find some way to do the KYC procedure even if they didn't use their real identity. There are so many stolen identity online and they can buy someone's identity just for KYC submission to those exchange and then they continue to do their dirty jobs.

Unlike on casino where they usually require 1x wager requirements then this is huge lose for criminals if they comply to that requirements that's why I really think that exchange have more higher chance to be used by those frauds than these casino.

They may have same level of regulations but they have different methods to fight up those illegal activities which is possible to happen on their platform.

I think exchanges and gambling sites are treated the same when it comes to regulation. In fact, since there are only a few exchanges compared to gambling sites, they'll be easier to regulate, and I don't think scammers or hackers will be able to launder their funds on an exchange that has good liquidity. When we see a liquid exchange, it's assumed that it's regulated, as traders would not trust their money if the exchange has no license. So, this exchange will conduct the same KYC as casinos, and that would prevent money launderers from attempting to launder their stolen funds.

Without mixers, money laundering might be reduced; at least that's the stance of the government. But for us, it will remain the same, and that is they are compromising the privacy we want to achieve.

Apparently you do not understand the essence of money laundering through casinos, because... a casino user can easily launder funds without the participation of the casino itself. The user uses the gaming platform to ensure that withdrawals occur from the same address as all other withdrawals from this casino. In this way the casino is used as a mixer. If the casino does not cooperate with regulators, then tracking such mixing is quite difficult and expensive.

That's the reason why regulated casino is not their choice because of that reasons. They can't make their plan to succeed since casino are much stricter platform than any other else. On exchange maybe this could be their next destination if mixers will totally shutdown their services since they can trade any coins and launder their stolen money.

So for those have concern regarding on money laundering that might happen on those casino maybe they should ease there negative thinking since reputable casino owners already established their counter measure towards this money laundering scheme made by those criminals online.

Yes, it cannot happen. Like I said before it's the wagering amount that will become the big deal for this money laundering scheme that illegal doers will have a problem with. Imagine trying to launder $5000 and before they reach the wagering amount which most of the time is the same number as the deposited amount, they will most likely end up with only half of it if they are unlucky or it could take days before they get out if they want a safer method with low amount being wagered.
Then, most reputable casinos do have KYC so I doubt they can just exit like the way they entered. They will have to go through many requirements before they can get away and this is part of online gambling sites to keep their business protected. Most reputable online casinos are trying to lengthen their business so they will have to comply with the government rules. One of those is the limited amount for a non-KYC user withdrawal just like local exchange does.

The main thing is maintaining a good reputation. I dropped an update here sometimes ago ago concerning Binance crytop exchange delisting some crytop currencies and some sport trades which must of the actionate reasons where unmentioned rather they said it was the platforms inabilities to meet up some targets demanded but deep inside of me, I felt they did that to limit itself from some essences to avoid or limit risks to tanish its reputable.
The prove of CZ from Binance criminal indulgences is yet to be made known even they Binance pleased guilty.
The same thing could be equivalent with the Mixer to be ejected out from the crytop casino and if so, it is to maintain its reputations.
This is gambling board which is periodically about gambling.
I must say that either an organization or an individuality should one be taking control of it's emotions of definitely a lost of itself to maintaining a reputable gambling budgets and personalities due to the lack of control at when proefficiently making huge profits.

However, the necessity of mixer not going to be running in this platform anymore may be to a reputable maintenance of the platform and crytop as a whole.

That's why this forum is very strict about money laundering, especially the big online casinos that have a good reputation in this forum also always prioritize prohibiting anyone who is detected carrying out money laundering, don't confuse it with a mixer because it works differently, until now online casinos are not the place to do it. money laundering so most of the funds that enter the casino will never be successful and safe to withdraw.

In contrast to the way mixers work where money laundering can be done easily without strict regulations, casinos always anticipate that any user wants to launder money, I don't think anyone will think that they will succeed in laundering money in an online casino, I guarantee that will fail and online casinos also pay taxes to the government as well as being sponsors of big sports so it seems rather unlikely that the mixer case will be equated by online casinos in this forum. 

Yes, that's true. Scam casinos will definitely exist continuously and it is like a never-ending journey to uncover scam casinos. The fraudsters can get other victims from the new casino scams they create because the fraudsters can use different methods than before. On this forum, we have often warned people not to try scam casinos, no matter how attractive the promotions they provide. But because people are still tempted by promotions that look too good to be true, they end up being fooled and losing a lot of money.

This forum is very wary of scam casinos and members here will provide reviews if they find any irregularities or suspicions about the casino. They will immediately warn us all to be more careful in choosing a casino.

This issue has similarities, but remember the fact that the flag industry has also been accepted and licensed to operate easily in many places. Regarding money laundering, there is no one tool to blame. Because, even when it is prohibited, people can still find different ways to use it. Do mixers deserve to be abolished? This has been clearly stated, so please respect the decisions of the operators. As for gambling, I think that will not happen because if you only look at small aspects to conclude, that is not the way to play operating silver. Let's just consider that this is a small part of the activity here, and we are the people who gamble to relax, make money, etc. in very large numbers. It doesn't mean that this environment is only gambling, so think openly.

yup but that is for  those Centralized casino that implements KYC process but what about those who are not? I mean those casino that Decentralized maybe that is somewhat we must face for some reason.
this will never happen if those casino will comply and act accordingly  I mean that they will follow all the guidelines government is imposing so they will not be the next target mof each government.
we knew how terrorist is acting these days and yeah this is what was the target of these tightness , also the hackers in online that uses same thing to hide their identity .

If any casino is involved in any such illegal activities by going above the law then of course I think those casinos will be seized like those mixers one day or the other. However, the casinos whose main purpose is scamming is a different matter. However, I don't think such incidents will happen in casinos because we have seen that big well reputable mixers have been seized due to various legal complications. But in the case of gambling, the matter is a little different, all the big gambling casinos are licensed by maintaining the AML policy of the authorities.

Money laundering on casinos are very possible but it can never happen from the customers side, it will or benefit the casino owner if they are corrupt and also I believe it will be easier for them if they are running the casino offline.

I think the most common money laundering strategy involves the conversion of illegal money into physical casino chips, which are played with in different games before they cashed out as clean money, maybe even in form of a check.

This is why running a casino today is not that easy, you have to register the casino and get licensed, also you have to keep paying taxes, I don't use a casino that isn't regulated for this purposes, unregulated casinos are illegal casinos, they are not licensed and they don't pay taxes.

No matter how many scam casino will be busted by the government, still there will be no shortage of scam casino because it won't take much for the scammer to make new casino and try to scam the innocent gamblers.

This does not make the casino business illegal. And therefore there is no chance for the gambling campaigns to be ban on this forum, unless they are big scammers and forum admin prohibits them. (Only the scammers ones).

It's usually the casino itself that launders money but it happens mostly in offline casinos. With crypto, there is a chain that can be traced so it's hard to do it unless the casino itself permits the activity making the transactions legal.

Streamers can be used for this kind of money laundering so the future of advertising is one day mixers or casinos are not allowed anymore, I guess streamers win after.