Money laundering in crypto casino - page 6.

rodskee

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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?

maybe the Decentralized platform will need to deal with it because the centralized casino in
which majority in our site now is going then those are free and safe from any issues from the government not
unless they will act to consent those activities then it is their faith to decide.but the problem with Decentralized
casino is what those Money launderer will take advantage yet , some of those site will have advantage as well
because in the end they will only ask KYC for those unusual activities from account and boom , they can hold
their money lol.

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Quote from: Z390 on December 04, 2023, 07:00:13 AM

I will like to tell you that no casino that's regulated can be use for money laundering, because the rules of the regulators are going to pin hard on them forever, this is why they can't say no to KYC verification from all their customers, it's not them asking for this but the regulators, this is why I don't blame any online casinos asking their customers for KYC regulation.

Yes, the KYC request is none other than one of them to prevent money laundering, which if it happens and is known by legal authorities, the casino will also be one of the suspects because it has allowed money laundering to occur.
From here, the casino has big chance of getting into trouble and taking justice in this case, so that even worse, the casino will be subject to sanctions including prohibitions or confiscation carried out by the government or legal authority handling the case.
So far, we as gamblers must also respect and accept the casino decision in requesting KYC because it is form of support in suppressing money laundering activities.

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The fact is if any casino is going to do illegal activities on their platform they won't be regulated in the first place, like I've used to say that online casinos that are not regulated or have no-kyc can easily turn to scam, because it means they aren't regulated, they are running their platform illegally.

But no one knows whether the casino is doing illegal actions or not because of course they hide everything from anyone.
Of course things like that happen because there is no regulation from the start and indeed they have the potential to be casino with fraud or with illegal activities.
Moreover, as time goes by, every casino will ask for or have KYC requirements for all their customers.

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If a crypto casino violates the regulations set by the government, the crypto casino will clearly receive sanctions from the government, and the crypto casino can be asked to close its business. That is why, for now, crypto casinos must be more careful and vigilant regarding suspicions of money laundering that may have been used in crypto casinos. And for well-known casinos, it looks like they will tighten their rules even more to comply with government regulations. Crypto casinos involved in money laundering will definitely be subject to sanctions by the government because they have carried out illegal activities in running their business.

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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 don't think such fate awaits crypto casinos. Online casinos have been around even before crypto emerged and they have always been considered high-risk businesses. Yet nobody tried to ban casinos completely. This is possibly because unlike gambling, the sole purpose of mixers is to "launder" Bitcoin.

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Quote from: OgNasty on December 04, 2023, 06:20:53 AM

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?

Gambling sites are for sure not a safe place to be committing money laundering. That isn’t their business and they’re heavily regulated against this sort of thing. With mixers there is hope they will fight requests from law enforcement. With casinos they will turn over every piece of information they have on you to guard their business.

sure but then what do we to hide After all, in reality, no one can hide from the law because the world itself is not designed any exist in one man, so much so it is that when or if you use mixer the law if they want to cash up with you, there will get through to you in whatever form you want them to, this is why we may never have 100% privacy because imagine when a mixer gets seized, all users data will be collected and put true forensic analysis.

This is why we must know the distinction between gambling and Bitcoin mixer which are all in different classes and operations.

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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 something to even talk about, if mixers are regulated we probably won't be having this discussion right now, but mixers are not, now compare it to casinos that are regulated, they are far different from each other, one is permitted by the law and the other is trying to run anonymously which attracts criminals to the idea of moving money without no one knowing.

I will like to tell you that no casino that's regulated can be use for money laundering, because the rules of the regulators are going to pin hard on them forever, this is why they can't say no to KYC verification from all their customers, it's not them asking for this but the regulators, this is why I don't blame any online casinos asking their customers for KYC regulation.

The fact is if any casino is going to do illegal activities on their platform they won't be regulated in the first place, like I've used to say that online casinos that are not regulated or have no-kyc can easily turn to scam, because it means they aren't regulated, they are running their platform illegally.

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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 that's the case I guess they might experience what mixers get and for sure they will be eliminated on the scene. But I guess no criminals will use a casino that which strictly implementing a AML policy since this could give a easy trace for them. So with that we can conclude that Government compliant casino is for sure a not option for frauds to go but rather they will stick on the mixers who's still operating outside of this forum and market their site to other platform. I don't think this mixers will go away but rather they find another way to market their services since this is huge business and provably they would not afraid on government crackdown operation towards this kind of services.

If a casino will not do any KYC or License then openly do this illegal businesses then for sure they will be seized by government. But those remain legitimate and comply each requirements ask by government will provably stay.

len01

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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.

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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?

Gambling sites are for sure not a safe place to be committing money laundering. That isn’t their business and they’re heavily regulated against this sort of thing. With mixers there is hope they will fight requests from law enforcement. With casinos they will turn over every piece of information they have on you to guard their business.

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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?

The AML act is not a child's play, it's either a company/business obeys it or faces the full wrath of the law. For clarity, let me establish a point that businesses vary, and so do their exposure, operations/services, they are not just the same thing. This includes their presence/visibility and accessibility/anonymity. This is why you can't compare m!xers with casinos, their business models are not just the same thing.

M!xers' owners are often unknown, they can do and undo and get to go away with it. This is why the government can't make them accountable for their misdeed, but always shut down their means of propagating their service, which is their website and other links they know. This same thing can happen to any casinos that are not registered as well, or the owners can't be traced to face the consequences of their crimes. But if they can be located, what happened to Binance is what will happen to them as the business will continue to run but a fine and jail term could be pronounced against them.

Of course, it's subject to the gravity of their offence.

Hispo

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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 seriously doubt casinos will get excluded, to be honest.
Their services are completely different from those offered by mixers, you know. Casinos are in for profits and to keep their volume of betting and gambling, and I am sure they are very willing to comply with KYC and AML policy, in order to continue to operate. Mixers cannot do that, obviously, hence why they are mainly targeted by authorities worldwide.
They are not illegal Services, by the way, they are in a grey zone, but the use of their services by criminals cannot be ignored.

If some casino found some gambler or patron suspected of money laundering, they would turn that persons data to the authorities, and move on continuing doing business as usual. Mixers cannot do that, since they do not ask for personal data to begin with.

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Quote from: slapper on December 04, 2023, 12:00:49 AM

Quote from: pinggoki on December 03, 2023, 10:13:31 PM

~

Imagine banks and crypto casinos as two sides of the same coin with different masks. Banks, with their jackets and ties, are money management veterans. Layers of checks and balances make money launderers' access difficult. Like royal palace elderly guards, they've seen every trick. Experience and technology help them catch smurfs hiding filthy money. Banks lead this elegant dance. Crypto casinos are financial revolutionaries. Their aggressive no-KYC approach attracts anonymous gamers. Like a masquerade ball, everyone wears masks. It's fun until someone breaks the rules. These casinos play high-stakes games, not simply blackjack. They may be the new trendsetters, but when you dance above the law, you'll pay the price. Banks may be stuffy, but they've been around long enough to know how to play

I get what you're saying but the problem is that this anonymity or pseudonymity that crypto offers is being utilized by criminals to funnel dirty money to their operations or to clean the dirty money that they've got, it's a dilemma because as much as we don't want crypto to compromise or give in to the authorities when it comes to giving up the identities of the people that are in the crypto space. Also, crypto casinos aren't financial revolutionaries, it's such a low standard if they're called that just because they accept crypto in their business, I'm sure that a traditional casino can do just that. Also, you posted double might want to check it out and delete it.

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Isn't it already possible, though? Some casinos don't even ask for verified KYC and ask for basic information like your name and surname in case of a withdrawal, and sometimes they don't even verify their validity. Thus, it may be possible with relatively smaller amounts, which weren't too much of a concern to begin with, but you do run the risk of withholding your funds in case they suspect malicious usage; a large withdrawal, for instance, would trigger their security system and block you and your access to your funds. Perhaps it can be done every now and then, but is it ultimately worth the risk?

Also, to add in @Solosanz reply, because I agree with what he mentioned, I had an account in a Lithuanian bank that was often used for money laundering, something that I did not know at the time, not going to name which, because it's unnecessary, but the bank faced some serious allegations and had to stop operations. If I'm not mistaken, they've relaunched and gone through a stricter KYC.

Solosanz

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Quote from: X-ray on December 04, 2023, 02:52:15 AM

The only question is, since when fully regulated and licensed casino has mixer function? Cheesy

I never ever hear that in mylife. majority of casino were also implementing KYC to comply with the AML regulations by the regulators.
The casino owner shall also regularly reporting the condition of their casino too. Since when licensed casino owner needs mixing features? You can find their face easily on the internet. Cheesy

It's beyond my imagination. The owner is always paying the tax regularly. It will be stupid enough if the owner will be risking themselves through running the illegal ways.

The casino needs to be audited to get a licensed to operate from the regulators. I think that you are saying that something never happen.

Then how you will answer about these cases? https://sanctionscanner.com/blog/the-five-biggest-money-laundering-scandals-317

Centralized banks are regulated, backed by government and other organizations, everyone know their existence, they pay tax accordingly, releasing financial reports, very strict KYC, adopting AML etc etc, which is stricter than centralized casino that only using shitty Curacao license?

How can someone know the casino owner face? he can use other person identity.

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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.

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Quote from: Solosanz on December 04, 2023, 02:24:59 AM

Easy, that casino will be banned too.

Quote from: theymos on December 01, 2023, 06:45:25 AM

b. If a site is not primarily a mixer but has a mixer function, such as a mixer function on a gambling website, then the whole site is considered a mixer.

The question is, how can someone know if the casino has a mixer feature if no one mention it? if the mixing feature is only limited for the owner, it need government intervention to seized them first, then the forum will follow it.

Currently casino regardless it's Web 3.0 or centralized one, is still safe.

The only question is, since when fully regulated and licensed casino has mixer function? Cheesy

I never ever hear that in mylife. majority of casino were also implementing KYC to comply with the AML regulations by the regulators.
The casino owner shall also regularly reporting the condition of their casino too. Since when licensed casino owner needs mixing features? You can find their face easily on the internet. Cheesy

It's beyond my imagination. The owner is always paying the tax regularly. It will be stupid enough if the owner will be risking themselves through running the illegal ways.

The casino needs to be audited to get a licensed to operate from the regulators. I think that you are saying that something never happen.

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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.

No criminals will use casinos to launder their money, the risk is just too high you will be asked for a KYC if you have a huge withdrawal and part of that KYC is asking where the fund comes from, the casino will even ask for screenshots of your exchange dashboard, that's too much hassle and issue for someone who will use the casino to launder money.

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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 think they will and they can, it's a very challenging task for money launderers to use casinos, the casino will confiscate the funds and the information you provided will be given to the prosecutors, launderers are not that idiot to use casinos to wash their funds, they will eventually lose the money.

Solosanz

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Easy, that casino will be banned too.

Quote from: theymos on December 01, 2023, 06:45:25 AM

b. If a site is not primarily a mixer but has a mixer function, such as a mixer function on a gambling website, then the whole site is considered a mixer.

The question is, how can someone know if the casino has a mixer feature if no one mention it? if the mixing feature is only limited for the owner, it need government intervention to seized them first, then the forum will follow it.

Currently casino regardless it's Web 3.0 or centralized one, is still safe.

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Quote from: iv4n on December 03, 2023, 04:53:52 PM

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

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?

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".

I don`t sure that there is any real opportunity to stay private in our world. We think that cryptocurrencies help us to stay private but regularly see news how some cryptocurrency owner was caught. Mixers or casino can help, but they don`t give you guarantee of the privacy.
So mixers and casinos will work as usual, we`ll just become see less advertising on the board.

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Quote from: pinggoki on December 03, 2023, 10:13:31 PM

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.

Problem is that there are some crypto casinos that are still doing no KYC policy so as to promote their casino as a hub for anonymous gambling and there's nothing that we can do about them, they are operating on a thin ice given that I'm sure that AML policies include having a KYC in your casino so as to prevent those stuff or at the least discourage people that are planning to launder their money in a crypto casino. I don't know about banks though, they have a pretty good measure against money laundering attempts to deposit money into their banks like for example, the money laundering syndicates use of smurfs to deposit a small but consistent amount of money to their bank account and then doing a wire transfer to the accounts of the syndicate and banks are able to know if someone is a smurf by checking your banking activity and once they've proven that you're a smurf for a money laundering operation, they will immediately freeze the accounts that you were associated in your activity so there's really not a lot of dirty money in banks although some get in, they can easily identify if someone's been putting in dirty money, as much as we want to make fun of banks and make them look like they're not any better than those KYC non-compliant crypto casinos, they're veteran at anti-money laundering operations.

Imagine banks and crypto casinos as two sides of the same coin with different masks. Banks, with their jackets and ties, are money management veterans. Layers of checks and balances make money launderers' access difficult. Like royal palace elderly guards, they've seen every trick. Experience and technology help them catch smurfs hiding filthy money. Banks lead this elegant dance. Crypto casinos are financial revolutionaries. Their aggressive no-KYC approach attracts anonymous gamers. Like a masquerade ball, everyone wears masks. It's fun until someone breaks the rules. These casinos play high-stakes games, not simply blackjack. They may be the new trendsetters, but when you dance above the law, you'll pay the price. Banks may be stuffy, but they've been around long enough to know how to play

Topic: Money laundering in crypto casino - page 6. (Read 987 times)