Topic: Money laundering in crypto casino - page 7. (Read 987 times)

If a casino is regulated, they would not be seize by the government as long as they comply with the regulations.

It's easy to determine when the funds are coming since everyone is required to comply with the KYC. Money laundering involve huge funds coming in/out in a certain gambling site and we know that a gambling site requires KYC on bettors that risk a lot of money. This is something we don't have to worry though, what would possibly happen instead is that the government will impose a stricter regulation among casinos to ensure that this platform won't be use for illegal activities.

No, that is not possible, I think a crypto casino would be safe from the government and most of the gambling site has the license to operate so pretty much they are still safe. and like most other people some of the gambling sites implement anti-money laundy and know your customer. so they are safe.

Some illegal gambling sites might be banned by some countries. beside that two different sites meaning two different businesses. So they serve different purposes. Mixing service is to enhance the privacy but gambling is a game for fun that involves money. and I dont think people gonna launder his money through casino

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.

All the casinos that have a license and follow the law to the letter have nothing to worry about, as even if a criminal tried to use their services eventually casinos will ask those clients to identify themselves, and if they refuse then those criminals will lose that money, and if they comply then that information can later be used by law enforcing agencies to try to arrest them.

And while I can understand the panic some members may be going through due to the recent decision the administrator of the forum took, I do not think casinos are at any risk of suffering the same fate.

It's very risky for money launderers to use the service of a casino to launder, their money will be confiscated and their information will be handed to the authorities, I would not even think of using a casino with a foolproof system to trace money laundering activities if I'm a money launderer the risk is just too high. Money launderers will always use the service of mixers because that's the kind of service where they are free to make their money anonymously.

I don't think they will look for other options other than mixers to anonymize their funds.
If there is a way to launder money in casinos, the money launderers have used that method already and they do not need the service of mixers, the casino operators know that bad actors will try so they have a system in place to fight these money launderers.

 

Money launderers have a step by step way of cleaning their money. And following through similar methods as every other gambler won't help or doesn't seem secure to them. Sometimes, they'll prefer working with the owner of the online casino directly. Where their account can be funded by the casino, then they'll usher in big funds to the casino. A kind of peer to peer transaction agreements. More like in cases of CEX being accused of being used by money launderers, despite having all the sophisticated anti money laundering policy. They'll book an appointment with the CEO of the online platform to help them launder the money. But, since the loophole now depends on the third party CEO who can lead FBI straight to the money launderers. Mixers does the work right on their end. Any other online platform with KYC is a no, for such criminals. As one caught victim is enough, to trace almost everyone involved in the money laundering scheme.

No, I don't think so because there's another rule that hinders that. The "wagering" goal. We cannot just get in and out of gambling sites now because they are making us play first from our deposits before we can withdraw again.
So, money laundering won't be an issue with most gambling sites today because of that.
Then, most reputable gambling sites do have a KYC included in their clause especially if it will be big amounts that will be withdrawn or deposited. No stupid money launderer would go to untrusted gambling sites just to waste their money and risk it being stolen by that gambling site, so they will still try to take the less risky path but they will have a hard time getting out too because of all this rules.

I don't think it would be meaningful to try and "mix" coins through a crypto casino. First of all, many casinos these days require KYC, and even those that don't might require it seeing a large withdrawal.
Unlike dedicated mixing services, casinos do actually make efforts to answer to some state authorities, albeit not all of them I guess.

And on the other hand, casinos will usually require a deposited balance to be wagered before deposit. So really it doesn't make much sense. Risking to lose all your balance over some mixing?
There will be better ways to do this and even in a decentralized manner.

Already this whole discussion of money laundering through centralized platforms will be entirely irrelevant due to better technologies existing, but states will still find a way to impose sanctions on them just because. Let's not do them the favor of accepting their approach to things. In any case, most of the world's money laundering happens through banks anyway.

Casinos have been used to launder money for the last 100 years at least, crypto casinos are nothing special in that regard and are just an extension of the digitalization of the economy. AML policies are a decent way to limit the money laundering in smaller situations, but for the bigger organisations it won’t have a big impact. Criminals can switch around different casinos and use the loosest regulations for their advantages. I remember reading about a big bank heist in the Bangladesh central bank, where several millions were stolen over a weekend and transferred to the Philippines. The hackers had a group of more than 100 gamblers ready to spend the whole weekend in physical casinos and launder the money. These individuals came from various different countries only to spend 60 hours gambling and fly home again. It’s hard for casinos to do anything against such people who have no criminal history and are visiting the casino for the first time. The same thing can happen with online casinos as well and the government won’t be able to stop it completely. I don't think the government is going to start seizing casino to avoid money laundering completely, because they would have to do the same to physical casinos as well. Regulation might become stronger in the future, but banning and seizing casinos doesn't seem realistic at the moment.

Actually some of the mixer was involved in the money laundering and the few casino based on the cryptocurrency was involved in money laundering.In both the case only some of them was involved in the money laundering.

So we should not blame the entire crypto based casino in the forum.Their are many casino running outside forum without the knowledge of forum.The forum people will check the available casino in the forum and declare the casino which involve in the money laundering.The most of the cryptocurrency based casino ask the gamblers to do kyc only for the avoiding of the money laundering in their site.

If I'm not mistaken, crypto casinos are more stricter than crypto exchanges are far as flagging those laundered money going into their platform. That's why they are seldom used by entities to clean up their money, it could end bad for them once casinos found out the source and what is their intention. So criminals will have to find a new way, I mean there are still platforms that hey usually used.

And there are a lot of them, in the dark net or dark web, or even in clear net, they are still going to used it although as we all know that kind of platform advertisement here will end at the start of the year.

So nothing will chance for this criminals, crypto casinos are not going to be affected by it.

I mean, you already answered it. Casinos have AML policies so I highly doubt they'd be attacked by the government for no reason. If ever, it'd be for a different reason but the only thing I can see they can attack from is from the usage of crypto and if they do that, they basically have to ban or deem illegal the usage of crypto itself.

In the first place it's kind of dumb to assume that due to mixers being banned here, in the forum, money laundering groups would immediately jump to crypto casinos. No, it doesn't work that way. It's kind of bold to assume in the first place that said groups converse in here anyway. Mixers being banned from the forum does not mean they're banned from being talked about everywhere, not to mention its usage itself. They can talk via telegram and use some random mixer out there really.

Your reasoning and the post you dropped made it look like this forum is the only place that mixers can advertise in this world and since they are going to be banned here, it will be the end of mixers. No, that is not what is obtainable. To be frank with you, anyone who wishes to use mixers will still find them and use. The reason why mixers are advertising in BTT is not to let people know that there are mixers. It is just to sink their brands in the mind of many.
Also, know that mixer owners are going to find a new way to advertise, even here in the forum. Don't be surprised, 2024 has many surprising things for us and we should be very ready to accept them.

As about your fear, casinos are cool regulated and the percentage of people that will use casinos to act bad are small because of many policies and wagering requirements of casinos.

It is an open secrets that fraudsters find online casinos as very suitable avenue to send illicit funds. If you check the amount of financial transactions that is ongoing in gambling activities you will know why money laundering schemes thrives. Aside the methods used by these criminals to deposit and withdraw these funds, the anonymity embedded in bitcoin makes it easy to carry out these activities smoothly. It brings bad name to the online casino industry, therefore they need for stringent anti-money laundering (AML) measures in the gambling industry to counteract such activities.

Yo, yooo!!! This are actually two different topics mhann!!
The governs pressing on money laundering cases on casinos..isn't the same thing with the fact that mixers are being banned .. BTW, the whole issue arouse when the governs weren't given prior authorization over mixers like 'em casinos did.. y'all been told that KYCs are made to stop money laundering?? Lol... There are more reasons to why it's made; why would the governs decide to eliminate a project that hasn't got any bad reviews just because they ain't initializing the KYCs??... Remember, In the crypto space, anonymity is imperative.

Sandra 🧑‍🦰

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.

Under the mixer thread, you'd notice where it's written that mixers are not completely bad. The fact it's banned in the forum doesn't mean mixers won't exist anymore. The service is here to stay, and for the administrator of the forum to go against it, then something must have happened behind the scene. For the safety and longevity of the forum, I trust the decision is good for us all. The forum isn't against mixers, just that the promotion of mixers in signatures are prohibited. So, people would still use mixers for their businesses. Instead of running to casinos. Although the government will keep clamping down bitcoin mixers to be able to track dark web transactions. Casinos are off the sight, like you said, it's quite incomparable. Many big online platforms pay their users in cryptocurrency, does it mean the government will close them down for money laundering? No. Lots of illegal businesses use mixers to clean their funds, which when one of them gets caught, the FBI visits the forum for their investigation. Endangering the notion of the forum, people could think it's now a dark web or in support of their activities. Ok, lets get it straight, if the government stops casinos from accepting cryptocurrency, is going to stop the casino from paying their advertisers via cryptocurrency?

You made a good point. To not advertise mixer services on this forum doesn't mean those services will stop existing and operating. Mixer's enthusiasts will keep using and looking for them in another niches of the internet, anyway. I don't think money launderers will have to move their schemes to casinos or any other business category for this reason.

But in positive case, that is, if the siege to mixers get more severe in a global scale, they will have to find creative ways to continue operating, and to use KYC casinos to do so doesn't look a good idea, because regulators will be watching closely that way. They definitely won't want that.

I dont think so. Casinos are not effective at laundering money. Money laundering is usually carried out in large amounts and casinos will definitely ask for KYC if there are large withdrawal transactions. Kyc will protect the platform from accusations of money laundering because if it is indicated that there is suspicious transaction activity, the casino will provide user data to the police so that this will help the police and prevent the casino from being accused of abetting money laundering.