Topic: Money laundering in crypto casino - page 8. (Read 1075 times)

I have not heard or read about a casino being taken over by the authorities for violating the Anti-money Laundering Act many casinos are licensed so they are fully compliance with the authorities they are very strict in implementing KYC, as you can see how gamblers react on these KYC.
You cannot compare mixers to casinos they are two separate platforms and they serve different purposes.
So I don't think there will be a crackdown, casinos are perfectly safe to promote here.

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".

No, it cant happen! We know that gambling businesses are really that complying on governments rules and this is why they do really strictly implying those kind of terms and conditions whenever they are dealing something with those huge deposits or whatsoever correlated things about it on which there's always a tendency that it could happen in the platform but since these
companies are really that centralized or regulated by government rules terms then those money launderers wont really be considering on making use of gambling
platforms as their mediums and to consider out that 1x wagering with your deposit might sounds less but its not something that you could really be able to get that confident on.

If there is no order from the government, they'll keep going. The forum has just been on the sight of these undercovers due to the taking down of some mixers a few days ago. It's not the first one and I think that's a nice step that there's a need for them to get filtered and not allowed on January 1.

As for the casinos, it's the same as the physical casinos, as long as they are registered then they're going to be protected by the law and will be under the law. Whilst for the mixers, they are not registered and they don't need to be because that defeats the purpose of it. Not just from being targeted due to the mixing and money laundering but also about the registration, taxation and regulation that they should be under the jurisdiction where they are located.

Majorly every popular and well established gambling casinos does have operating licenses and registration codes which  are all issued by the government through their respective regulatory bodies.
And as such, gambling casinos can never be under the same subjective ban like the mixers are, gambling casinos are already an approved business on like mixers, in gambling casinos, users are required to go through account verification processes which captures their personal details like photo, ID and other various means of identification, any criminal who would want to use a casino to launder money or perform any other criminal activities stand a very high chances of being tracked and caught sooner of later.

So, rest assured that gambling casinos are as safe as they can be when it comes to the possiblity of them facing a ban on the forum like mixers have been banned.

If any gambling based organization commits scams like money laundering then those organizations must come under the law. A number of Mixture campaigns have created good space in the forum but have caused scams like money laundering due to which the Forum has decided that no more Mixture campaigns will be promoted on this forum. Many members will lose their jobs due to banning mixer campaign in this forum but if the forum is protected due to banning of mixer campaign then it is definitely a good decision for the forum. Cheating gambling establishments do but are not discussed much. If the betting sites are cheating then the betting campaigns will never be banned in the forum because different countries are officially sanctioned and then run the betting sites and there should be no problem for the Bitcoin forum to promote these betting sites.

I don't think that the criminals will simply jump on reputable casinos to mixed or laundered their money there. Crypto based casinos as you have said, has AML and they have their own anti-fraudulent group if I'm not mistaken.

And chances are, if they see one then they will have to confiscate it, ASAP resulting to a lost to those criminals as well. And other like wagering requirements have been set up by casino themselves so that they won't be taken advantage by this criminals.

Crypto casinos no doubt could be used for money laundering but it has become very difficult to clear the traces. Most of these casinos operate under licences that stipulate how they run the gambling business. I have read about some situations where some licensors threatened to withdraw or withhold the licence of some casinos because they failed to abide by regulatory provisions. Mixers are not registered or regulated by any government organization and they don't need a licence to operate so they can operate freely.

 Money launderers are aware that casinos are not a good medium for moving illegal funds so they hardly use them. Most casinos that claim not to require KYC will ask for it immediately if they suspect any shady transaction or when withdrawing large sums. I doubt if casinos will be attacked just like mixers because they are already under the control of the government. However, in the crypto space anything is possible.

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.

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.

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.

Most of the site now implement the KYC requirement to prevent this from happening and i don’t think the forum will do the same because crypto gambling are regulated and you are not anonymous here as you provide the KYC and follows the regulations too. Crypto casinos are more strict when it comes to this one, and we all know that your account can be questioned any time as long as the site saw irregularity with your account, so you are not safe in casino if you are doing laundering.

We're one step closer to that, no doubt. If the admin of the original Bitcoin forum decides to no longer allow the discussion and promotion of services which enhance the privacy of your coins, you know things are pretty fucked. Nobody tells us this will not repeat for no-KYC casinos, or other means of improving one's anonymity (e.g., Monero).

It is concerning, not because of the suspension of the advertisement of these services per se; it is the action of censorship in an Internet board which stands up for censorship resistant cash. That is what feels wrong.

Criminals using casinos for laundering dirty money don't want to hide their funds, they usually want to get a legit justification of their origin. So crypto criminals just looking for obfuscation don't need to use the same schemes. And what a random casino can provide for that, they can find it at exchanges. If crypto casinos are really concerned about money laundering/obfuscation, they just need to only allow withdrawals to the addresses used for the deposits and to require a proof of ownership of those addresses. It could be done by signing a message with the private key of the address or by sending a given amount to a given address.

Firstly, in my country, gambling is illegal and against the law. And the act of money laundering through a casino, this is fairly new. However, even so, in the country where I live, this kind of mode is often found and this dirty deed is often carried out by a number of regional heads, they do the mode of money laundering through a casino or foreign gambling place, which exchanges the proceeds of crime for casino coins and then the money is exchanged back in cash. And in this way, the results of the money exchange do not become a problem when the money is brought back to their country, because it is considered to come from playing gambling which in some countries, gambling is a legal activity. And in this case of course there are several parties who control the action. and this is where the question becomes, who controls the action? Is it from the casino or not.


I don't know for sure, but I think in this case there is an intermediary who facilitates between the perpetrators of money laundering and a casino that is used as a place to launder the proceeds of crime.

this is the major difference of licensed casinos over mixers. at least with licensed ones, they are following the AML/KYC as mandated by the licensing authority, as stated in their terms and conditions. though the actual implementation may very from one casino to another.
this is why the unlicensed gambling sites should start thinking of getting their license, even if it is for a show only. these days, we are seeing that everything should be regulated by authorities to continue your business.
we can't deny the fact that online gambling may not be totally free with money laundering activities but with their license, it will give these launderers to really push thru huge amounts of money going thru these casinos without submitting their credentials.

Money launderers are very intelligent people, they are always in a hurry, they are not scamming people to lose money in a casino. why would a scammer who stole 100 btc deposit 1 btc in a casino with high wagering requirements to lose all 1 btc? and even if these scammers managed to win, how long would he have to keep depositing 1 btc and risk losing until he was able to wash all 100 btc? This would take a long time and he would also run the risk of not having any BTC in the end, not to mention that the chances of going through KYC would be too high. a smart money launderer will not use online casinos to launder money, what could he do, would he create a casino

and with the casino he created, he could launder the money that he stole or that came from drugs or terrorists. it will not be a person who will deposit money to launder, for years that physical casinos have been used by criminals to launder money, for many years that hotels, especially luxury hotels, have been used for money laundering, governments are aware of this, So why don't all hotels close? The answer is very simple: because members of many governments own luxury hotels. Look at the people who appear to be the owners of luxury hotels, I'm not going to talk much about that here.

but the reality is that online casinos are more likely to be free of money laundering compared to physical casinos and hotels and large companies. In my opinion, when governments persecute mixers, it's because mixer owners don't ask for KYC, which makes it difficult for governments to persecute terrorists they don't like. This has become a political and selective issue, because if governments were being fair they would start persecuting hotels and their owners, but they won't do that because they also own the hotels. I hope online casinos don't allow people to deposit a lot of money and withdraw without playing much at the casino, with the wagering and kyc requirements, casinos are on the right track in the eyes of governments

Money laundering through casinos used to be very easy for criminals, but is not exactly very attractive for criminals presently. Money laundering possibilities through Casino's have already been addressed that is why there are lesser casino's without KYC because they have to always know who uses their platform for government compliance. Money launderers will always find other ways now to clean their money now that mixers are under watch, and crypto casino's are difficult to launder money through with the Anti-money laundering (AML) regulations.

Casinos already have policies and regulations that comply with the government so casinos will continue to monitor the filtering of illegally sourced money activities and they now require KYC if there is a suspected account then the casino will not have the same fate as the mixer.

Suppose if someone does an illegal act of sending money to the casino in large amounts while they do not make bets or bets are not commensurate with the money deposited then it will be suspected and confiscated normally, so with this casino has a stricter policy on money laundering then I think the casino will anticipate this.

There is no KYC with the "centralized mixer", just send the money, swap and receive it after 1 or 3 confirmations and it is possible to launder Millions of dollars with this service.
The reasons to use a mixer service:
1. Anonymity
2. Money laundering

While with the casino = must wager first, daily withdrawal limit, KYC on big withdrawal, also there will be connections between the user deposit address => casino hot wallet => the user withdrawal address (traceable).
Money laundering on a casino is still possible, but ineffective and high risk for the money launderer.
And if there is a casino seized because of money laundering then it will not affect other casinos at all nor their promotions/marketing everywhere including here on Bitcointalk.

The gambling industry is fully regulatory compliance since the majority of them are centralized and have kyc implementation in the casino,  so there is nothing like a threat and what happens to mixer will not happen to gamble, even though there is a presence of money laundering in the gambling market but also that is not different from what is also obtainable with traditional banks too and every other financial institution,  criminals have a way of getting through,  but if caught then it becomes another case entirely.

So casinos will suspend the accounts of gamblers if they notice any form of money laundering activities,  this is why, sometimes you hear cases of gamblers' accounts being locked with funds in it and an investigation is being carried out,  so for that,  the government will only have problem with decentralized casinos and that is why you see most of them closing down the businesses due to such cases at that.