risk of kyc on crypto casinos ? - page 4.

suzanne5223

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Quote from: Slow death on June 30, 2022, 03:15:15 PM

I have a question that has been giving me a lot of headache, what exactly is this casino license for? because in 90% of cases where people are complaining about having seen their accounts frozen by the casinos they have nothing to complain about, even though they know that the casino where they will have their accounts frozen has a license in curacao, that's why I keep asking myself these questions What are licenses for?

You ask a very good important question, casino license is for the casino to attract and gain the trust of gamblers because casino owners have to work in certain compliance with laws, regulations, and transparency stated by their master license holder who literally work as a casino SEC.

About frozen accounts, it's something i can not answer because we have a situation where casinos have every reason to freeze the account of users cheating or breaking the casino rules and regulations. However, we have a situation where the casino is abusing its power.

Quote from: Slow death on June 30, 2022, 03:15:15 PM

and about KYC I also can't understand how this KYC works only on the client side and doesn't work on the casino owners side

KYC also work on the casino owners side either because the casino could obtain a license they need to visit the local gambling regulator in the country where they want to operate a legal casino although some casino looking for someone to help them do this online when the problem occurs its the person that represents the casino that will be in problem.

Quote from: Slow death on June 30, 2022, 03:15:15 PM

example: how is it possible for the client to KYC in an anonymous casino?

I believe only casinos thats not licensed can be called anonymous casinos and that is the reason most gamblers always believe in a licensed casinos.

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Quote from: RILWAN on June 30, 2022, 04:40:39 PM

I will rather not risk my information through KYC and if a casino is a KYC complains I will simply walk away from it and just try to lay my hands on some other casino that will not request verification. Am not free with KYC and that is because I believe crypto casinos should be privacy oriented.

Everyone expects the privacy of crypto casinos to be different from other casinos, but many times casinos take a hard line on kyc to meet the conditions of their licenses. You will find many casinos that do not make kyc mandatory, but you also need to be aware of their reputation in advance. Because after you deposit the money, if they lock your fund and ask you to give your personal information to kyc. Then you will be in the same situation as before. So it is important to research about the reputation of the casino before making a deposit, the subject of kyc is later.

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Quote from: paxmao on June 30, 2022, 05:08:52 PM

Quote from: khaled0111 on June 30, 2022, 04:34:10 PM

Quote from: |MINER| on June 30, 2022, 12:13:38 PM

From one point of view, there is no risk here. Again lately if we see the number of data thefts increasing day by day. Now there are many scammers who steal people's information from KYC verification and sell them.

This is a bit contradictory! First you say there is no risk then you acknowledge that there are many scammers and thiefs targeting users'p personal information!
My concern is that there are many people who still don't realize how valuable their personal information are and how scammers and fraudsters can use them in their scam schemes.

The best thing is to check not only the legitimacy of the site and even the track record of the owner. It also helps knowing what are the KYC third party platforms and their reputation. If I own a casino, I would not like to risk the reputation of my site nor the possible legal actions that could take place if my system is hacked. For that, there are a number of thrid party specialised companies with the right security.

It doesn't have to be a hack, it could be an inside job. The bigger the book, the more likely that the player list will be stolen and sold. A license or the reputation of a book doesn't make any difference. No one wants to buy a small player list but a big one is valuable.

Ledger was breached and one million email addresses and other personal information were leaked. If Ledger can be hacked, all sportsbooks can be hacked.

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Quote from: khaled0111 on June 30, 2022, 04:34:10 PM

Quote from: |MINER| on June 30, 2022, 12:13:38 PM

From one point of view, there is no risk here. Again lately if we see the number of data thefts increasing day by day. Now there are many scammers who steal people's information from KYC verification and sell them.

This is a bit contradictory! First you say there is no risk then you acknowledge that there are many scammers and thiefs targeting users'p personal information!
My concern is that there are many people who still don't realize how valuable their personal information are and how scammers and fraudsters can use them in their scam schemes.

The best thing is to check not only the legitimacy of the site and even the track record of the owner. It also helps knowing what are the KYC third party platforms and their reputation. If I own a casino, I would not like to risk the reputation of my site nor the possible legal actions that could take place if my system is hacked. For that, there are a number of thrid party specialised companies with the right security.

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I will rather not risk my information through KYC and if a casino is a KYC complains I will simply walk away from it and just try to lay my hands on some other casino that will not request verification. Am not free with KYC and that is because I believe crypto casinos should be privacy oriented.

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Quote from: |MINER| on June 30, 2022, 12:13:38 PM

From one point of view, there is no risk here. Again lately if we see the number of data thefts increasing day by day. Now there are many scammers who steal people's information from KYC verification and sell them.

This is a bit contradictory! First you say there is no risk then you acknowledge that there are many scammers and thiefs targeting users'p personal information!
My concern is that there are many people who still don't realize how valuable their personal information are and how scammers and fraudsters can use them in their scam schemes.

Slow death

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Quote from: Rating Place on June 28, 2022, 11:07:38 AM

Quote from: suzanne5223 on June 28, 2022, 10:00:05 AM

Quote from: Rating Place on June 27, 2022, 05:25:26 PM

Quote from: TimeTeller on June 27, 2022, 04:02:04 PM

Quote from: suzanne5223 on June 27, 2022, 11:56:20 AM

Quote from: mak013 on June 27, 2022, 01:14:39 AM

KYC will be in all this things that are near cryptocurrencies - casinos, exchanges, marketplaces, etc. This is reality and we have to deal with it. It works in real life business and soon in the cryptocurrencies will be the same. The casino without KYC will mean that we can`t trust them.
Private data can become a problem even when you use trusted reputable casino. But this the same with the common business - hackers can get your private data in both choices.

In the future, not all casinos or marketplace will implement the KYC/AML and it doesn't mean either that every casino, marketplace, or store that didn't implement KYC shouldn't be trusted but people have to do research about the casino, marketplace, and store they wanted to use. Mind you, there's a casino on this forum that also implemented KYC, and everybody that participated in their campaign is red-tagged.

About privacy data being a problem if private information of users gets stolen by a hacker, this can be minimized if people can maintain the KYC tier level in which only their residing information is needed to perform the KYC.

There are big casinos in this forum that don't require KYC to their small time players.
But it doesn't mean, they are not trusted. It depends on how they build their credibility in this community.
There are even several long-time casinos here which are not yet licensed, and yet, they have loyal patrons that are continuously playing.
But if you do happen to submit KYC to a casino, better make it worth your risk and you have done your homework.

That's a really good post TimeTeller. I'd rather play at a casino with no license and a 5 year history without problems than a new book with a license. Having a license is no big deal. Giving out your name, address, phone number, passport and selfie can be a big deal.

@TimeTeller, You totally understand my point but I believe all gamblers don't have the same viewpoint and we have some who didn't care about going through KYC. What I believe thats important now is people make sure the casino they are going to use is worth the trust giving their private information because a lot of no KYC casinos are implementing KYC this day.
@Peeps Place, just read what I said above because as crypto get more exposure the lawmaker will focus more on crypto gambling site.

I'd agree that more laws are heading for crypto-currencies but it all depends on where the casino is located since each country has their own laws. Costa Rica isn't going to change their laws on gambling. Curacao is looking to change laws but so far they have been good about allowing play without KYC.

I have a question that has been giving me a lot of headache, what exactly is this casino license for? because in 90% of cases where people are complaining about having seen their accounts frozen by the casinos they have nothing to complain about, even though they know that the casino where they will have their accounts frozen has a license in curacao, that's why I keep asking myself these questions What are licenses for? and about KYC I also can't understand how this KYC works only on the client side and doesn't work on the casino owners side, example: how is it possible for the client to KYC in an anonymous casino?

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Quote from: mak013 on June 29, 2022, 02:14:45 AM

Quote from: suzanne5223 on June 27, 2022, 11:56:20 AM

Quote from: mak013 on June 27, 2022, 01:14:39 AM

KYC will be in all this things that are near cryptocurrencies - casinos, exchanges, marketplaces, etc. This is reality and we have to deal with it. It works in real life business and soon in the cryptocurrencies will be the same. The casino without KYC will mean that we can`t trust them.
Private data can become a problem even when you use trusted reputable casino. But this the same with the common business - hackers can get your private data in both choices.

In the future, not all casinos or marketplace will implement the KYC/AML and it doesn't mean either that every casino, marketplace, or store that didn't implement KYC shouldn't be trusted but people have to do research about the casino, marketplace, and store they wanted to use. Mind you, there's a casino on this forum that also implemented KYC, and everybody that participated in their campaign is red-tagged.

About privacy data being a problem if private information of users gets stolen by a hacker, this can be minimized if people can maintain the KYC tier level in which only their residing information is needed to perform the KYC.

KYC is just an instrument. It doesn`t mean that KYC guarantees that the casino is trusted. And only the casino decides how to use it.

KYC not guarantee the level of trust to have on a casino was the exact thing i said before but KYC is not decided by the casino on how to use it because everything is decide by the casino license master hold and guidelines provide by their financial service.
This is the reason why casinos hire a private company who are specialized in this field to handle their KYC activities.

Quote from: mak013 on June 29, 2022, 02:14:45 AM

I can add that KYC in new small casinos can be used to get your private data.

If the casino is not licensed? Yes.

Quote from: mak013 on June 29, 2022, 02:14:45 AM

And i don`t think that it can be enough only residing information

KYC in casino is implemented to prevent casino been at risk or abused by online theft and any casino that doesn't have tier which require residing information of their user is misusing their power.

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Quote from: ayuskabob on June 19, 2022, 05:21:15 PM

Looking for more crypto casino options,used to play on stake but had kyc asked over,is there any that has absolutely 0% chance of that being asked ?

ps: if you are a winning player (i know its rare or impossible) or won a big jackpot on any crypto casino, i would like some tips if you can,i can pay for your time,my telegram is @ ellieljonzz

From one point of view, there is no risk here. Again lately if we see the number of data thefts increasing day by day. Now there are many scammers who steal people's information from KYC verification and sell them. So my point is that there will be no risk when that casino has a good reputation.But in my knowledge, most good casinos require KYC when a player receives a suspicious fund transfer or a big jackpot.
If you are looking for a non-KYC or KYC-required casino then you can follow the topic below
Information of Crypto Casinos License and KYC requirements

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Some users hate KYC because they want to prevent their personal information from different kinds of people or sites. And also nowadays many tricks have been detected which is the use of other personal information to scam other people so other gamblers did not want KYC. but KYC is defended from the casino or site itself because some sites or casino strictly implemented KYC in order to play with them .

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Quote from: masulum on June 30, 2022, 09:19:04 AM

Quote from: FatFork on June 30, 2022, 09:06:49 AM

I think most gamblers here do hate KYC and they value their privacy more than anything else. And for good reason, as it can be abused by a site or third-party in a bad way, so it's best to avoid it when at all possible. But if you have to go through KYC to use a site you really want to bet with, I suggest you go for a regulated one that will give you at least some protection.

I chose to find a provider with simple KYC, such as only needing an email and cellphone number and already supporting large withdrawals. However, there are the only way when KYC is needed, if we manage to achieve a big win, for example up to more than 5 BTC, maybe some providers will ask for full KYC before being able to withdraw. if we still never wants to do KYC, better to makes a research about provider, asked to support team, make sure to read the TOS/TOU before we decide to register.

Very important to read the terms and do your research in finding the best fits to what you are looking, there are many available casino and those who are comfortable to provide KYC they needed to look for the house that have extra layers of securities, it's for the purpose of protecting those important information about gamblers who are using the platforms.

There are gamblers who are not comfortable in providing KYC and they will keep on finding a site that will allow them to play

without sending those details, the catch, once they win huge amount and request to withdraw, KYC will be asked.

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Quote from: FatFork on June 30, 2022, 09:06:49 AM

I think most gamblers here do hate KYC and they value their privacy more than anything else. And for good reason, as it can be abused by a site or third-party in a bad way, so it's best to avoid it when at all possible. But if you have to go through KYC to use a site you really want to bet with, I suggest you go for a regulated one that will give you at least some protection.

I chose to find a provider with simple KYC, such as only needing an email and cellphone number and already supporting large withdrawals. However, there are the only way when KYC is needed, if we manage to achieve a big win, for example up to more than 5 BTC, maybe some providers will ask for full KYC before being able to withdraw. if we still never wants to do KYC, better to makes a research about provider, asked to support team, make sure to read the TOS/TOU before we decide to register.

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Quote from: FatFork on June 30, 2022, 09:06:49 AM

Quote from: fullhdpixel on June 29, 2022, 03:46:08 PM

We can say that it's only just a kyc so what's the big deal? But there are actually people that values their privacy more, than anything else. Yes they will only play gambling and won't do any other business so why kyc is needed? And about the abuse, it's still possible for a gambling site it to detect even without the need of kyc.

I think most gamblers here do hate KYC and they value their privacy more than anything else. And for good reason, as it can be abused by a site or third-party in a bad way, so it's best to avoid it when at all possible. But if you have to go through KYC to use a site you really want to bet with, I suggest you go for a regulated one that will give you at least some protection.

Exactly, I hate KYC as well but if there's no option then I have no choice but to comply.

Some gambling sites are using the KYC requirement to cheat their gamblers, at first they'll allow you to gambler anonymously, but when you start winning big money, that's where they will impose the KYC and if you fail to comply they can just freeze the funds, it's very common nowadays, so we have to be careful in choosing a gambling site.

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Quote from: fullhdpixel on June 29, 2022, 03:46:08 PM

We can say that it's only just a kyc so what's the big deal? But there are actually people that values their privacy more, than anything else. Yes they will only play gambling and won't do any other business so why kyc is needed? And about the abuse, it's still possible for a gambling site it to detect even without the need of kyc.

I think most gamblers here do hate KYC and they value their privacy more than anything else. And for good reason, as it can be abused by a site or third-party in a bad way, so it's best to avoid it when at all possible. But if you have to go through KYC to use a site you really want to bet with, I suggest you go for a regulated one that will give you at least some protection.

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Quote from: traderethereum on June 29, 2022, 02:08:41 AM

Quote from: Peanutswar on June 27, 2022, 11:59:03 PM

For me having a gambling platform license is one of the reasons why we should trust the gambling platform because by this the players have an assurance to get back with those gambling if they got scammed of those platforms. Also without a gambling license is a risk because anytime soon once they got enough funds they can get back and shut down their platform easily but tons of assets came from their players. Still its players preferences and risks of it.

So the licensing of the platform will be like a guarantee that the casino site will be safe and have no ill will towards its users.
Suppose the casino is proven to have cheated against its users.
In that case, they can be brought to the attention of the regulators and perhaps if all are proven to be true, the casino could pay damages against the users.
But we can not avoid KYC, which may be applied to all casinos, whether it's a casino with withdrawal limits for its members or a casino that has asked for KYC from the start.
If that were to happen in all casinos, we would not be free to gamble anonymously and regulators and casinos would monitor us.

Having a gambling license is gives an assurance to the players that the gambling casino is legitimate and does not take away the funds of their player's deposit, at the same time it depends on them if they will make the KYC a mandatory thing because some of those are not required the KYC to create an account unless the player activity is quite suspicious to the casino like abusing the bonuses and other form or abusing the system of the casino that's the time they will request a KYC for the player and might hold/freeze the account for withdrawal.

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Quote from: Adbitco on June 29, 2022, 02:21:46 AM

Before signing up any casino why don't you read their terms and conditions to know if you are to undergo KYC or not. But come to think of it, why are you afraid of KYC since you wanna gamble you should be ready to pass through some verifications before withdrawal and that is the best.

Quote from: btc78 on June 29, 2022, 01:17:51 AM

and KYC has been used as weapon or accessories of casinos to take advantage of the situation as many crypto gamblers are afraid or hate KYC verification , maybe some of them are cheating or using multi accounts , or some of them really wanted their privacy to be kept .
this is the problem why people are now actually accepted the fact that KYC is a must in every site maybe not in the beginning but in the end it will be asked .

I don't think anyone who thoroughly passed through the KYC system would be victimized for any reason, it's only those who are afraid of releasing their details. At times it depends on total amount which you want to withdraw from the site would required KYC.

The problem is that we are too lazy to read the terms and conditions because they are usually composed of a wall of text and we think all terms and conditions for every site are telling the same thing but on some gambling ann threads they can state it if they require kyc or not as well as other stuffs like if they allow the use of vpn and their list of restricted countries.

We can say that it's only just a kyc so what's the big deal? But there are actually people that values their privacy more, than anything else. Yes they will only play gambling and won't do any other business so why kyc is needed? And about the abuse, it's still possible for a gambling site it to detect even without the need of kyc.

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Well, previously I am a person who has been very jealous with my personal data, but since I live in a country that has not yet regulated BTC, if not the activity of mining has been regulated, it is worth taking care of our data , not so much because of the risk of receiving threats but how annoying it is to have a bot writing to you at any time you join a certain platform or something like that, plus the other thing is that I am not a person who owns BTC as well as many people who do, in some countries where crypto is prohibited if it is necessary that they can use VPN or be a little more cautious, in my personal opinion I think that casinos in the not too distant future will understand that people require VPN and not use KYC , because there will be casinos that will allow it and that is where their customers will go.

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Quote from: gunhell16 on June 29, 2022, 12:08:44 AM

As far as I know, when a crypto gambling player earns a lot on the casino platform and he decides that he wants to release his winnings, sometimes there are other crypto casino platforms before they allow them to release the earnings on their casino platform. they first ask for your needs before you can withdraw money and when you meet their needs, then you can withdraw your money.

This is not supposed to be so, Crypto gambling platforms are supposed not to deprived their customers of withdrawing their fund through the use of KYC. No every persons like KYC and their are many reason why most Crypto gamblers are never interested in gambling platform that do require KYC. KYC means know your customer and not every persons will like to release their identity to gambling platforms for no reasons or so.

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Quote from: Adbitco on June 29, 2022, 02:21:46 AM

Before signing up any casino why don't you read their terms and conditions to know if you are to undergo KYC or not. But come to think of it, why are you afraid of KYC since you wanna gamble you should be ready to pass through some verifications before withdrawal and that is the best.

This line of thinking is just wrong. Some of us don't want to give our personal details to casinos upon signing up simply because of the possibility that our information can be sold elsewhere. It has happened before concerning even the biggest of companies, and such platforms are not far off from committing the same offense.

Quote from: Adbitco on June 29, 2022, 02:21:46 AM

I don't think anyone who thoroughly passed through the KYC system would be victimized for any reason, it's only those who are afraid of releasing their details. At times it depends on total amount which you want to withdraw from the site would required KYC.

If most platforms can simply just implement this, I wouldn't have any problems sending out my info if I get a huge win. But if I was asked the most sensitive KYC questions upon signing up, that's just simply a hard pass for me.

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Before signing up any casino why don't you read their terms and conditions to know if you are to undergo KYC or not. But come to think of it, why are you afraid of KYC since you wanna gamble you should be ready to pass through some verifications before withdrawal and that is the best.

Quote from: btc78 on June 29, 2022, 01:17:51 AM

and KYC has been used as weapon or accessories of casinos to take advantage of the situation as many crypto gamblers are afraid or hate KYC verification , maybe some of them are cheating or using multi accounts , or some of them really wanted their privacy to be kept .
this is the problem why people are now actually accepted the fact that KYC is a must in every site maybe not in the beginning but in the end it will be asked .

I don't think anyone who thoroughly passed through the KYC system would be victimized for any reason, it's only those who are afraid of releasing their details. At times it depends on total amount which you want to withdraw from the site would required KYC.

Topic: risk of kyc on crypto casinos ? - page 4. (Read 5048 times)