Topic: The fear of KYC requirements - page 3. (Read 524 times)

Your assertion is absolutely spot-on that KYC has its advantages and disadvantages. However, it really makes me ponder, is KYC merely a fancy word for "prying into people's confidential information"? I mean, how can we be certain that the gambling establishments won't exploit our information? Perhaps they're stealthily accumulating a database of their customers to take control of the planet! Alright, maybe that's a tad too extreme, but you catch my drift. Honestly speaking, I do believe KYC is necessary to combat money laundering, but we must also be vigilant about the handling of our data.

as far as I know there are some casinos that write "No KYC" and some that write KYC required, there aren't many but it should be written down so that people who don't like KYC can stay away from casino sites that require KYC, especially for new gamblers who might don't understand that as long as they join without having to read the terms and conditions of the casino whereas old gamblers usually know which casino sites require KYC or not.

Many gamblers prefer to gamble in platforms without kyc but nowadays it became a normal thing if the casino has this requirement. This is to abide the law to operate legally.

Moreover, it's better for the casino to he honest rather than lie about their kyc then will ask the players suddenly if they reach a certain limit to withdraw because it can affect their platform negatively. As i've said before, we can always choose where to gamble so if you don't like casino with kyc then stay away and look for another.

They're not gonna display it on their homepage as a potential client may not going to proceed in using their online gambling service because of the KYC. So they are usually found after you have registered, some even popped up when you have a specific amount in your account and they're preventing you from withdrawing your money unless you comply with the KYC.
That's how dirty some online casinos are.
And yeah I agree with the OP that online casinos should put KYC requirements in their homepage to make their clients aware of what's in it for them with complying with the KYC.

I think I can agree with people saying in this thread that its dangerous to not use ID if your account grows. But there are too much risk involved. I wouldn't want someone other to steal any data/information about me. Of course better gambling websites can combat hacking issues but some others can leak kyc data... So this topic is little grey for me. I dislike kyc a lot, but risks are two sided to to support one side or other.

KYC has two faces to protect the casino from money launderers and from cheaters and stealing from players who won a big amount of money with questionable status, legit casinos implement the former, and scam casinos do the latter, so it all goes down on the kind of casino you're playing, majority of us don't want KYC but its a necessary evil and I guess it will stay on until there's a better option for legit casinos to check their players.

Such a platform with no kyc will have own audience. There are many people who do not want to share KYC with platforms and thus they will prefer to play on these casino websites. But we should also think from the casino operation level. Many countries have laws which require KYC for them to operate. Thus they cannot skip this part. There are many reputed casino websites which take KYC but still have lots of registered users. This is because they have trust of users that they will not misuse the data in KYC ever.

I am always hesitant to give kyc and if any platform is not clear-cut about kyc requirement I avoid it without a single second thought. This also one of reason I stick to on-chain casinos, no funds stuck, no reason for kyc.

The opposite is true. Years ago KYC was not common at all, and little by little it has been introduced by almost all casinos. I think it is more because of international pressure than willingly, otherwise they would have been accused of favouring money laundering. When they apply for a licence they have to put some KYC measure in their ToS, otherwise they are not going to be approved, even if the licence is from Curaçao and often for show.

Another thing is, as has been mentioned, that some casinos do not ask for KYC documents until the player has won a good amount and plans to withdraw, which does not give a good impression.

Casinos do something like that because amount matters. If you are an ordinary gambler playing minimum bets occasionally, why would the casino implement a stricter policy on you? Are you are possible suspect of money laundering or terrorist financing? Of course not.

But if you are a high end roller depositing millions, betting millions, and withdrawing millions, then you should be asked for personal information. You are the kind of gambler that is more likely to be involved in activities that KYC is primarily designed to counter.

Casinos use terms like that because not all players will be involved in gambling using big money, casinos expect to get a high roller but also they will not ignore small players, so they seem to apply rules that contradict one another, but that's all casinos apply definitely based on the license from their gambling site, if casinos can continue to operate without having to comply with the rules for asking KYC from players they will definitely prefer without requiring KYC, because with KYC obligations they have to do other work such as saving KYC data properly or the time they have need to check KYC whether genuine or fake also means needing a source for it.

There is one positive that comes from KYC on casinos. It stops people from gambling. Otherwise, it is totally wrong. Unless there is indisputable proof that funds have come from illicit sources, people should not have to sacrifice their privacy or identity just to be able to gamble. I would love to say that there is hope that one day KYC will just disappear. I believe that this is not the case.

Also, it should be noted that if all casinos decided to drop KYC, I do not think it would jeopardize their license at all. If anything, casinos use KYC to make more money than to actually vet deposits/withdrawals.

KYC has been a major issue in online casinos ever since licensing came into place and one thing you should know is that everything in life has it's positive and negative effects and KYC isn't exempted in this case as I believe KYC was initially introduced into gambling as a way to check the excesses of the casino on gamblers and also to help fight money laundering through casinos and that was why wagering equivalent of the initial deposit came into practice.
Most times I see alot of gamblers shying away from KYC and I believe it's as a result of wanting to stay anonymous especially when gambling with crypto but I personally don't have any issues with doing kyc provided it's a reputable casino.

This happens because a few casinos act in bad faith.
I never needed to withdraw large amounts from a casino, in fact I don't remember when was the last time I withdraw something from a casino, as I usually spend everything I deposit.
Anyway, what happens in some cases is that the T&C deceives users by saying that they do not require KYC, but they say that the casino can adopt security measures when it detects suspicious activities or that deviate from the standard, which involves the request and sending of documents user evidence, that is... carry out the KYC, but in "other words"

As much as it is essential to read and understand the T&C, I myself have never been able to fully understand them on the sites I frequent, either because they are extensive or because they have too much technical language.

The best solution is to always bet on reliable and reputable casinos, so that when the need arises you can have adequate user support or come and complain here at BitcoinTalk.

Companies are more worried about their services being forcefully shut down, so they're actually rather indifferent to your fears. After all, "privacy is important" gamblers are slowly becoming a minority as more conventional gamblers arrive for the broader gambling experience. But the concern will remain for those who are dealing with a foreign casino for the first time, maybe they will do KYC in the first place to get legal guarantees. Casinos will be fine when KYC policies will be welcomed for most customers.

Didn't you know that in online fiat gambling sites, KYC is just a common thing?

The KYC thing is an issue here in crypto-gambling but not in fiat online gambling.

Since most here are crypto-gamblers, expect that KYC is a sh*t requirement for them. But for me, if the site we are talking to is somehow reputable, I don't mind complying with KYC, only if necessary to do so.

Yes, I've seen some casinos doing false marketing first that they don't need your KYC at all, then at some point, they start asking for KYC. That's either because they are suspicious of an account doing something wrong to gain more from their bonuses or doing inverse bets on 2 or more accounts (having 2 or more accounts on a casino is strictly prohibited IIRC), or they do it because they don't want to pay the player his winnings as they are very huge in number. These practices aren't new in the gambling industry.

Because sometimes you would need to kyc some accounts that have potentially created multiple accounts so that they can withdraw that $**** multiple times and prevent them use it as a loophole. Things wouldn't be that simple, or that you suddenly accidentally used ip from your home country that's under sanctions. You would also need to prove that you are not from that country.

If it would be only matter of how much can be withdrawed from casino no questions asked your question would be valid but it's more complex than that.

That's the straight-up truth, Ruth.  I don't know how many threads I've seen in which the exact scenario you described came true for some unlucky winner.  And the sad fact is that it isn't just casinos, either.  Exchanges have been known to do likewise; they just bury the KYC terms deep in their ToS so people think they're dealing with a non-KYC exchange....until you try to withdraw a large amount of crypto, and then they start asking for your photo ID and all that shit.

I didn't even think there were any online casinos that could get away with no KYC measures, regardless of what country they operate out of.  If there are, there can't be that many and if there are a lot, that number is sure to drop off a cliff once regulators start doing their thing.

KYC is used as a shenanigan in most cases anyway. Most of the casinos aren't doing it for reasons to comply with AML and KYC regulations (if they follow any regulations at all...).

Whether they do or don't display that message on their website might as well be a strategic thing just in case. I think so far I have never seen a casino that explicitly says on their website to not ask for KYC data. If I were operating a casino I wouldn't put it out there in public. I'd rather say on the website that I do ask for KYC and then just not conduct it and people will get to know by word of mouth. I guess it is even more likely for casinos to get into trouble when they refuse to collect data that they would actually have to collect according to the law and regulations.

But as has been said here already, you are good to go for as long as you lose anyway. As soon as you win big it is more likely you are going to run into trouble with KYC. That is the sneaky part because people who don't want to undergo KYC also might not want to undergo KYC even after a big win and that is what the casinos know as well. There is a reason for people to avoid casinos known for collecting KYC data. Once they win big, the casino just takes it to the limit and keeps asking for data until some players are even willing to forego their winnings and just leave it.