Topic: What would be an ideal KYC solution? - page 9. (Read 4987 times)
Casino will be two types, One is Casino without the kyc. Most of the decentralised crypto currency will not kyc. Because they want the money flow in their casino. So they no need about the Kyc. It doesn’t mean, they are going to scam us. Since it’s very new one, they need attention to the project. For such kyc reason, they making some money easy to withdraw also. When the second one is using KYC, they will made the license for the people who involved to our crypto currency. The gambling without kyc will reach the most of the people.
A reasonable trigger threshold would be a good solution, although apart from that I can't think of anything else. They cannot really compromise with the government on what they say they will do in terms of KYC, as for sure this is still monitored by the government they are under on. Perhaps they can be more forgiving on new users re: KYC and only ask for kne when they reached a certain amount before they need to submit documents. For existing users I guess if there is an irregularity, or if a user wins beyond a certain limit, that is when the second round of KYC should be given, otherwise let it be voluntary.
Legitimate online casinos require KYC since they need to comply with the law. There are regions and countries that don't allow gambling, if you are running a legitimate business you will do your best to comply and not to break any law to avoid any legal consequences. Some are against KYC for privacy purposes, but let's face it, No KYC is being abused and even minors are opting to go to online casinos since there's no way to verify their age if KYC is not required.
Personally, I believe government still has to have it's part, but they have to be limited. So for both of those who want to have 0 KYC implementation and casinos and regulators, they have to meet in the middle, which I think the idea of having KYC being asked is based on the amount of money.
Also, casinos should not just accuse anyone without any reason, if they ask for KYC they should entirely explain what happened and why they ask for identifying documents. (I know there might be privacy concerns here, please share your knowledge about it, I'll be glad to hear it).
There is no solution.
Centralized Casino always required you "KYC", never believe any casino who offers you "Without-KYC" from Centralized Casino. A casino who offering without KYC is always Decentralized CASINO while the type gambling is on-chain gambling (Using smart-contract without any developer touch). But the problem for Decentralized Casino, we really have limited gambling game (Most the time, Dice-chain or Lottery).
Always be ready for "KYC". My advice, play on casino who have higher minimum withdraw for required "KYC". Example like "Stake", I already tested withdraw 10,000$ they not ask me KYC.
Or just face the reality that everything demands KYC right now, not only in gambling but also in opening your bank account, registering to favorite app in the internet, or even when simply participating in a raffle draw, lol of course KYC is a must. However, if you are not comfortable with KYC, I guess you’re free to gamble in shady areas but don’t expect that you can easily withdraw your huge amount of winnings. Centralized Casino always required you "KYC", never believe any casino who offers you "Without-KYC" from Centralized Casino. A casino who offering without KYC is always Decentralized CASINO while the type gambling is on-chain gambling (Using smart-contract without any developer touch). But the problem for Decentralized Casino, we really have limited gambling game (Most the time, Dice-chain or Lottery).
Always be ready for "KYC". My advice, play on casino who have higher minimum withdraw for required "KYC". Example like "Stake", I already tested withdraw 10,000$ they not ask me KYC.
When you register with certain casino they never do mention about the kyc. They allow us to deposit int casino without kyc. They allow us to play the gambling without the kyc. After we earn good money from the deposit money, we have an idea to withdraw the full money. But they delay the withdrawal process by mentioning the kyc as mandatory to withdraw of money. In that mean time we will used 50-70 percentage in continuous betting. This will get you additional winnings apart from the old winnings.
Let's not forget that asking for KYC can also put off many customers. I think most people don't have much of a problem with providing this info, but it's more about how gambling sites handle the data. If you wanted to be honest, you should do a KYC the moment someone creates an account on a site. Then you also know for sure that you will not get into problems with a double account and you can destroy those kinds of accusations.
The main problem with KYC right now is the locked funds on user deposits... I think casinos should keep the users' money if they fail in the KYC process because that is like stealing their funds. If a user fails in the KYC process then the casino should send the money back, and then block the account. But it's just my point of view.
Another solution could be to request the KYC to let the user make a deposit. That would be fair for all and people will not lose their money with a KYC problem.
KYC must have been created for regulation purposes or to catch fraudsters. If they fail on the KYC, that could mean that they are guilty for doing some crimes. Now, will we still return the money to them? I don't think it's a good idea. They will just ran away and do another attempt in other casinos. for those who didn't commit a crime but only do some violations, I think it's also fine to confiscate their funds. This should act as a way to discipline their behaviours.Another solution could be to request the KYC to let the user make a deposit. That would be fair for all and people will not lose their money with a KYC problem.
Now if they don't want this to happen then they must play according to the rules. If there is a problem with KYC, that is it is being implemented here in crypto when crypto is supposed to be decentralized and free from regulations.
The KYC is a factor that indicates to me that it is to have control and where there is control over people, many players do not like it because they do not like them to know their data, but it is something that must be complied with, I have thought that this is the It is an easier way for governments to control people who ignore their taxes and who do not like to appear, for this reason I analyze that KYC has a lot behind what they are looking for, it is not good for anything, I have learned that cryptocurrencies and bitcoin were made to avoid controls of all kinds and here through KYC is a shameless way of knowing people's data when they need it.
Truth be told that it is easy for this casinos a d if they have theei full way, they would also prefer to follow suit with all that pleases their esteemed customers and wouldn't want to so anything to trigger their anger.
I know in most cases, tye casinos seem to lure some of their players with a no KYC policy and end up asking for a KYC along the line which is very bad and mostly on withdrawals.
One of the greatest challenges with KYC is the pains of withdrawal decline as a result of KYC after been told of a no KYC policy.
One of tye ways to handle this, is to publicly let your users decide if to get engaged with doing KYC rather than luring them and KYC should be asked on withdrawals above a certain amount and not on every little withdrawal.
I know in most cases, tye casinos seem to lure some of their players with a no KYC policy and end up asking for a KYC along the line which is very bad and mostly on withdrawals.
One of the greatest challenges with KYC is the pains of withdrawal decline as a result of KYC after been told of a no KYC policy.
One of tye ways to handle this, is to publicly let your users decide if to get engaged with doing KYC rather than luring them and KYC should be asked on withdrawals above a certain amount and not on every little withdrawal.
The main problem with KYC right now is the locked funds on user deposits... I think casinos should keep the users' money if they fail in the KYC process because that is like stealing their funds. If a user fails in the KYC process then the casino should send the money back, and then block the account. But it's just my point of view.
Another solution could be to request the KYC to let the user make a deposit. That would be fair for all and people will not lose their money with a KYC problem.
Another solution could be to request the KYC to let the user make a deposit. That would be fair for all and people will not lose their money with a KYC problem.
The user can play without giving KYC as long as they won't trigger the threshold and though the gambling site may require users to do KYC even if they won't hit the threshold if they are showing shady bets or trying to take advantage on the gambling site. You are right about the KYC it was mandatory for gambling site that has a license.
So to make it short, there's always a consequence.
So to make it short, there's always a consequence.
To make it a bit longer, of course there is a consequence but the threshold should be marked clearly instead of vaguely. I find that most casinos are desperate when it comes to following regulations and using the KYC to their own benefit.
But these online gambling casinos do not provide any clear cut definitions of when, how and why they do their KYC. So users feel left in the dark and dislike the element of surprise because they thought they would never have to do KYC.
Also, define "shady bets"
I don't think that there's a solution for that. Casinos that ask KYC will always stop gamblers to withdraw their balance until they passed the KYC which it's purpose is entirely about AML. The problem with that is even though a gambler won huge amount and wanted to withdraw and yet they still ask KYC when you can check the gambler's record when that person won in that bet. As far as I noticed, those who open an accusation thread is that the person who won provided an information about the winning bet and yet the casino ask for KYC to withdraw (some cases not get paid until they open a scam accusation).
It is normal that every centralized casino will ask you for KYC. Because they set up their physical office and operate the casino, they never want any money laundering or any other illegal activity through their platform, so they always require kyc from the user so that anyone doing any illegal activity can be brought to justice as soon as possible. But if a platform doesn't ask you for KYC and they claim that they are a good centralized casino platform then consider it a fraud cycle so double check before investing there.
I prefer to gamble on casino sites which have to do gambling without kyc. I don't gamble on those casino sites which I see that have to do kyc. But today after your post I got a very good information. Do not gamble on the site. There are different types of casino gambling sites, among them we have to choose the right site.
To me i see an ideal solution to kyc related issues as very simple thing to do, if you're a gambler that wouldn't mind going through kyc then try all means to maintain only the ones that requires kyc and make sure you adhere to their regular requirements for it, such will involve verifying your account band occasional check on your profile to know if you had not been bye passing their rules, ass for those who think the whole thing is as a crap of complications to their personal policy and choice then they should always try to avoid gambling sites that requires kyc, just as simple as this.
There’s no way to make another round just to make both party happy at the end. KYC is vital factor for AML because crypto casino is always subjected by a money laundering which the KYC for AML purposes. The only way for a user that didn’t want KYC to become happy with the AML policy is to avoid gambling casino that has ToS stated about the possible KYC.
There’s a lot of decentralized casino that doesn’t have any threat of possible KYC, the only difference was the popular game provider on both slot and live games is not available on this casino since most games in here are using blockchain to determine the results. 3rd party games usually only available on centralized casino that always subject on KYC. This is the cons on avoiding KYC because we can’t insist our rights to demand KYC on casino that is just following the law.
There’s a lot of decentralized casino that doesn’t have any threat of possible KYC, the only difference was the popular game provider on both slot and live games is not available on this casino since most games in here are using blockchain to determine the results. 3rd party games usually only available on centralized casino that always subject on KYC. This is the cons on avoiding KYC because we can’t insist our rights to demand KYC on casino that is just following the law.
Personally I don't think bad with KYC in gambling casino because right now have been usual habit submitting KYC every where actually as trader in cryptocurrency. Almost exchange market need to used KYC if want trader, deposit and withdraw fund, I don't think any problem yet with several casino gambling acquire with KYC document.
Some one heavy with KYC procedure can finding with casino gambling not required with KYC for withdrawing, deposit and playing in there gambling site. I found in Bitcointalk tread explaining with all casino trusted gambling site have free playing without submit KYC and some one disagree with KYC can get source link for playing in casino gambling not require with KYC.
Some one heavy with KYC procedure can finding with casino gambling not required with KYC for withdrawing, deposit and playing in there gambling site. I found in Bitcointalk tread explaining with all casino trusted gambling site have free playing without submit KYC and some one disagree with KYC can get source link for playing in casino gambling not require with KYC.
I'm actually not sure how much is what they consider highroller where they mandate to submit KYC? $50K?
From the research that I did most of them range between 1 BTC and 3 BTC, it depends on the casino. Some claim even 4, but those weren't licensed to begin with, so I have no clue.
The user can play without giving KYC as long as they won't trigger the threshold and though the gambling site may require users to do KYC even if they won't hit the threshold if they are showing shady bets or trying to take advantage on the gambling site. You are right about the KYC it was mandatory for gambling site that has a license.
So to make it short, there's always a consequence.
So to make it short, there's always a consequence.
we have different ways and different idea but for me it's better to have or to do a KYC if you are a big gamblers it because you have the assurance that your money will safe and have a big chance to withdraw it but the KYC must be simple and that that strict but like me as a small gambler then it's okay to not or to don't asked about kyc as it was a small amount from my pocket and have a small money in withdrawal.
Since they know that highroller will need to submit KYC docs, they'd better be stealth under the radar instead and just gamble right just the border amount where the casino will not require them to fill KYC. That's one way to avoid KYC.
I'm actually not sure how much is what they consider highroller where they mandate to submit KYC? $50K?
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