Topic: Why kyc is even required? (Read 688 times)

True,  this strongly opposed what we know when we gambling online and using cryptos.  Its like having a change of government here where we are used to private gambling.  KYC os definitely giving out your personal information.  I am also bothered with it because what if our information are used without us knowing,  this is possible. We like gambling using cryptos because it hides our faces,  names and etc to others but because of KYC,  even if we don't like,  we will have to reveal those whether we like it or not.

It`s not up to casino owner to decide, its up to government where casino is registered.


That is just an excuse from government for introducing higher control measures.

There are casinos where you can gamble with bitcoin but when you wish to withdraw you need to upload many documents, but lucky for us many other bitcoin casinos don`t ask for that. It`s not a problem for me to verify myself, but I don`t like to do it. My favorite bitcoin casinos don`t ask for that and I hope it will stay like that.
Governments will always try to make more control over us, but blockchain will help us to keep our privacy at least on some level.

I guess it is up to the casino owners to decide if they requires a KYC verification process on their customers who have won a huge amount of money on their site in order to process the withdrawals, but I guess this beats the whole purpose of gambling in crypto-currencies as most customers would usually prefers to remain anonymous when they are gambling online using crypto-currencies.

I’ve not really experienced winning a huge amount in any gambling site, so I can’t really say any site has asked for KYC from me. But I can speculate the reason. Probably it is because they want to know who you are in case the win was illegitimate. There have been historical events that a player was able to cheat and withdraw all the winnings. Probably they want to get those kinds of players.

It's not. I think these sites are just making excuses not to pay you and just using the KYC crap that any greedy people would do like in Bounties. You are right that it was made for anonymity and they're just ruining the concept of crypto.

I can tell you about my country. Here they are asking for KYC in accordance with the tax laws. If those sites will not follow this, the government may shut down their website completely. Same applies to bitcoin exchanges in my country. Even if you are buying bitcoins worth $10, you have first get KYC verified in the exchange. Having the KYC of all players ensures that no player is able to evade taxes for large winnings.

You can choose for not to play the site if they require you to fill KYC.

IMO, bitcoin become a tool that abusively being use for criminal attempt , that's the fact so the gambling site usually want to minimalize the criminal attempt. For me it's reasonable if they include KYC on their term !

I agree, it's entirely related to regulation, and I bet we will keep seeing measures like that happening in more casinos. I value my privacy, but how hard can it be to give verify our identity in order to gamble? Fiat casinos ask for it as well, and maybe land casinos don't but your face is recorded in every camera there, so it's not really a private thing as well. I don't really see a problem with KYC, as long as our privacy is kept inside the casinos of course. I don't want my ID to be sold around, but that is a complete different matter.

i looked into this a little bit and it would seem the gambling guys who ask for KYC for large payments are basically going from this, as most are based in Europe:
"The new directive does not completely change those requirements; however it differentiates the transaction threshold. For transfers of funds according to article 3 (9) regulation (EU) 2015/847, the threshold is set to € 1,000, including credit transfers, direct debit transactions as well cross-border transactions “carried out using a payment card, an electronic money instrument, or a mobile phone, or any other digital or IT prepaid or postpaid device”. A threshold of € 10,000 applies for persons “trading in goods, when carrying out occasional transactions” in cash and finally the specific threshold of € 2,000 “applies for providers of gambling services, upon the collection of winnings, the wagering of a stake, or both”
https://www.bankinghub.eu/banking/finance-risk/finalization-4th-anti-money-laundering-directive

They are pretty much doing half KYC in regards to knowing who is winning big based upon that EU directive.

As Curacao is technically an associate member of the European Community, with most crypto-casino's holding a Curacao license, all Curacao businesses come under the European fiscal rules with the Supreme Court of the Netherlands presiding over any final judgements with Curacao and financial conduct. As a consequence Curacao must uphold KYC using the framework adhered to it by the EU such as:

FATF/OECD compliant
EU-compliant
AML compliant

The European Commission advised that all European cryptocurrency exchanges will become obliged entities under the 4th AntiMoney Laundering Directive recently. That directive says that to use a financial transactions service any users must pass KYC first which includes: ”Evidence of identity that can take a number of forms. In respect of individuals, much weight is placed on so-called ‘identity documents’, such as passports and photocard driving licences, and these are often the easiest way of being reasonably satisfied as to someone’s identity." Therefore any one using a Curacao license is also obliged to collect KYC according to the EU 4th AML directive.

In conclusion, if you are not being asked for specific documents to verify your identity before you are allowed to deposit crypto into a casino with a Curacao license then the casino in question is in breach of its Curacao license and EU law. You can actually then take any claims against a casino to a Curacao court of law and you can probably sue the Curacao gaming licensing agency also because they are not properly adhering to EU 4th AML directive also, which the Supreme Court of Nederlands has ultimate jurisdiction over.

Everyone should know their rights when dealing with gambling companies and all these companies are breaking the law if they are a) based in Europe as an entity or b) hold a Curacao license.

Example: coingaming group (bitcasino.io / sportsbet.io) is based in the EU (Estonia) with a Curacao license and does not undertake KYC as based upon the 4th AML directive (aka not verifying the identity of an individual before a financial deposit) so is therefore is breaking the law. Mention all these points above to any operator if they claim KYC and see what they come back with.

So far, no site has really asked for my proof of billing. Also why would you not have ID yet? Are you a minor? That would be preposterous if you do not have any sort of ID yet if you are already allowed to gamble. What kind of ID takes three months? In my country, which I believe has the most inefficient government in the world, have no problems receiving the ID within a few weeks not months.

KYC for me is very difficult since I have not yet valid ID's and proof of billings. So now I am making hard just only to have this I applied some billings only to have a proof of bills and also I already get valid ID and still I am waiting that for almost 3 months of process.

kyc is required for verification to stop criminal activities around internet mate everyone knows it

Well maybe gambling sites that involves in Bitcoin platform should also be required to fill up KYC as per regulation policy of the government, this is to ensure that the gambling establishment will not be use maybe by any person who involves in money laundering activities so therefore as we all really know that if Bitcoin will not be regulate it can be easily use in illegal activities such as money laundering so therefore KYC requirement is really vital for every Bitcoin transaction.

Knowing your customer before risking your asset is very important to have transparency between the bettors or to the gambling site as will, even though every thing about crypto is anonymous but through KYC the risk assessment will be course through to lessen the possibility of fraudulence. In fact some trading site and new ICO already required to have KYC to minimize the case of using crypto for money laundering and any criminality involving money.

Agree! I am guilty with not checking if the site I am playing is license or not all I do is I research about the site if its really paying and I look for good reviews and then play.

KYC doesn't protect gamblers from fraud, it protects gambling site owners from bonus abusers, under aged persons and money laundering trough their sites.
Not at all. Most gambles won't even bother to check if site has license or not.

I don't see KYC a big deal and in fact it will be a big help for every gamblers because it actually protects them from fraudulent act. If you don't want to do KYC then just find a site that isn't mandatory but I'm pretty sure that sooner all these sites will have to implement it so we have just two choices, do KYC or quit online gambling.

The big ones are registered as this is something of a proof that the site is legit. If they are not registered gamblers think twice before they play in the casino. Usually they are registered with Curacao gambling license. So probably they are being forced by governments to require KYC. This has been the trend with the exchanges so I guess it is also affecting the casinos now.

I highly doubt that any of the Casino's are doing KYC because of governmental requirements/regulations. A lot of them aren't  even registered, and if they are they would likely register there corporation in a jurisdiction with favorable/lax gambling laws. Most of the governments that require KYC, don't even allow gambling. From my experience the Casinos that require KYC, only do so when they want to get out of paying/scam a customer or when they suspect some form of cheating or trying to game the system, which basically reverts back to the first point... Trying to find a reason to not pay.  They don't need to know their customer when they are receiving the customers $, only when they want to welch on paying one of their customers. There are numerous accounts of people getting scammed by casino sites. That is the main reason why I switched over to YOLOdice, because the site I was playing on had several issues with not wanting to pay out.

We can't do something with it if our favorite gambling website starts to implement KYC. Exchanges, casino's and even the banks are requiring this but if a gambler isn't comfortable with this he can stay or he can choose another casino that doesn't implement this.