Why kyc is even required? - page 3. | Bitcointalksearch.org

RedJose

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Quote from: elena_rose19 on March 04, 2018, 02:13:44 AM

People would have been hesitant to undergo and submit their papers to undergo verification because this will expose their personal infos however in the long run this can benefit the client. This can serve as their protection if ever their accounts would be suspected. However gambling sites /industry should ensure the confidentiality of client's accounts. And that it should not be used to go against their rights

I guess it can’t benefit as there would be no need for that. No company or exchange take risks for client losing his/her password or giving to somebody else. And transaction level are irreversible, so KYC is useless for a client. But it gives more info about you to exhange and other people unfortunately. I use coinmonkey.io exchanger and they don’t t require even email for transaction - only wallets.

elena_rose19

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People would have been hesitant to undergo and submit their papers to undergo verification because this will expose their personal infos however in the long run this can benefit the client. This can serve as their protection if ever their accounts would be suspected. However gambling sites /industry should ensure the confidentiality of client's accounts. And that it should not be used to go against their rights

RedArcher

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Quote from: Ghondronk on March 01, 2018, 05:31:42 AM

There is no escaping the paperwork while investing in financial products. Be it, opening a new bank account, demat account or buying insurance, filling the Know Your Client (KYC) documents is a mandatory procedure today.

KYC is a client identification program that verifies and maintains records of the identity and address of investors.

KYC norms were introduced in 2002 by the Reserve Bank of India (RBI). It directed all banks and financial institutions to put in place a policy framework to know their customers before opening any account. The purpose was to prevent money laundering, terrorist financing, theft and so on.

yes, but when it comes to blockchain then I belive you don't expect that much paperwork, right?
you are expecting fast and anonymous deals in the most cases.
and as we know less than 3% of total transactions could be referred to money-laundering or criminal sphere.

so, that's why we need more services like exchange rate aggregators without KYC at all. no registration, just fast exchange and that's it.

Ghondronk

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https://exiptoken.io/

There is no escaping the paperwork while investing in financial products. Be it, opening a new bank account, demat account or buying insurance, filling the Know Your Client (KYC) documents is a mandatory procedure today.

KYC is a client identification program that verifies and maintains records of the identity and address of investors.

KYC norms were introduced in 2002 by the Reserve Bank of India (RBI). It directed all banks and financial institutions to put in place a policy framework to know their customers before opening any account. The purpose was to prevent money laundering, terrorist financing, theft and so on.

Fafabol

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Quote from: BlockEye on March 01, 2018, 02:44:27 AM

Quote from: NorrisK on March 01, 2018, 02:27:16 AM

Rules are getting more and more strict, especially considering the huge amounts of money that are involved.

Expect more KYC on services you use unless you want to play on really shady underground casinos.

There are too many frauds around, it's getting harder to know who is the legit owner of such account or such money. Having records or documents can be a help whenever we need to do a bigger transactions at least they have some supporting documents whenever conflicts happened. Thou KYC changing the idea of us being anonymous, I think we really need to adopt this.

Whether we like it or not we don't have any choice than to adopt this. Just look at the brighter side of this, if we have all undergo in KYC we can protect our earnings and vise versa. However, casinos must be sure that there will be no information will be disclosed to other parties as it will be another thing that isn't appropriate.

RedArcher

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Quote from: JL421 on February 19, 2018, 04:10:36 AM

Most casinos like fortunejack require kyc if you win a huge amount some sportsbook also ask for kyc
Why is this even necessary bitcoin gambling exist so that we can gamble anonymously and not pay any tax on our winnings or hide our identify if we win a huge amount then why do many sites still ask for kyc
Is it even fair?

if you need to exchange crypto coin to another crypto coin then you'd better look for aggregator which can offer you exchange without KYC at all.
I use coinmonkey for that - it gets rates from major exchanges and you can choose rate for the exchange and actually do it right at the website. I don't mention even e-mail!

BlockEye

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Quote from: NorrisK on March 01, 2018, 02:27:16 AM

Rules are getting more and more strict, especially considering the huge amounts of money that are involved.

Expect more KYC on services you use unless you want to play on really shady underground casinos.

There are too many frauds around, it's getting harder to know who is the legit owner of such account or such money. Having records or documents can be a help whenever we need to do a bigger transactions at least they have some supporting documents whenever conflicts happened. Thou KYC changing the idea of us being anonymous, I think we really need to adopt this.

NorrisK

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Rules are getting more and more strict, especially considering the huge amounts of money that are involved.

Expect more KYC on services you use unless you want to play on really shady underground casinos.

carlisle1

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Quote from: JL421 on February 19, 2018, 04:10:36 AM

Most casinos like fortunejack require kyc if you win a huge amount some sportsbook also ask for kyc
Why is this even necessary bitcoin gambling exist so that we can gamble anonymously and not pay any tax on our winnings or hide our identify if we win a huge amount then why do many sites still ask for kyc
Is it even fair?

actually this is one problem that must be addressed,why needed that KYC in existence.whers the essence of being anonymous when kyc requires valid IDs when creating account.this reveals our identity though only specifics will do..

poplolnman

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Quote from: JL421 on February 27, 2018, 01:08:55 PM

Quote from: poplolnman on February 27, 2018, 12:31:26 PM

Quote from: JL421 on February 19, 2018, 08:51:12 AM

Quote from: poplolnman on February 19, 2018, 08:18:03 AM

Quote from: JL421 on February 19, 2018, 04:10:36 AM

Most casinos like fortunejack require kyc if you win a huge amount some sportsbook also ask for kyc
Why is this even necessary bitcoin gambling exist so that we can gamble anonymously and not pay any tax on our winnings or hide our identify if we win a huge amount then why do many sites still ask for kyc
Is it even fair?

Fortunejack won't ask for KYC if you didn't have a serious problem , I've been playing at fortunejack since 2014 and never asked for KYC even for once. I've heard several cases in fortunejack that they ask for KYC and its for security reason. The answer are for security reason generally.

I just read there terms if you earn a profit of more than 2000$ you need to provide kyc and in today's value that is just 0.18 bitcoin which is so less , I saw scam accusations also against them for not paying a person winning amount of 6 bitcoin or something and finally he got after 3 months

I just know about it really, last year I won more than 2,000 usd and didn't asked for KYC, weird ? Maybe ... , good move? It's to protect the business and yourself as a customer . Accept the KYC procedure if you think it's reasonable and simply avoid it when you think crypto should go completely anonymous.

I completely doubt kyc is for protecting us i don't know how will i even get exploited if i make profit in gambling a normal person would either withdraw the amount or keep on gambling
I have only seen fortunejack asking for kyc to delay payments maybe they don't have sufficient cash to give out profits or they only want users who feed them funds and not take away their funds

In case you lost your account and there's a lot of money stored, the site won't struggle to verify it's you the original owner. Besides the prevention of money laundering KYC help government to looking for illegal activity which yeah it's always become a dilemma in crypto that basically it should run anonymously.

Golegard

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Quote from: 13abyknight on February 27, 2018, 09:54:38 AM

Quote from: JL421 on February 19, 2018, 04:10:36 AM

Is it even fair?

Although it might not seem fair from the gambler's perspective but casinos and sportsbook aren't ready to take up the risks of being involved with fraudulent funds. To be sure that the person who is betting money on their website isn't doing it with illegal funds like laundered money, 'Know Your Customer' comes in handy as it gives away key information about the person which can be backtracked in case of any fiddles.

KYC can really be helpful when it comes to securing the site's credibility and financial activities but for people who gambles for secrecy won't be happy with that. Many are gambling online because of the anonymity but since KYC is preferred, many are getting worried about having their play-time because submitting IDs just means giving away your personal information. We know that bitcoin and altcoins have transactions that are hard to track and trace so if KYC will ask for every gambler's real identity then that will be opposing the anonymity that bitcoin had been giving ever since.

okissabam

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I can't say if it is fair but for businesses dealing with huge amount of money they usually require KYC to verify the customer that they are legit and not scammers or whatnot. And sometimes they need to verify it to know from which country you are from too. It may be a sensitive information the customers are giving out but surely they are keeping it in closed doors whoever they are asking for a KYC with. For Fortunejack maybe they just need you to verify your identity because you won a lot of money from their site thus asking for a KYC.

JL421

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Quote from: poplolnman on February 27, 2018, 12:31:26 PM

Quote from: JL421 on February 19, 2018, 08:51:12 AM

Quote from: poplolnman on February 19, 2018, 08:18:03 AM

Quote from: JL421 on February 19, 2018, 04:10:36 AM

Most casinos like fortunejack require kyc if you win a huge amount some sportsbook also ask for kyc
Why is this even necessary bitcoin gambling exist so that we can gamble anonymously and not pay any tax on our winnings or hide our identify if we win a huge amount then why do many sites still ask for kyc
Is it even fair?

Fortunejack won't ask for KYC if you didn't have a serious problem , I've been playing at fortunejack since 2014 and never asked for KYC even for once. I've heard several cases in fortunejack that they ask for KYC and its for security reason. The answer are for security reason generally.

I just read there terms if you earn a profit of more than 2000$ you need to provide kyc and in today's value that is just 0.18 bitcoin which is so less , I saw scam accusations also against them for not paying a person winning amount of 6 bitcoin or something and finally he got after 3 months

I just know about it really, last year I won more than 2,000 usd and didn't asked for KYC, weird ? Maybe ... , good move? It's to protect the business and yourself as a customer . Accept the KYC procedure if you think it's reasonable and simply avoid it when you think crypto should go completely anonymous.

I completely doubt kyc is for protecting us i don't know how will i even get exploited if i make profit in gambling a normal person would either withdraw the amount or keep on gambling
I have only seen fortunejack asking for kyc to delay payments maybe they don't have sufficient cash to give out profits or they only want users who feed them funds and not take away their funds

poplolnman

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Quote from: JL421 on February 19, 2018, 08:51:12 AM

Quote from: poplolnman on February 19, 2018, 08:18:03 AM

Quote from: JL421 on February 19, 2018, 04:10:36 AM

Most casinos like fortunejack require kyc if you win a huge amount some sportsbook also ask for kyc
Why is this even necessary bitcoin gambling exist so that we can gamble anonymously and not pay any tax on our winnings or hide our identify if we win a huge amount then why do many sites still ask for kyc
Is it even fair?

Fortunejack won't ask for KYC if you didn't have a serious problem , I've been playing at fortunejack since 2014 and never asked for KYC even for once. I've heard several cases in fortunejack that they ask for KYC and its for security reason. The answer are for security reason generally.

I just read there terms if you earn a profit of more than 2000$ you need to provide kyc and in today's value that is just 0.18 bitcoin which is so less , I saw scam accusations also against them for not paying a person winning amount of 6 bitcoin or something and finally he got after 3 months

I just know about it really, last year I won more than 2,000 usd and didn't asked for KYC, weird ? Maybe ... , good move? It's to protect the business and yourself as a customer . Accept the KYC procedure if you think it's reasonable and simply avoid it when you think crypto should go completely anonymous.

Argie021213

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Quote from: JL421 on February 19, 2018, 04:10:36 AM

Most casinos like fortunejack require kyc if you win a huge amount some sportsbook also ask for kyc
Why is this even necessary bitcoin gambling exist so that we can gamble anonymously and not pay any tax on our winnings or hide our identify if we win a huge amount then why do many sites still ask for kyc
Is it even fair?

The reason behind this implementation of KYC is a sort of preparation of bitcoin community to upcoming regulations that can be imposed when time comes that bitcoin will be declared as legal tender, of course government will really look into big transaction to confirm their legality especially that it came from gambling sites, but we must not worry instead take this positively.

JL421

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Quote from: 13abyknight on February 27, 2018, 09:54:38 AM

Quote from: JL421 on February 19, 2018, 04:10:36 AM

Is it even fair?

Although it might not seem fair from the gambler's perspective but casinos and sportsbook aren't ready to take up the risks of being involved with fraudulent funds. To be sure that the person who is betting money on their website isn't doing it with illegal funds like laundered money, 'Know Your Customer' comes in handy as it gives away key information about the person which can be backtracked in case of any fiddles.

Then what's the whole point of gambling with bitcoin anonymously if kyc will be asked if you make profit , obviously there is no way one can cheat the system as it is probably fair so bots don't make much of a difference
I see yolodice or all other sites never questioning users regarding their information then why can't casinos work that way

13abyknight

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Quote from: JL421 on February 19, 2018, 04:10:36 AM

Is it even fair?

Although it might not seem fair from the gambler's perspective but casinos and sportsbook aren't ready to take up the risks of being involved with fraudulent funds. To be sure that the person who is betting money on their website isn't doing it with illegal funds like laundered money, 'Know Your Customer' comes in handy as it gives away key information about the person which can be backtracked in case of any fiddles.

JL421

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Quote from: bering on February 24, 2018, 02:34:04 AM

Quote from: kotajikikox on February 23, 2018, 06:44:31 PM

Quote from: JL421 on February 19, 2018, 04:10:36 AM

Most casinos like fortunejack require kyc if you win a huge amount some sportsbook also ask for kyc
Why is this even necessary bitcoin gambling exist so that we can gamble anonymously and not pay any tax on our winnings or hide our identify if we win a huge amount then why do many sites still ask for kyc
Is it even fair?

I think the new requirements kyc registration for bitcoin user or gambling site bitcoin user, is for the security porpuse of the owner's because if I'm not wrong have an powerful state requiring login into kyc to monitor the anti money, I think nothing to worry on that matter because I think that is secret can't show to the public your identity.

most of gambling sites who have this requirements because to avoid multiple accounts but i think that's not for securities purppose and nobody can guarantee those sites won't abusing users datas and based cryptocurrencies is anonymous and gambling with cryptocurrencies also should be anonymous too but kyc required for bitcoin or altcoin gambling sites is very annoying and i personally will ignore those sites who have these requirements

How does having multiple account make much of a difference if you are not abusing the faucet this is bitcoin gambling anyone should be allowed to have multiple accounts as long as there is no cheating taking place , this is simply a excuse to ask kyc

Quote from: btcrut2017 on February 24, 2018, 02:26:07 AM

Quote from: JL421 on February 19, 2018, 04:10:36 AM

Most casinos like fortunejack require kyc if you win a huge amount some sportsbook also ask for kyc
Why is this even necessary bitcoin gambling exist so that we can gamble anonymously and not pay any tax on our winnings or hide our identify if we win a huge amount then why do many sites still ask for kyc
Is it even fair?

Most likely casinos will ask for KYC maybe because they to prevent money laundering. Some of gamblers gamble money which came illegal means and they want to make it clean by playing in the casino. That is why the casino want to know who are their customer.

Read my previous replies this is bitcoin gambling it is already illegal then how does control money laundering even make a difference

Easternbloc

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I suppose it all boils down to the casino's generally needing to convert the players crypto into FIAT to cover operating and other associated costs, once you make that leap from crypto into that world of FIAT then anti-money laundering is going to bite you in the ass and you have to show you undertook the minimal KYC to cover your own ass in this case. If a casino decides to stay crypto then its not so much a problem but at the moment you can't pay for things like server costs on clouds in crypto-coins so pretty much every casino must convert to FIAT. Most of the big casino slot providers don't even allow payment in crypto either so if you want to play any of these really good games the casino must pay for your spins in FIAT. As time as wore on its getting harder to find any exchanges to FIAT that don't carry out stringent KYC and most will turn away gaming operators to start off with. For a business account you must show you are carrying out due diligence with your own customers or else the exchange could eventually run foul of future regulatory financial oversight also. Crypto is great if you want to hodl but running a crypto service you encounter everyday costs that you can't pay in bitcoin. This is one reason why KYC is encroaching into the space.

pureclckr

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Quote from: milewilda on February 20, 2018, 03:49:38 PM

Quote from: Tipstar on February 19, 2018, 05:37:04 PM

Quote from: milewilda on February 19, 2018, 04:01:01 PM

Quote from: panjul07 on February 19, 2018, 10:59:30 AM

Quote from: JL421 on February 19, 2018, 08:51:12 AM

Quote from: poplolnman on February 19, 2018, 08:18:03 AM

Quote from: JL421 on February 19, 2018, 04:10:36 AM

Most casinos like fortunejack require kyc if you win a huge amount some sportsbook also ask for kyc
Why is this even necessary bitcoin gambling exist so that we can gamble anonymously and not pay any tax on our winnings or hide our identify if we win a huge amount then why do many sites still ask for kyc
Is it even fair?

Fortunejack won't ask for KYC if you didn't have a serious problem , I've been playing at fortunejack since 2014 and never asked for KYC even for once. I've heard several cases in fortunejack that they ask for KYC and its for security reason. The answer are for security reason generally.

I just read there terms if you earn a profit of more than 2000$ you need to provide kyc and in today's value that is just 0.18 bitcoin which is so less , I saw scam accusations also against them for not paying a person winning amount of 6 bitcoin or something and finally he got after 3 months

Never heard that Fortunejack requires KYC for $2000 profit, could you please show me the link where you read it? As I just visited their terms to make sure about it but I did not find it, maybe I missed it as it is so long terms to read.

I would like to ask the same thing which i havent found out regarding into this information about such threshold which they do require KYC for a certain gambler.Ive been a player on the site itself but ever since i havent asked about any documentation even though i hit thousands of dollars is on involve.I dont know on where he do get such information.

They generally ask for KYC when the withdrawal amount exceeds than the deposit amount of user by large. Though they call it for security reasons, they are actually troubling the winners. They have no security issues for people that deposit large and loose.

Not totally. If you do try to see current situation of those people who do have big winnings on the site. Most of them arent really being requested any documentation but somehow that security reasons would really make the delay on such withdrawal of those amounts but if you do win big without any shady activity then it will really released out without any doubts. Some cases though takes time but the important thing is that they are able to release out and theres no pending.

Why will there even be any shady activity on the gambling site in the first place? OK, unless they just want to have the record for your sake, in case the government want you to proof how you got your fund, which may sound a little bit reasonable in places where there are strict laws with money laundering, or they just want to expose your arse into paying tax, then I really see no reason for the KYC, but whatever, it is not a do or die affair right, since there are other ones that don't.

Topic: Why kyc is even required? - page 3. (Read 688 times)