Topic: Why kyc is even required? - page 5. (Read 688 times)

I happen to win a jackpot in FJ but they don't require me to submit my ID, though I believe this is for following the regulation of certain countries since every country have different rulings regarding gambling.  And if ever they asked for kyc documents probably they had found some suspicious activity from  the players account.  I do not care if I have to submit my kyc documents, I had submitted a kyc to our local exchange platform anyway.

I think its not. It dis-applies the anonimity of bitcoin currency as well as the freedom of playing gambling without any problem with identity. I don't think even them they need to do it in the craze of crowdsale opening and including a whitelist. Its a disappointment in cryptocurrency that limits us in accessing the features of bitcoins.

Too many gambling casino's where you can get your convenience and KYC's are just giving them assurance that they are registered and following a law. But also there are casino's that are going to use this type of requirement as their advantage of compiling information.

It is because now a days most of the companies are auditing, so in this case they need to get clear idea about how much investment and through whom they are getting. While maintaining those it will safeguard for future transactions.

At the end we, we still need to follow or else we lose it, IMHO there's nothing wrong about KYC, it will safeguard both us individuals and the cadino in whatsoever happens in the future transactions, think of it only as a deal between you and the company it will still be private. Example those who wins in lottery, those government allowed lottery, if they win they need to make appearance for their records only. Nobody will know unless you're the one who will spread it.

They can keep it and store it as their evidence if something goes wrong. Just like other websites or establishments that are requiring some documents for their services but when they are done, nothing happens as its only stored to their database / vaults.
As others explained, their government maybe requiring it or they are pushed to implement it and they just want to obey and protect their business.
But if its your money to cash out, you have to follow.

It seem we are experiencing recently a KYC wave from exchanges to icos and now casinos, one of the biggest selling points for bitcoin casinos was the fact you could remain anonymous and cash out without too many problems if this trends continues and most bitcoin casinos adopt this stance then it is possible we get a reduction in the size of the industry or a small minority of casinos not requiring KYC hoarding all the players.

These all are decentralized there are few of them but because of limitations of bitcoin it is not possible there are so many sites which have decentralized casinos but it's purely based on ethereum , if contracts like ethereum existed in bitcoin all these sites would shut down , neither now nor in future any such thing will be possible with bitcoin

If you want casinos like that, than you must use decentralized.
Can't recommend one, but give google a search. You might find something good.

The real concern is not really about not having good records, but that of the governments wanting to run people's financial life the way they do with fiat. Cryptocurrency was meant to keep them away, now they have started to creep in and as soon as they get a strong foot hold, you can bet, they would want to go all the way in pushing anonymity aside and isn't that what they wanted from the word go!

I just wonder what would a gambling site do with those documents they require related to KYC. It would just make the process of payment (of winnings) longer. For sure anyone would think twice of submitting their personal infos to those gambling platforms.

I suppose they just do this to give the impression that they are legitimate businesses that follow government regulations, fitting in today's requirements. They see it necessary to do such also because they know they are under a watchful eye under the pains of being regulated or removed from site should they do business not in accordance with what the law imposes on them. Otherwise stated, it is just like a trend that I believe will pass on should a better regulation be on place. KYC is quite a new concept in the cryptocurrency world, hence, we can say we are still on the testing waters phase. We should see how it goes from here. Nonetheless, we should keep our worries in our pockets because either way, there is still no way for them to figure who the real traders and gamblers are.

What do you mean adopting to protect from illegal activities?
You are surely not aware but most of the bitcoin gambling sites are illegal , they don't pay any amount of tax from their profit why do you think all these dice sites have such low house edge because they are not answerable to the regulators , kyc is simply an excuse for not sending payments

It's a mandate that they have to follow so they are passing the law to their gamblers. I'm curious how can they protect their site from illegal activity? what's the connection of KYC with it?
This might be the reason but its hard to monitor on where the money on crypto is really coming from. You can't determine that it came from corruption or from a bad source.

I think casinos are starting to adopt KYC as a way of protecting their site from illegal activities or investment. Since government saw the opportunity of using cryptos to hide money from corruption, sooner they will implement requiring of records from different exchanges as well as gambling site to prevent illegal activities. I also see that sooner full adoption of digital currency will take place so government needs to put some regulations for it.

KYC in crypto casino's is generally adopted by the brand for several reasons:

1. the most legitimate reason is that they have acquired a curacao sub-license - not that curacao offers the player any protections in general - because it is the minimal and easiest gambling license to get that third-party casino providers will recognise. they are big companies and need to only provide to licensed entities in order to offer their games within the legal threshold.
2. brands use it as a net to close out any scammers and bonus abusers. this is a huge problem and players who love their sign up deposits and bonus spins etc should start to realise that without proper KYC and T&C's the general public, who are playing for entertainment sake, won't get such good offers (this is actually why i think we've seen such a reduction in decent bonus and promos from casino's recently because they can't handle the rampant bonus abuse from VERY smart people who know exactly how to extract free money from casinos). This is why regulated online casino's make you do more thorough KYC when signing up so they can detect frauds before they win the cash.
3. they are bs'ing the customer because they know most people in the crypto space who deposit with them will hesitate before sharing the very confidential and personal information such as passports etc.

Here are my tips:

If you have a sportsbook dispute due to KYC then find out if they have a Curacao sub-license first. If they do then they technically should have asked you to go through a minimal KYC standard first - knowing an email and username is not enough by Curucao license terms and i think LITERALLY every crypto sportsbook and casino with a Curacao is breaking their licensing terms by not doing this. If they do not have a Curacao license then KYC is ridiculous and not necessary. You "KYC" to ensure you are compliant to gambling regulation laws you are licensed by, if you have no license then theres literally no reason to KYC. If you find yourself in a dispute with a casino that has a curacao license and they didn't take you through a minimal KYC to begin with then again, as with sportsbook, they are in breach of their license.

------ Think about it know your customer basically means "can you identify your customer with minimal legal documentation and proof of residency and know where the proceeds are coming from BEFORE accepting them?" Not a single brand does that at the minute so saying its in the terms and conditions is UTTERLY ridiculous as its not technically KYC AFTER they deposit. ------

If all else fails then find the third-party casino operator (the guys who provide the slots or blackjack etc) that you may have had the issue with and approach them with the complaint. The casino you are using is basically only licensing these games from the operators for a revenue share and as a consequence they have terms and conditions (normally based on the license) to offer the player a fair and legal experience with their software.

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.

I like crypto games no doubt about that I used to be an investor on that site they used to take some fees for cancelling early which I never liked but everything else was perfect about the site
That's why this thread is created why wait for 3 months just to get our deserved winnings

Why would you even play in casino's like that? It's just a huge pain to deal with and will cause you so much delay on withdrawing your winnings.
You really do have a lot of choice between other casinos that don't have such requirements.

Crypto-Games for example just lets you withdraw instantly, even if you win big.

I will agree with you on this point many people do try to cheat but that doesn't make any difference gambling is based on luck every single roll is verified they why ask it means the site itself has a problem
Check fj feedback so many are negative they take 3 months just to verify if it's a bot and their license is also fake so what will they even do by verifying come on we all know their shady casino