Why kyc is even required?

[JL421]

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 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

[milewilda]

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.

[Easternbloc]

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.

[Pleione527]

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.

[livingfree]

I think casinos are starting to adopt KYC as a way of protecting their site from illegal activities or investment.

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?

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.

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.

[JL421]

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.

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

[Qartersa]

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.

[Siopao]

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.

[Victorycoin]

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?

We know that it is money involved and when money involved we must also needs about our Ids or much better identities. When you go in banks and you will cash out huge money we need many papers of requirements and our identity is much needed. I think it is like that although we call this online but on the other side this is also about companies and they also needs identity in order for you to get your money. For me this is not wrong since I have no bad records.

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!

[bratko99]

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.

[JL421]

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.

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

[The_Dark_Knight]

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?

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.

[bhadz]

I just wonder what would a gambling site do with those documents they require related to KYC.

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.

It would just make the process of payment (of winnings) longer.

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.

For sure anyone would think twice of submitting their personal infos to those gambling platforms.

But if its your money to cash out, you have to follow.

[BlockEye]

I just wonder what would a gambling site do with those documents they require related to KYC.

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.

It would just make the process of payment (of winnings) longer.

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.

For sure anyone would think twice of submitting their personal infos to those gambling platforms.

But if its your money to cash out, you have to follow.

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.

[coin_1122]

I just wonder what would a gambling site do with those documents they require related to KYC.

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.

It would just make the process of payment (of winnings) longer.

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.

For sure anyone would think twice of submitting their personal infos to those gambling platforms.

But if its your money to cash out, you have to follow.

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.

[tabas]

They don't even want to implement KYC but they have to follow rules from the government. I know the essence of anonymity is being broken as crypto's has made not for providing information but they have to do it and know who are the people who gambles on their casino and wins a certain amount. If winning isn't that big, there's no need for KYC.

That's right, supposedly we should not have KYC since bitcoin is anonymous and that is the main purpose of crypto.
However, if there such casino is registered and it has followed the law of the government then they should be doing some KYC, but it's rare
to see gambling sites that requires KYC, I am sure there are better sites than Fortunejack so maybe play with the other sites to have the convenience.

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.

[Viyamore]

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 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.

[serjent05]

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.

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.

[GoldenLad]

When did fortunejack started this? I guess I might have missed alot. I used to gamble in that site months back, cause it was one of my favorite site but i stopped for sometime to manage my gambling habit; then they never required any identify verification. If this is true, I don't think its worth it then because most people like me come online to gamble because we want to remain anonymous when gambling the way we love it. With this, it's more like gambling in an offline casino.

[Manchumichael]

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.

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.

whatever the reason why most of the people prefer to play in cryptocurrency accepted online gambling sites means to hide there identity.

as you said every country has there own rules and regulations regarding gambling and cryptocurrency. maybe in your country, there are no strict rules for crypto users so you don't care to submit your KYC. but in other countries, the rule is different if they caught that they are playing gambling with cryptocurrency maybe what punishment they will get I don't know. So better we can avoid this kind of gambling sites we have many good sites those who not ask KYC.