Why kyc is even required?

[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.

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.

They audit but I think it's not necessary. What they have to audit? Those who have win? there's a point of requiring KYC but the closest reason and idea is because of the gov'ts requirement to them. For the casino it will be a safety net but for those who gambles that wants to stay anonymous, they are no longer anonymous as their identities will be exposed to the management and if someone goes wrong the identities can be leaked but this is only an IF.

[kotajikikox]

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.

[The_Dark_Knight]

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?

They can't, KYC policies are not designed to stop crime rather those are measures taken in order to be able to track criminals but like always honest players are the ones that lose the most, you could play without any need to identify yourself and now you will have to do it, I do not like it at all to be honest, and like always we are the losers in the game between the criminals and the cops.

[JL421]

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.

You are right but this is no way applicable in case of bitcoin , bitcoin is decentralized it's existence came because of these reasons itself , and most casinos are not actually registered or regulated with government so why all this

[btcrut2017]

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.

[bering]

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
 

[Qartersa]

I, too, am shocked that they are requiring this nowadays. It has only been awhile since they ventured into having KYC in some gambling sites. As for me, this is a politicking move because they can just bar a gambler they do not like to associate themselves with through the site.

I am not really disappointed but I am seeing this as a major move considering very well that cryptocurrecnies' business is highly imbued with supreme anonymity. To include KYC is tantamount to doing away with how cryptos are supposed to be. This may be a sign of some regulation that is being cooked. For now, we have to see if this is just an initial step forward or if this will lead to unleashing of personal details. Nevertheless, this will not be good especially to those investors who heavily relied on the crypto's anonymity.

[PizzaBTC]

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

Yeah, there are still a whole lot of them that would not even require you to go through any KYC, and for now, it looks like it is only fortune jack that I know anyway, and they must definitely have their reasons for it and I am sure as long as anyone using the site is ok with the terms and conditions, there should be no problem, otherwise they can easily just move straight to making use of the likes of crypto games that requires no KYC.

[marlboroza]

Most casinos like fortunejack require kyc if you win a huge amount some sportsbook also ask for kyc

I have never heard fortunejack asked anyone for ID's, no matter how big win it was.

Why is this even necessary bitcoin gambling exist so that we can gamble anonymously

Do you think casinos which are enforcing KYC give a damn about your anonymity?

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?

Life is not fair. Don't play on such casinos, there are plenty casinos which are not enforcing kyc.

[ajochems]

They won't force you to play gambling which ask for KYC,this is mostly happen in the gambling sites of China and USA.Rest of the country gambling sites will not require such KYC.If you not want to submit the documents just switch over the sites which not asking KYC.

[usekevin]

They won't force you to play gambling which ask for KYC,this is mostly happen in the gambling sites of China and USA.Rest of the country gambling sites will not require such KYC.If you not want to submit the documents just switch over the sites which not asking KYC.

Ya mate.Who force you to play such gambling, for that you can choose the rest. I hope you understand now.It's your hard earned money so you have all rights to bet on anysites.It may accept KYC or may not.
The decision is based on your own wish.Now there are enormous number gambling sites choose the best among them.

[creeps]

They won't force you to play gambling which ask for KYC,this is mostly happen in the gambling sites of China and USA.Rest of the country gambling sites will not require such KYC.If you not want to submit the documents just switch over the sites which not asking KYC.

Yes For now, but I think many gambling sites will follow for that kind of requirement as they required to do so since the government will run after them if they don’t implement it. KYC is ok but we must maintain the security of every gamblers who wants to remain anonymously which is slowly changing, well the decision will still on the gambler if they continue to play.

[audrey12]

I think kyc is implemented for our protection as well as the gambling site, since we were not regulated our earnings might be at risk if government will ask us how we get it and we cannit show any proof or documents that it is from winnings rather than illegal activities. With the use of KYC it is now easy to verify winnings and of course legality if our money.

[rodskee]

i also donot understands need the kyc registration or verification required to release funds, i  heard also as bonuty hunter the particpants need to fill up kyc before comfirming to recieved their rewards, the user are not secured their identity fro the personal security.

[super5star]

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 have asked myself this question several times as well since it is not like the gambling sites are being regulated or something. I am not sure how the legal aspect of most of these gambling site works, but the main reason like you have said which most people decided to move into gambling cryptocurrency is mainly because of the anonymity and those one totally tell otherwise unless of course, based on the country of server, this is something that is very necessary.

[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?

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!

This was going to eventually happen and while that was the purpose of bitcoin we need to understand that at the end of the day casinos are a business and they are going to do what they think it is going to give to them the greatest profits, some casinos will choose to force their players to go through KYC while some other casinos will choose to avoid that, the market will decide which casinos become the most successful.

[Sangkuni]

what??? its strange for me, last time i win big in fortunejack i can withdraw without any kyc requirement, that why i like fortunejack... and why we should gamble with bitcoin if we are still asked to give our identity... that's the difference between fiat and bitcoin in terms of gambling

i also donot understands need the kyc registration or verification required to release funds, i  heard also as bonuty hunter the particpants need to fill up kyc before comfirming to recieved their rewards, the user are not secured their identity fro the personal security.

it is because some countries like south korea forbid bitcoin and ico, so the developer will use kyc to see where the investor/bounty hunter came from ...

[Daimon88]

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.

Well, if we are trying to look at the aspect of the government regulation and how that may affect some of the gambling site as well, which is the reason they are taking the precautionary measure of the KYC thing, then that may stand, but in the literal sense, it really does not mean anything. Gambling site is not like an exchange and it is not like I can buy bitcoin and gamble directly there with fiat, unless I am missing something with the whole idea of KYC policies.

[pureclckr]

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.

[Easternbloc]

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.