Why kyc is even required?

[emberbekas]

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

KYC in gambling is a nightmare for players. It won't benefit at all. To my knowledge, when a gambling site asks for the identity of the player, there must be something wrong with the user. For those of us who play normally, we do not have to worry that gambling sites will ask us for something similar.

[Wonder_woman]

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?

Well, I am also curious about this because when they start about KYC almost all campaigns need this now and this is what I am really concerned how about those people who have not yet valid id or government issued id they will not ever participate in kyc campaigns.

[svladovsky]

KYS means indetifies you as a person, as you are not a criminal or something. Many ICO's add this because of the regulations or just for more safety

[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?

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.

4 months to verify if i am the original owner for a site which has a fake licence and isn't regulated anywhere in the world as they claim to be
Plus i'm telling the duration based on other players i have never gambled on that shit because of weird terms and if they really need my id i think as you are a part of their campaign you should suggest them to remove the word anonymous from their site

[paul00]

KYC serves as a protection not only for the clients but as well as the merchants or service provider. Gambling that requires this is one good things since the age and other things about the person must be known to avoid illegal things to happen.

[arthotdog]

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?

because thats the way they can authenticate you as sole account in such ..they are requiring us so no one can use multiple accounts .and for security measures to

[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?

because thats the way they can authenticate you as sole account in such ..they are requiring us so no one can use multiple accounts .and for security measures to

Let's say I'm not a type of gambler who depends on faucets from gambling but actually deposit funds so making different accounts should make any difference right as it is probably fair
And what security measure are you even talking about they claim to allow us to gamble anonymously then why kyc

[--DarkSecrets--]

KYC serves as a protection not only for the clients but as well as the merchants or service provider. Gambling that requires this is one good things since the age and other things about the person must be known to avoid illegal things to happen.

Yes with that they provide the safety of funds and to even secure the security of the account holder in a gambling site. This KYC is good for some reasons whilst it voids out the cryptocurrency's reason for being anonymous.

[Theb]

From what I know KYC are only strongly implemented on exchanges and newly launch ICOs but I never heard of verification processes being asked in gambling sites. I have been a long time player in many sites especially FortuneJack and they never asked or required me to send valid ids to verify or access my account. But to answer your question KYCs are being asked by exchanges and security tokens because it is one of their requirements given by the government.

[Distinctin]

From what I know KYC are only strongly implemented on exchanges and newly launch ICOs but I never heard of verification processes being asked in gambling sites. I have been a long time player in many sites especially FortuneJack and they never asked or required me to send valid ids to verify or access my account. But to answer your question KYCs are being asked by exchanges and security tokens because it is one of their requirements given by the government.

Sooner every platform will require KYC because the government will be strictly looking at compliance to whatever business who use bitcoin.
However, there are some casinos who suddenly implent KYC especially if you are winning a big amount of money which will just
make winners getting frustrated.

[flower1024]

From what I know KYC are only strongly implemented on exchanges and newly launch ICOs but I never heard of verification processes being asked in gambling sites. I have been a long time player in many sites especially FortuneJack and they never asked or required me to send valid ids to verify or access my account. But to answer your question KYCs are being asked by exchanges and security tokens because it is one of their requirements given by the government.

Sooner every platform will require KYC because the government will be strictly looking at compliance to whatever business who use bitcoin.
However, there are some casinos who suddenly implent KYC especially if you are winning a big amount of money which will just
make winners getting frustrated.

If casinos ask KYC then I think people will stop playing gambling with cryptocurrencies. i don't think why casino's need KYC, ok i agree if you win big amount then for verification purpose they can ask KYC but making this mandatory is no use and nobody will give their personal information to the unknown person.

[JL421]

From what I know KYC are only strongly implemented on exchanges and newly launch ICOs but I never heard of verification processes being asked in gambling sites. I have been a long time player in many sites especially FortuneJack and they never asked or required me to send valid ids to verify or access my account. But to answer your question KYCs are being asked by exchanges and security tokens because it is one of their requirements given by the government.

You might have not been asked because either your overall gambling stats is a loss or you didn't make much profit , not sure if you are living under a rock but check fj owner feedback always delaying payments with huge amounts
Plus read what I wrote we are talking about gambling here not exchanges

[serjent05]

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

KYC in gambling is a nightmare for players. It won't benefit at all. To my knowledge, when a gambling site asks for the identity of the player, there must be something wrong with the user. For those of us who play normally, we do not have to worry that gambling sites will ask us for something similar.

Yes, i agree, users who were asked of personal data for kyc have problem with their account, or have seen some suspicious behavior.  I have been playing in different online casino, but I have never encounter or experience any sites that asked me to under go KYC.

[boyptc]

KYC serves as a protection not only for the clients but as well as the merchants or service provider. Gambling that requires this is one good things since the age and other things about the person must be known to avoid illegal things to happen.

The other reason why KYC is needed is to prevent money laundering and to know who are the people that uses their service. It is also a way to identify if these gamblers are real or bots so that the gambling site management will know if the account is not a dummy one but I still can't get it why others need to do it while some doesn't require it.

[joebrook]

KYC serves as a protection not only for the clients but as well as the merchants or service provider. Gambling that requires this is one good things since the age and other things about the person must be known to avoid illegal things to happen.

The other reason why KYC is needed is to prevent money laundering and to know who are the people that uses their service. It is also a way to identify if these gamblers are real or bots so that the gambling site management will know if the account is not a dummy one but I still can't get it why others need to do it while some doesn't require it.

Most gambling websites are now doing that and i believe it is really mandatory and required by the law. And there some policies by some casino owners which prohibits one person having multiple accounts on their websites as well.

[boyptc]

KYC serves as a protection not only for the clients but as well as the merchants or service provider. Gambling that requires this is one good things since the age and other things about the person must be known to avoid illegal things to happen.

The other reason why KYC is needed is to prevent money laundering and to know who are the people that uses their service. It is also a way to identify if these gamblers are real or bots so that the gambling site management will know if the account is not a dummy one but I still can't get it why others need to do it while some doesn't require it.

Most gambling websites are now doing that and i believe it is really mandatory and required by the law. And there some policies by some casino owners which prohibits one person having multiple accounts on their websites as well.

There are still some casino's that aren't requiring KYC and for those that requiring it already, we can't blame them if they have to comply with their law.

[izanagi narukami]

KYC serves as a protection not only for the clients but as well as the merchants or service provider. Gambling that requires this is one good things since the age and other things about the person must be known to avoid illegal things to happen.

The other reason why KYC is needed is to prevent money laundering and to know who are the people that uses their service. It is also a way to identify if these gamblers are real or bots so that the gambling site management will know if the account is not a dummy one but I still can't get it why others need to do it while some doesn't require it.

Of course every website must declare KYC on their withdrawal rule at first so people will understand the situation.
AFAIK, with current situation, people yelling why suddenly they must give KYC when they request withdrawal ( mostly in high value transaction )

Although most bitcoin gambler want to be anonymous but we must keep obey gambling site policy !

[Easternbloc]

KYC serves as a protection not only for the clients but as well as the merchants or service provider. Gambling that requires this is one good things since the age and other things about the person must be known to avoid illegal things to happen.

The other reason why KYC is needed is to prevent money laundering and to know who are the people that uses their service. It is also a way to identify if these gamblers are real or bots so that the gambling site management will know if the account is not a dummy one but I still can't get it why others need to do it while some doesn't require it.

Most gambling websites are now doing that and i believe it is really mandatory and required by the law. And there some policies by some casino owners which prohibits one person having multiple accounts on their websites as well.

If you do KYC you have to do for every single player not just X or Y who win over a certain amount of bitcoins. Anyone laundering money always keeps the amounts low and different for the churn so these companies doing KYC on withdrawal is ridiculous. It's not KYC in any legal way so we should stop referring to it as KYC.

[boyptc]

KYC serves as a protection not only for the clients but as well as the merchants or service provider. Gambling that requires this is one good things since the age and other things about the person must be known to avoid illegal things to happen.

The other reason why KYC is needed is to prevent money laundering and to know who are the people that uses their service. It is also a way to identify if these gamblers are real or bots so that the gambling site management will know if the account is not a dummy one but I still can't get it why others need to do it while some doesn't require it.

Of course every website must declare KYC on their withdrawal rule at first so people will understand the situation.
AFAIK, with current situation, people yelling why suddenly they must give KYC when they request withdrawal ( mostly in high value transaction )

Although most bitcoin gambler want to be anonymous but we must keep obey gambling site policy !

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.

[BasikkBeaches]

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.