why kyc?

[escanor_shy]

Umm. So if a gambling site is only dealing with bitcoins or altcoins and not fiat involved, is KYC even required? And which countries mandate that? Perhaps gambling sites should incorporate in a country that doesnt have KYC required instead.

[chris200x9]

Umm. So if a gambling site is only dealing with bitcoins or altcoins and not fiat involved, is KYC even required? And which countries mandate that? Perhaps gambling sites should incorporate in a country that doesnt have KYC required instead.

I think you need to read the thread once again to understand this topic.

Crypto gambling sites will not ask for KYC as a default but if you deposit a huge amount then they may ask while withdrawing funds and they never list any particular country but they can block withdrawals if they suspect your deposits. So to avoid these issue may consider playing with smaller amount deposits then your account may be safe.

[XarXymtroa]

So people don't cheat the casinos.  If they think you are cheating in any way, they have every right to KYC.
What is the difference when you turn in your chips at the poker room in your city.  They will usually ask for an ID.  That is the only info needed since they know who you are, see you and have you on camera, unlike online shops.

[wxa7115]

So people don't cheat the casinos.  If they think you are cheating in any way, they have every right to KYC.
What is the difference when you turn in your chips at the poker room in your city.  They will usually ask for an ID.  That is the only info needed since they know who you are, see you and have you on camera, unlike online shops.

If an online casino has proof that you have been cheating in some way or form and that you have violated their terms and conditions they do not need to ask for any kind of information out of you, when you try to withdraw your earnings they can just quote their terms and conditions and show proof that you violated them so to me what you are saying doesn't make sense.

[michkima]

So people don't cheat the casinos.  If they think you are cheating in any way, they have every right to KYC.
What is the difference when you turn in your chips at the poker room in your city.  They will usually ask for an ID.  That is the only info needed since they know who you are, see you and have you on camera, unlike online shops.

If an online casino has proof that you have been cheating in some way or form and that you have violated their terms and conditions they do not need to ask for any kind of information out of you, when you try to withdraw your earnings they can just quote their terms and conditions and show proof that you violated them so to me what you are saying doesn't make sense.

Not really about cheating, more of because the governments are requiring it so that the casino can operate smoothly. I don't think the casinos will even care about your identity to be honest. They don't care about that, all they care is that you deposit something into their casino and play.

Usually casinos have a way to detect you are cheating or have already implemented the most secure way to operate their site. Also, since the casinos don't really put their money in their hot wallets anymore, and just keep a small portion in the hot wallet and the greater chunk in the cold wallet, anyone who wins big will require an approval. Hence, before anyone who cheated will be able to withdraw their winnings they will be reviewed and caught immediately.

[adaseb]

So people don't cheat the casinos.  If they think you are cheating in any way, they have every right to KYC.
What is the difference when you turn in your chips at the poker room in your city.  They will usually ask for an ID.  That is the only info needed since they know who you are, see you and have you on camera, unlike online shops.

If an online casino has proof that you have been cheating in some way or form and that you have violated their terms and conditions they do not need to ask for any kind of information out of you, when you try to withdraw your earnings they can just quote their terms and conditions and show proof that you violated them so to me what you are saying doesn't make sense.

Not really about cheating, more of because the governments are requiring it so that the casino can operate smoothly. I don't think the casinos will even care about your identity to be honest. They don't care about that, all they care is that you deposit something into their casino and play.

Usually casinos have a way to detect you are cheating or have already implemented the most secure way to operate their site. Also, since the casinos don't really put their money in their hot wallets anymore, and just keep a small portion in the hot wallet and the greater chunk in the cold wallet, anyone who wins big will require an approval. Hence, before anyone who cheated will be able to withdraw their winnings they will be reviewed and caught immediately.

It's very rare if not impossible to cheat casinos these days. Very rarely is there a bug that can get exploited.

Either way it's not the reason why they ask for your ID.

Most likely your deposit was suspicious and they ask and see if you freely provide it. If you don't provide it then it gets suspicious that the funds might of been acquired illegally.

[steveabrahams]

Well i agreed why the gambling sites ask US when we won big on their site but if we won small and withdrawal, they will not question it. Well maybe it's for their safety and at least you still can withdraw your money though. Stake and Primedice are trustable, so if i ever win big on that sites, i will do KYC if they need it.

[adaseb]

Well i agreed why the gambling sites ask US when we won big on their site but if we won small and withdrawal, they will not question it. Well maybe it's for their safety and at least you still can withdraw your money though. Stake and Primedice are trustable, so if i ever win big on that sites, i will do KYC if they need it.

This is not the issue.

It doesn't matter if you deposit $1 worth of Bitcoin and win $1 million and try and withdraw.

Most of these KYC issues with ID are because the deposited funds need to be verified for legitamitacy.

Say that hacker who stole Bitfinex funds about 2 years back sends some funds to a gambling site.

He deposits 20 BTC takes 1 bet and tries and withdraw 19.99 BTC, it will get halted and investigated.

[Roboabhishek]

• STAKE
• PRIMEDICE
• FORTUNE-JACK
• BITSLER

Can you also include reference to prove your claims that this sites will ask for documents when you will win big?

Although sharing your personal documents with trusted sites might not hurt your personal privacy.

What he's saying is actually true. Recently a guy won huge amount on PD around 34 I guess and PD asked him to complete KYC formalities which he did. I am not sure if he's paid or not but chances are low since I've been seeing him regularly posting on their main thread about the withdraw.

[stomachgrowls]

• STAKE
• PRIMEDICE
• FORTUNE-JACK
• BITSLER

Can you also include reference to prove your claims that this sites will ask for documents when you will win big?

Although sharing your personal documents with trusted sites might not hurt your personal privacy.

What he's saying is actually true. Recently a guy won huge amount on PD around 34 I guess and PD asked him to complete KYC formalities which he did. I am not sure if he's paid or not but chances are low since I've been seeing him regularly posting on their main thread about the withdraw.

Not all people would really be comfortable on sharing up their information but if theres nothing to hide towards your identity then it wont really be an issue for you to agree on such terms which been required.If you do win big if they would ask you documents then you wont have any choice but to give it to them.Winning those big amounts of bitcoin can really put you into decisions which you dont like but money will always matter.

[Patatas]

It doesn't matter if you deposit $1 worth of Bitcoin and win $1 million and try and withdraw.

The problem is ,KYC is not done while the amount is deposited.It should be.

Most of these KYC issues with ID are because the deposited funds need to be verified for legitamitacy.

Why ? Do the players ask gambling websites to show their legitimacy by asking for valid licenses ? They don't ? Fact is,gambling websites which enforce KYC during withdrawals without an appropriate reason are straight robbers.

Say that hacker who stole Bitfinex funds about 2 years back sends some funds to a gambling site.

He deposits 20 BTC takes 1 bet and tries and withdraw 19.99 BTC, it will get halted and investigated.

Why should he be stopped ? Say someone invests in a house around 50 bitcoins,would he be asked for a KYC ? NO.

[Coinster]

To be honest all fiat casinos are enforcing KYC and with all this regulations and buzz around crypto I think we might see KYC in every crypto site, not only casinos. It is just matter of time.

I think there is a danger of that. Of course the KYC for casinos is really all about keeping governments big and in power, as they want to collect taxes on everything.. It's not about money laundering. We've seen large banks launder money to drug cartels with nothing happening but a slap on the wrist and/or easily payable fine.

For now it's a cat and mouse game of crypto services trying to stay a step ahead of creeping registration. We need to proactively educate the public about why govs really want to have all info on their living activities. It's all about staying in power and further growing that power.

[morrisgonzalez]

Kyc for security purpose kyc means a form with some personal information. It's necessary for transaction, kyc secure the transaction. In order to properly use a bitcoin exchange, you will need to complete a “Know-Your-Customer” (KYC) verification procedure. There are some steps in kyc like confirming mobile number, providing personal id. Kyc process ensure exchange safely and it's necessary for use bitcoin exchange.

[hyunee]

If you guys care about privacy while gambling better re-think before you make a deposit. below you can find a list of casinos which ask/ don't ask for KYC after winning big amounts

I don't really care about giving KYC because I will not get to win a big price. May I ask, why are they wanting you to give your information?

Why? Can you money launder their casino just by winning? If money laundering is their concern why don't they ask for KYC at the first place.

[game-protect]

KYC is often used as a scam tactic!

Because if you lose (even millions) they will never ask for KYC and give your losses back.

[r1a2y3m4]

KYC is often used as a scam tactic!

Because if you lose (even millions) they will never ask for KYC and give your losses back.

Witty but I don't agree.

List of sites asks for KYC if you win the big amount.

• STAKE
• PRIMEDICE
• FORTUNE-JACK

• BITSLER

These sites are reputable and made a good reputation to all. So I think that there is no scam tactic in here.

[monalia]

It is actually good to verify the KYC while you are making from the gambling site. You need to show the proof of earning from the gambling by approving it. In that aspects we can consider the KYC verification is also useful.
If you want to transfer the fund without KYC verification means person required anonymous features to earn the BTC without any problem.

[gabmen]

KYC is often used as a scam tactic!

Because if you lose (even millions) they will never ask for KYC and give your losses back.

Witty but I don't agree.

List of sites asks for KYC if you win the big amount.

• STAKE
• PRIMEDICE
• FORTUNE-JACK

• BITSLER

These sites are reputable and made a good reputation to all. So I think that there is no scam tactic in here.

Probably yes, but still they have your information when you wi  big money. And when say information, that would include where to find you and your winnings. I know these are reputable gambling sites but i don't find it comfortable giving out my private information especially after winning a big amount.

[omonuyak]

Though cryptocurrencies and blockchain technology is decentralized and anything related to kyc shouldn't be part of it but the scamming activities and evil people using the decentralized nature of cryptocurrencies business to do their evil things again the gambling and casino business should be check. I think we need to know those that  won big funds and what to withdraw those funds.

[Capt00]

Though cryptocurrencies and blockchain technology is decentralized and anything related to kyc shouldn't be part of it but the scamming activities and evil people using the decentralized nature of cryptocurrencies business to do their evil things again the gambling and casino business should be check. I think we need to know those that  won big funds and what to withdraw those funds.

Having KYC is good both side between the company and the customer, but is this case we dont know which is having a good heart not to take advantage using KYC, but I think that is good for fiat basis casino. In decentralized we can't track the transactions of crypto especially if they are good of it. So, it's up to you now to decide on which gambling site not having KYC and I think there are too many of them.