Why Always KYC (Know Your Customer) Why NOT KYO(Know Your Owner)

[avikz]

Guys why should only users have to provide identity why not the OWNERS who up and run them??? (are they gods?)

This is especially for the casinos which demands for user KYC documents.


Its time to make things even. kiddo edwardoo are you lurking??

Excellent! This is an excellent proposition. Why the end user would be worried always and why not the fake owners. Along with gambling, this is also needed in the ICO market as well. This process will actually bring back a lot of lost credibility back into the market. However, it is very hard to implement and we need a centralized agency who will carry on the validation for the common mass. But everything starts with an idea. Who knows, KYO may become a common practice in future.

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[JL421]

Lol don't ask that most of them who ask for kyc mainly are fortunejack , sportsbet , betcoin. The funny part is all of these sites have a fake license so if they ask for kyc it's completely useless , it is just a excuse to not send your profit.
We have often seen fj delaying payments for months so it's clear they don't have any funds to pay to the users or they are just greedy

In case of the publicly proven Bitcasino scam and Sportsbet scam it is definitely a scam tactic, because they reserve the right to request KYC only after winnings, whereas there is no problem if you lose Bitcoins worth millions!

I at least have never heard that they asked for KYC after someone lost and gave his loss back because KYC failed!

Lol that will never happen if you win then you have violated all there terms regardless if you are completely a fair gambler. You submit kyc like a idiot and finally they close your account and which of additional terms you have to forfeit your winnings and your initial funds

[crwth]

It's funny when you said "gods". I don't know why you would think that. People who are really rich are not gods. They are probably really good at business or not.
I doubt that knowing the owner would benefit you unless you are planning a partnership with them or not. It's only that.

[Juggy777]

This is not the first incidence I have seen by a member of PD who faced KYC issue, I remember there were 1 -3  similar posts here which had vented their frustration against this. I rightfully agree with all that KYC is not a good practice for casinos and it should be used only in the strictest circumstances possible. What's the use of playing online when you need to give your identity out, but like they say don't like a casino rules don't play sad but true.

[buwaytress]

Exposing such confidential data does need you to be a authorised service provider which most of the gambling sites aren't. Hence, they shouldn't be trusted with KYC documents either.

Now that you mention it, these guys are going to get in trouble with GDPR coming into effect tomorrow. Only data controllers and processors, as identified by the GDPR, will be allowed to request personal data - and they must be able to justify for it on several causes, plus be able to demonstrate compliance for data protection. My guess? None of these guys can do that.

I hope the next time they ask for someone's ID and that person is in the EU, the person contacts the Supervisory Authorities to go after them.

[Supercrypt]

Because these casinos already have to complete due diligence, including AML and KYC requirements for the licensing, gaming, financial and banking jurisdictions that they work under. If the casino doesn't ask it from you, they likely don't owe any of the above to their jurisdictions.

But fair point: a lot of casinos online actually aren't under strict regulations and only use KYC as an additional means to clamp down on fraud/cheating. This to me is a little unfair, especially when enforced post-registration, usually at the time users request withdrawal. Use this positively though. Casinos that do that should be named, and people can move on to other less unreasonable places to bet.

Except for those online casinos that a fiat regulated, I am not sure there is anyone in the crypto sector that makes KYC a parameter right ? Just asking !

Nevertheless, it is just one thing we have to accept since it is not the casinos themselves that set the rules like you have said, but it is something imposed by the law in their situation which they just have to abide by if they do not want their licenses revoked. I guess we just have to live with it, or demand for a KYO ourselves, if the government does not make it compulsory.

[sheenshane]

They are right casinos need to be passed for licensing so part of their requirements is having KYO for there clients information.
This is also to avoid fraudulently casino gambling site if ever and for possible scam intentions, so KYO is already implemented by the owner when they are taking a licensed for their casino.
KYC is very important especially for withdrawal of funds or other illegal activity which is against for the owner, and it is for safety purposes.

[Shenzou]

Guys why should only users have to provide identity why not the OWNERS who up and run them??? (are they gods?)

This is especially for the casinos which demands for user KYC documents.


Its time to make things even. kiddo edwardoo are you lurking??

You absolutely have a point here, but the whole point of having KYC demand in these casinos is to prove ownership of the account that you are using for the gambling, because how would they verify if it is you in case your accounts gets hacked, and i think that them having their identities out there for everyone to see can comprise their lives, if they like lives in places where having an online casino is illegal they could get in trouble.

[Pab]

Agree why not KYO why we are giving our details owners are not

[buwaytress]

Because these casinos already have to complete due diligence, including AML and KYC requirements for the licensing, gaming, financial and banking jurisdictions that they work under. If the casino doesn't ask it from you, they likely don't owe any of the above to their jurisdictions.

But fair point: a lot of casinos online actually aren't under strict regulations and only use KYC as an additional means to clamp down on fraud/cheating. This to me is a little unfair, especially when enforced post-registration, usually at the time users request withdrawal. Use this positively though. Casinos that do that should be named, and people can move on to other less unreasonable places to bet.

Except for those online casinos that a fiat regulated, I am not sure there is anyone in the crypto sector that makes KYC a parameter right ? Just asking !

Nevertheless, it is just one thing we have to accept since it is not the casinos themselves that set the rules like you have said, but it is something imposed by the law in their situation which they just have to abide by if they do not want their licenses revoked. I guess we just have to live with it, or demand for a KYO ourselves, if the government does not make it compulsory.

There are plenty of crypto casinos that have asked for KYC, we're reminded every so often by threads of users complaining in here (granted, I suspect most of them were attempting fraud) of KYC procedures activated by these crypto casinos especially during times of withdrawals. Again, I can understand the logic behind it, but these security measures (as often purported) should have been implemented from registration, not after. It's unethical to allow people to deposit and then restrict their withdrawals, even if the latter was justified. It's simply not right, nor lawful, to steal, not even from a thief.

[boy130]

Many casinos that require KYC are actually licensed establishments, which means you can check the company records to determine who the CEO is. However, there are a lot of casinos that are run by completely anonymous owners, this could be because they are using it for money laundering purposes, or have some other shady activity going on. I would say that it's best to stay safe and play only at fully licensed casinos, that way you at least know there is some repute behind it.

[KorakPawon]

we all know that the user is not necessarily the owner and owner is not necessarily the user in this case the casino asks kyc on the user yes it is true when the user directly related to the casino and the owner was not so natural when the casino asked kyc its users.

[eternalgloom]

Really, just avoid casino's that ask for KYC, there's literally tons of other casino's out there that don't require you to offer them your identity.
I also think it's ludicrous that you have to offer them your identity documents, over a potentially insecure connection.

Even when we're dealing with small amounts, lower than $1000. Such a waste of time IMO

[akishang]

I think KYC is just natural for a business. Knowing who they are spending the money with is just normal for businesses. Business owners will never let other people know who they are for their own protection. And it doesn't make any sense to let others know about you just because you asked for KYC. I don't see the point of knowing the owner's info. KYC's are needed to avoid them from trouble of money laundering.

[ethereumhunter]

Guys why should only users have to provide identity why not the OWNERS who up and run them??? (are they gods?)

This is especially for the casinos which demands for user KYC documents.


Its time to make things even. kiddo edwardoo are you lurking??

I think the casino is already proving their identity to the government if they want to build a gambling casino and the owner of the casino need to make a report for who is their member so if something goes not right, they can make prevention and report it to the government. but I don't know since I am not a gambling site owner and maybe there is an agreement between the owner and the government.

[tokeweed]

I think it's the ideal situation in crypto.  When you hold all your coins in your wallet, you have full control of your wealth and are free to choose if you wanna go into a KYC environment and be under those rules or not.

The good thing is you can always withdraw and be in control again.  It's the same as using exchanges really.

[Devawnm367]

I have personally  not seen it much in the gambling industry, but when I partake in ICO's and airdrops I'm always submitting the KYC, and so far only like 2 of the last 10 were distributed to my ether wallet. I CAN totaly agree though, half of the time I'm not even sure where my I.d. and personaly information is going

I like the idea!!!!

[marlboroza]

OP few questions:
1) Is this stated in their ToS?
2) Did you accept their ToS when you registered? Usually there is box to tick, if you don't tick it then they can't enforce anything from ToS.
3) Is it licensed casino or not? If it is not licensed then they can't enforce KYC, if it is licensed then they can enforce it. Is it licensed casino?

I have personally  not seen it much in the gambling industry, but when I partake in ICO's and airdrops I'm always submitting the KYC, and so far only like 2 of the last 10 were distributed to my ether wallet. I CAN totaly agree though, half of the time I'm not even sure where my I.d. and personaly information is going

I like the idea!!!!

I can't believe what I am reading. Are you seriously giving ID's for worthless airdrops? 

[JL421]

OP few questions:
1) Is this stated in their ToS?
2) Did you accept their ToS when you registered? Usually there is box to tick, if you don't tick it then they can't enforce anything from ToS.
3) Is it licensed casino or not? If it is not licensed then they can't enforce KYC, if it is licensed then they can enforce it. Is it licensed casino?

I have personally  not seen it much in the gambling industry, but when I partake in ICO's and airdrops I'm always submitting the KYC, and so far only like 2 of the last 10 were distributed to my ether wallet. I CAN totaly agree though, half of the time I'm not even sure where my I.d. and personaly information is going

I like the idea!!!!

I can't believe what I am reading. Are you seriously giving ID's for worthless airdrops? 

People are dumb they think that airdrop can make them millionaires but that's never really the reality. You see currently there is a misconception about bitcoin that anyone can make easy money but the truth is half of them don't know shit about bitcoin

And also replying to your first reply well fortunejack doesn't have a licence and they still ask for kyc Funny part you still promote it

[marlboroza]

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And also replying to your first reply well fortunejack doesn't have a licence and they still ask for kyc Funny part you still promote it

Interesting.
Thank you for bringing this question.
I had very nice and friendly chat with their support after this post.
They fixed wrong link, you can check and verify their license if you want.