KYC procedure in online casinos does more good than bad or the other way around?

[Indamuck]

It does have the potential to filter out potential hackers and scammers but I still think it does more bad than good.  Crypto should remain somewhat anonymous, if not that you might as well just use fiat instead.

[Oceat]

It does have the potential to filter out potential hackers and scammers but I still think it does more bad than good.  Crypto should remain somewhat anonymous, if not that you might as well just use fiat instead.

We are now in a different world where it seems that the government is trying to centralize the crypto related services. It is better to use fiat instead if they all want the KYC for crypto gambling. I can't blame those owners too since they were just following some protocols because if they don't then they don't exist nowadays.

[posi]

It does have the potential to filter out potential hackers and scammers but I still think it does more bad than good.  Crypto should remain somewhat anonymous, if not that you might as well just use fiat instead.

We are now in a different world where it seems that the government is trying to centralize the crypto related services. It is better to use fiat instead if they all want the KYC for crypto gambling. I can't blame those owners too since they were just following some protocols because if they don't then they don't exist nowadays.

Yes, we're in world where some governments are trying to crypto related businesses centralized but not all government and I don't any gamblers will complain about gambling site following some protocols if the gambling site explain all their procedure to their player before the situation of KYC application occur.

[shield132]

It does have the potential to filter out potential hackers and scammers but I still think it does more bad than good.  Crypto should remain somewhat anonymous, if not that you might as well just use fiat instead.

We are now in a different world where it seems that the government is trying to centralize the crypto related services. It is better to use fiat instead if they all want the KYC for crypto gambling. I can't blame those owners too since they were just following some protocols because if they don't then they don't exist nowadays.

Can't agree, despite the dact that I don't like KYC too, it's sometimes must to have in order to protect your business. For example imagine someone deposits 5 btc in your casino and then just withdraws it, how do I know whether it's money laundering or not? And if it's for money laundering, then I (casino owner) am in trouble. So in this kind of situations KYC documents are normal.
On another hand KYC can be used for example when someone tries to withdraw more than 1-2 bitcoin from account after long inactivity because of possible hacks.

[Kakmakr]

Most online casinos are not operating legally so they would rather prefer to deal with "unknown" entities, because they can even allow children to gamble and nobody can point a finger at them for knowing that in advance. 

The KYC requirements are more a government requirement within a legal "Brick n mortar" establishment and not really something that can be enforced with online casinos that are operating from some "island" location. 

[imstillthebest]

It does have the potential to filter out potential hackers and scammers but I still think it does more bad than good. 

no . kyc is not built for that purpose  . afaik there are more important reason on why they require a kyc  .

Crypto should remain somewhat anonymous, if not that you might as well just use fiat instead.

yes . what is the purspose of using a crypto if we are still exposing our personal info in the form of kyc ? eh ? gambling using fiat is i think more better because they arent requiring a kyc not unless if its a high end casino because some of them may be requiring your i.d before you enter and play .

[pinoycash]

One reason i don't really want KYC enabled gambling site is because i am afraid that they run a way someday and take or use my identity somewhere else. I prefer playing or gambling in a site wherein running for many years already without KYC. Plus KYC procedure is very hassle you would not be able to withdraw but you can deposit so if you will not be able to verify or finish KYC then your deposit is safe in their website.

The only time i see a casino platform asking for KYC documents is when they are trying to verify someones age, if its the minimum playing age based on their TOS.

Aside from that i don't see any more reason why a gambling site that only accepts Cryptocurrency will ask for a KYC for their customers.

[ruthwithers1980]

Thanks for all your replies.


I combined most of the responses of those who don't approve of the KYC process in casinos and was able to come up with an article summarizing them all: 4 Reasons Crypto Players Skip KYC Casinos



Also, here's another bitcointalk thread focused on those reasons: https://bitcointalk.org/index.php?topic=5136360.0;all

[emmybd]

Many online casinos require you to pass KYC to withdraw funds. The main question is can these casinos be trusted with your personal info. In my opinion,  it wouldn't do more good for you.

[michellee]

Many online casinos require you to pass KYC to withdraw funds. The main question is can these casinos be trusted with your personal info. In my opinion,  it wouldn't do more good for you.

I think some of the websites have a good trusted so far. But we have our choice to stay away from them because they want us to pass KYC. We have the other casinos which will allow us to withdraw the funds without pass KYC and I think that casinos are trusted too. But I don't want to pass any KYC on any website because it's too risky for me and I think that many identifications have been spread in the dark web.

[FanEagle]

Most online casinos are not operating legally so they would rather prefer to deal with "unknown" entities, because they can even allow children to gamble and nobody can point a finger at them for knowing that in advance. 

The KYC requirements are more a government requirement within a legal "Brick n mortar" establishment and not really something that can be enforced with online casinos that are operating from some "island" location. 

Gambling sites needs money and they don’t really care about the identity of the gamer. It means nothing to them if a player less than 18 years plays on the site as long as the player has money to spend. But there are some casino sites that request for KYC and I am wondering what exactly they need it for or reasons why they need it knowing completely well that no player would never agree to submit their private details.

I don’t gamble in any site that request for KYC. I can’t remember the name of a site a visited some time last year, with varieties of games and I would have really loved to play but as soon as I realized that KYC Is a prerequisite for withdrawal, I just backed out of the site and that was the end.

[joshy23]

Many online casinos require you to pass KYC to withdraw funds. The main question is can these casinos be trusted with your personal info. In my opinion,  it wouldn't do more good for you.

I think some of the websites have a good trusted so far. But we have our choice to stay away from them because they want us to pass KYC. We have the other casinos which will allow us to withdraw the funds without pass KYC and I think that casinos are trusted too. But I don't want to pass any KYC on any website because it's too risky for me and I think that many identifications have been spread in the dark web.

What is good in this industry that you have an options and variety of selections of those site which you didn't need any compliance with KYC procedures, you can enjoy the games and withdraw all you want without fearing that KYC will take place.

[cryptokings2019]

Most online casinos are not operating legally so they would rather prefer to deal with "unknown" entities, because they can even allow children to gamble and nobody can point a finger at them for knowing that in advance. 

The KYC requirements are more a government requirement within a legal "Brick n mortar" establishment and not really something that can be enforced with online casinos that are operating from some "island" location. 

Yeah like Freebitco.in they take bets from kids too.  No verification of age is requested.  How dare you refer me as the 2-5 year old spammer which is really the thorn in TheQuin's side.  He used fake allegations of VPN's being used to confiscate millions in Satoshis.  3 Minors, 3 Devices, 3 Emails, and multiple deposits from each.  When Freebitco.in stole the funds and refused to respond to emails we came here with our complaints.  It was not VPN's as he stated in fact he encourages U.S. residents to use VPN's to get around (Reputable) internet casinos that block U.S. residents.  When Government officials from where Freebitco.in claims to operate from told Ken to demand refunds TheQuin said he could call the police for Blackmail but was not going to do that.  Then when Ken gave TheQuin proof he was working with someone with The BVI Government who said they were not a registered business or corporation and not authorized to do business in The BVI that's when TheQuin banned accounts and stole Millions of Satoshis in deposits.  You get to see his side of the story but not ours and then we get ridiculed with needless name calling in an attempt to create awareness in what happened to us.  Another complaint surfaced where the guy had 1000 referrals and to avoid paying him commissions due he was accused of Multi Accounts as well.

[nydiacaskey01]

Well you can't blame gambling sites nowadays to add KYC since gambling sites now accepts different crytos and allows you to exchange example BTC to ETH. If its a new site and ask for KYC, I wouldn't try to send anything to them, but if its an old site that has been running or operating for several years already, I would go for KYC.

[ruthwithers1980]

Well you can't blame gambling sites nowadays to add KYC since gambling sites now accepts different crytos and allows you to exchange example BTC to ETH. If its a new site and ask for KYC, I wouldn't try to send anything to them, but if its an old site that has been running or operating for several years already, I would go for KYC.

That's the way to do it. If the casino has already established itself as a trustworthy site, then and only then will I try to transact with it even if there's KYC.

[Sithara007]

Well you can't blame gambling sites nowadays to add KYC since gambling sites now accepts different crytos and allows you to exchange example BTC to ETH. If its a new site and ask for KYC, I wouldn't try to send anything to them, but if its an old site that has been running or operating for several years already, I would go for KYC.

Just because a site has been in operation for 3-4 years, there is no guarantee that they can be trusted. Because the ownership of these casinos change very frequently, and if someone is able to purchase a well reputed and long running gambling site, there is no surety that he is very clean. With the amount of identity forging going on these days, I would treat KYC as a last resort. And I am definitely against doing KYC in any of the gambling sites, no matter how reputed they are.

[GregH37]

Gambling sites needs money and they don’t really care about the identity of the gamer. It means nothing to them if a player less than 18 years plays on the site as long as the player has money to spend. But there are some casino sites that request for KYC and I am wondering what exactly they need it for or reasons why they need it knowing completely well that no player would never agree to submit their private details.

I don’t gamble in any site that request for KYC. I can’t remember the name of a site a visited some time last year, with varieties of games and I would have really loved to play but as soon as I realized that KYC Is a prerequisite for withdrawal, I just backed out of the site and that was the end.

Be careful how you gamble on such sites because it can be very risky. I understand that we bettors don’t like sites that require KYC but they are safer. Most of this sites that don’t care are not licensed and for some that are licensed they are doing it are only clashing the requirements and it can be risky. Hope they don’t shut down one day and run with your money.

I suggest you start seeing nothing wrong with gambling sites that require KYC regulation, they are actually the safest to play on. Just look for one that is reputable and feel free to drop your personal information knowing that it is safe, they only request for it because the government has a policy that gambling sites should get the information’s from their customers.

[prtty2gal2]

Many online casinos require you to pass KYC to withdraw funds. The main question is can these casinos be trusted with your personal info. In my opinion,  it wouldn't do more good for you.

Yes they can be trusted, The reason why most sites apply know your customer regulation during withdrawal is because of government policy in some jurisdictions, the requirement of gambling operators is to verify the age and identity of their customers. And the reason for this laws is to
*prevent money laundering and fraud : so as long as your hands are clean and you know you aren’t involved in any kind of fraudulent act, you should not be scared about KYC regulation

*Another reason is to prevent minors: SO if you are sure you are of age and of full legal responsibility, you will not have any issue with KYC. It is even more risky to play in a gambling site that does not have KYC policy, because it might not be licensed or working contrary to the license criteria’s.

[michellee]

Many online casinos require you to pass KYC to withdraw funds. The main question is can these casinos be trusted with your personal info. In my opinion,  it wouldn't do more good for you.

I think some of the websites have a good trusted so far. But we have our choice to stay away from them because they want us to pass KYC. We have the other casinos which will allow us to withdraw the funds without pass KYC and I think that casinos are trusted too. But I don't want to pass any KYC on any website because it's too risky for me and I think that many identifications have been spread in the dark web.

What is good in this industry that you have an options and variety of selections of those site which you didn't need any compliance with KYC procedures, you can enjoy the games and withdraw all you want without fearing that KYC will take place.

Yes, exactly. People will stay away from the gambling website which requires KYC because they don't want to send any document to the website. And fortunately, we are in the crypto gambling site, and we have so many recommended gambling website that we can use for gamble. I always check on every gambling website before I deposit or play gambling especially for the KYC section so I can know which site that I can use to gamble.

[jhongzjhong]

Even they say that it would be nice if gambling site were implemented KYC but I rather choose a gambling site which not have KYC implementation. The credibility of the gambling site is not a measure if you are going to pass KYC. The best thing is we're looking for a good service which is reliable for us. The casinos that have KYC aren't good and also aren't bad, the effect on this is having a costumer. Of course, no KYC implementation was very tempted to the gamblers to gamble because the majority of them avoided submitting personal data.