Reasons Crypto Players Skip Casinos with KYC

[michellee]

I think kyc is important but the problem can cine from scam sites or sites who not have a good security and documents to be shared with 3rd parties, but if huge amount of money are put on a casino if they have a rule to ask kyc they will ask it.

Although kyc is important, I think in online gambling, people can avoid registering on the gambling website, which requires the kyc so they can protect their identity from the scamming target. The most reason for the gamblers who don't want to join in the casino with kyc is only because they want to prevent themselves from the scamming. We don't know if the documents will be safe with them because they don't tell us how they will keep the documents.

[Distinctin]

It seems to me that online casinos are not always required to provide passport data appropriate.  You still have such countries where such game resources are officially registered and they need to keep records of income and expenditure of funds.  And without registration of users - it is impossible to do.  But this is just my opinion.

I'm just happy that casinos in crypto space does not require us such, we can gamble without any documents submitted as their purpose is to help customers gamble anonymously. However, if time comes that the regulation will become strict, I think submitting and ID would already suffice, pastport is too much, that document can be use for illegal activities in case the site leak or sell it. We know how risky our venture here in the crypto space, so we need to be very careful in submitting our personal documents.

[maydna]

It seems to me that online casinos are not always required to provide passport data appropriate.  You still have such countries where such game resources are officially registered and they need to keep records of income and expenditure of funds.  And without registration of users - it is impossible to do.  But this is just my opinion.

That will be a choice for the gamblers to register in that online casinos because they don't have to send any document to play gambling. I see that many gamblers don't like to send their personal information, and I don't like too, because we only want to release our stress by playing gambling and while we are connected to the internet, we spend our time to gamble.

We consider gambling as a way to have fun and not for making money and that is why we don't need to do kyc. But if we want to make a business, then I think kyc is needed because it will give more trust to our customer.

[UmerIdrees]

also KYC are a pain in the ass sometimes

To put it mildly yes, KYC can end up meaning leverage against the consumer without any real regulation or ability to appeal to fair appliance of the policy.    If it was applied in a balanced way perhaps but unfortunately it can also just be bullying with an excuse to hold onto funds endlessly.

yes, ground for bullying and I never thought of this until you have stated it here. Anyway, whether with or without KYC if one really is open then it is not really that important. One can still cheat in KYC by using other profile and other credentials without the knowledge of one getting use to.

Cheating the KYC will not be that easy because in most KYC they ask for holding your nic with your picture.  Even if you manage to clear the kyc with wrong profile, in case of any issues in future, you will not be able to proof your identity making you lose of funds in any in your casino account. Its better not to do KYC than to do a fake KYC.

[slaman29]

Why should it matter if a huge amount of money is put, or a small amount? You have to understand the whole concept of KYC is because of compliance with laws of anti money laundering and to prevent other sort of criminal activity like terrorist funding.

I saw a documentary once about how the bombs were funded in some parts of the world, tiny tiny amounts were sent from 100s of different sources, all flowing to the same organization. And this way they were not tracked because it was tiny amounts.

Right, they normally do it in tiny amounts not to get attention from banks because if they do it in big amount surely they will be investigated. For me, KYC is good because it will serve as an added security not only for the players but for the owners as well.

Not necessarily. It was because of these types of activities in the past that somehow got away from the eyes of the law that now when banks and other money transfers screen their transactions, they apply a lot of different methods. Now if your account also gets many transfers from different people you also get flagged. This is what happens to a lot of p2p traders.

Which is my point. It shouldn't matter big or small amount.

[Vaskiy]

It seems to me that online casinos are not always required to provide passport data appropriate.  You still have such countries where such game resources are officially registered and they need to keep records of income and expenditure of funds.  And without registration of users - it is impossible to do.  But this is just my opinion.

I think the gamblers can accept if the real casino needs their identity before they can play because I think the casino wants to know their player, their background, and else. They ask for the identity so if something bad happens to the gamblers, they can contact the other family members to help them to solve the problem. But if the online gambling needs KYC to their player, I think the gamblers won't give or don't like that because many gamblers don't like the KYC.

Nevertheless, every gambler has his own opinion in the provision of passport data.  Some oppose, while others provide KYC without any problems.  It seems to me that any resource will find its user, because not all gambling requires KYC.

Not all gambling websites requires KYC, same time there are more and more gambling websites that request for KYC. As of now the gambling market has been getting widen, and the same is the major reason for gambling websites to request for the KYC. If the user needs to be identified, even without any identity revealing the person can be identified. So, what we see as KYC is just a procedure to keep its user data.

[panjul07]

also KYC are a pain in the ass sometimes

To put it mildly yes, KYC can end up meaning leverage against the consumer without any real regulation or ability to appeal to fair appliance of the policy.    If it was applied in a balanced way perhaps but unfortunately it can also just be bullying with an excuse to hold onto funds endlessly.

yes, ground for bullying and I never thought of this until you have stated it here. Anyway, whether with or without KYC if one really is open then it is not really that important. One can still cheat in KYC by using other profile and other credentials without the knowledge of one getting use to.

Cheating the KYC will not be that easy because in most KYC they ask for holding your nic with your picture.  Even if you manage to clear the kyc with wrong profile, in case of any issues in future, you will not be able to proof your identity making you lose of funds in any in your casino account. Its better not to do KYC than to do a fake KYC.

It is recommended at to cheat KYC process, it is better to avoid KYC at all instead of cheating. If the site knows that someone do fake KYC then it may affect on the account, the worst thing is that the account can be blocked as well as the fund. Using other profile for something like this can be considered as crime as well (at least in my country) as we use other's identity. It may affect something bad to the real owner of the identity we use. So if we want to do KYC, use our own identity but we don't then we should avoid it and find other site with no KYC.

[STT]

Why should it matter if a huge amount of money is put, or a small amount? You have to understand the whole concept of KYC is because of compliance with laws of anti money laundering and to prevent other sort of criminal activity like terrorist funding.

Most KYC is about one thing, government protecting its revenues from easy tax avoidance.   The ability to leverage control over revenues via a national currency is very important to the power of a government to decide policy but also fund itself.

I think most terrorist or drugs or anything illegal is still likely done via Dollars and possibly even just in cash because that market is far larger, less tracked then BTC with its open ledgers.

[Sithara007]

I think kyc is important but the problem can cine from scam sites or sites who not have a good security and documents to be shared with 3rd parties, but if huge amount of money are put on a casino if they have a rule to ask kyc they will ask it.

There is only one solution to this. Rather than having all the casinos asking for KYC from their users, we can have a centralized authority which can verify the documents for all the casino users. This will avoid the issue of gamblers having to undergo KYC for dozens of different casinos. Also the chances are low that someone will be able to steal these documents.

[semobo]

No no no . the governments will never do that  . they wont come at your door step because that is a big hassel to them but instead what they will usually do is that they will charge you or the gambling site will charge you  tax after you won  . and whats the facebook thingy that you posted above ?  You mean facebook also steals our data ?  Your right though  . i have heard of that news before but its not really a big deal to some average joe . they only care about using facebook

They won't come to us and ask us to pay the tax for the rewards but if you ignore to pay the tax to government then you will be criminal in the eye of government.

Stealing data is not a big deal? Huh?

You will know the consequences of it when internet is everywhere.

[Zicadis]

I think kyc is important but the problem can cine from scam sites or sites who not have a good security and documents to be shared with 3rd parties, but if huge amount of money are put on a casino if they have a rule to ask kyc they will ask it.

There is only one solution to this. Rather than having all the casinos asking for KYC from their users, we can have a centralized authority which can verify the documents for all the casino users. This will avoid the issue of gamblers having to undergo KYC for dozens of different casinos. Also the chances are low that someone will be able to steal these documents.

Buddy you are in a cryptocurrency forum and you are suggesting ""centralized"" solution? That's quite an irony. Even at it's best and most transparent implementation, a centralized solution would be prone to hacks. Imagine a central authority getting hacked with all your gambling KYC, phone numbers, emails, addresses.

You'd get thousands of texts, millions of emails and you might even get those promotional paper mails that casinos used to send back in the 70's. A centralized solution is just THAT BAD.

[ethereumhunter]

It seems to me that online casinos are not always required to provide passport data appropriate.  You still have such countries where such game resources are officially registered and they need to keep records of income and expenditure of funds.  And without registration of users - it is impossible to do.  But this is just my opinion.

I think the gamblers can accept if the real casino needs their identity before they can play because I think the casino wants to know their player, their background, and else. They ask for the identity so if something bad happens to the gamblers, they can contact the other family members to help them to solve the problem. But if the online gambling needs KYC to their player, I think the gamblers won't give or don't like that because many gamblers don't like the KYC.

Nevertheless, every gambler has his own opinion in the provision of passport data.  Some oppose, while others provide KYC without any problems.  It seems to me that any resource will find its user, because not all gambling requires KYC.

That is true. People will choose whatever they want, and each of them will try to join the gambling website, which can give them comfort. That is why we see there are two types of gambling website which will require kyc and the other are not used kyc. The decision will be at the gamblers itself because they are who want to play gambling and they will decide by themselves.

[Tungsten-1]

I think kyc is important but the problem can cine from scam sites or sites who not have a good security and documents to be shared with 3rd parties, but if huge amount of money are put on a casino if they have a rule to ask kyc they will ask it.

Although kyc is important, I think in online gambling, people can avoid registering on the gambling website, which requires the kyc so they can protect their identity from the scamming target. The most reason for the gamblers who don't want to join in the casino with kyc is only because they want to prevent themselves from the scamming. We don't know if the documents will be safe with them because they don't tell us how they will keep the documents.

I think your statement that KYC is important for both casino and for maybe the record-keepers in the jurisdiction but the cost of going through a KYC for a gambler might be more than what he might lose if he or she does not. Why would a decentralized system that hides your identity bother anyone in the system? This is the first question of these gamblers. The benefits of going through a kyc is not worth disclosing your details.

[Danslip]

I think kyc is important but the problem can cine from scam sites or sites who not have a good security and documents to be shared with 3rd parties, but if huge amount of money are put on a casino if they have a rule to ask kyc they will ask it.

There is only one solution to this. Rather than having all the casinos asking for KYC from their users, we can have a centralized authority which can verify the documents for all the casino users. This will avoid the issue of gamblers having to undergo KYC for dozens of different casinos. Also the chances are low that someone will be able to steal these documents.

Buddy you are in a cryptocurrency forum and you are suggesting ""centralized"" solution? That's quite an irony. Even at it's best and most transparent implementation, a centralized solution would be prone to hacks. Imagine a central authority getting hacked with all your gambling KYC, phone numbers, emails, addresses.

You'd get thousands of texts, millions of emails and you might even get those promotional paper mails that casinos used to send back in the 70's. A centralized solution is just THAT BAD.

That's why GDPR rule is essential for the European gambling companies, it becomes a new standard for the future customers, gambling related organizations. Having al that data is not safe considering the hack possibilities on online world. By the way, I understood all points of the decentralization but it doesn't make sense to share the personal documents on decentralized platforms. Can you please explain this part?

[TheUltraElite]

Right, and there are a lot of legit sites on crypto gambling and usually they almost have same game and we can pick any site that we want. If me i not want to do KYC because crypto gambling is something that i use because i don't want to play in online gambling site that open in my country.

So you mean KYC would stop you from playing anymore? There are local casinos in many countries and some have rules about prohibiting them. If your country does not allow gambling then you also should not be gambling if you wish to stay out of trouble. Then again people think that rules are meant to be broken courtesy of the worthless legal systems we have in most developed countries.

In that sense though KYC should be a good method to stop people who are prohibited from gambling - to keep them at check.

[ruthwithers1980]

(SINCE THE TOPIC HAS BEEN ACTIVE HERE ON BITCOINTALK FOR QUITE SOME TIME NOW, I DECIDED TO CREATE AN INFOGRAPHIC ABOUT IT. AND NOW IN THIS UPDATED POST, YOU WILL SEE I ALREADY ATTACHED BELOW THE INFOGRAPHIC FOR EVERYONE'S EASY READING)

“Know your customer,” “know your client,” or simply KYC is a procedure carried out by a business to verify the identity of its potential and existing customers. This is done to avoid putting the business at risk of being used by fraudulent individuals for illegal activities like money-laundering.

Additionally, the procedure is one way of protecting the interest of the customers, usually in case of loss of account or fund forfeiture.
In the online betting industry, all the reputable casinos you know do the KYC in compliance with the gaming-related laws within the jurisdictions they target. They are required to get their players’ personal information like name, age, address, and sometimes banking details. They even ask the players to present copies of their valid IDs just to ensure there will be no fraud.

While some cryptocurrency players find KYC beneficial and well-intentioned, others see it as a menace to online betting. Here's an infographic summarizing why:

SOURCE WITH FULL ARTICLE: 4 Reasons Crypto Players Skip Casinos with KYC


I hope you find this post friendly. Feel free to comment below your thoughts on KYC procedures in crypto-accepting casinos.

Hi to all who viewed the original post, especially those who expressed their thoughts on KYC in online casinos.

Since the topic has been active here on Bitcointalk for quite some time now, I decided to create an infographic about it. And now in this updated post, you will see I already attached below the infographic for everyone's easy reading. Thank you!

[rommel_BCA]

(SINCE THE TOPIC HAS BEEN ACTIVE HERE ON BITCOINTALK FOR QUITE SOME TIME NOW, I DECIDED TO CREATE AN INFOGRAPHIC ABOUT IT. AND NOW IN THIS UPDATED POST, YOU WILL SEE I ALREADY ATTACHED BELOW THE INFOGRAPHIC FOR EVERYONE'S EASY READING)

“Know your customer,” “know your client,” or simply KYC is a procedure carried out by a business to verify the identity of its potential and existing customers. This is done to avoid putting the business at risk of being used by fraudulent individuals for illegal activities like money-laundering.

Additionally, the procedure is one way of protecting the interest of the customers, usually in case of loss of account or fund forfeiture.
In the online betting industry, all the reputable casinos you know do the KYC in compliance with the gaming-related laws within the jurisdictions they target. They are required to get their players’ personal information like name, age, address, and sometimes banking details. They even ask the players to present copies of their valid IDs just to ensure there will be no fraud.

While some cryptocurrency players find KYC beneficial and well-intentioned, others see it as a menace to online betting. Here's an infographic summarizing why:

SOURCE WITH FULL ARTICLE: 4 Reasons Crypto Players Skip Casinos with KYC


I hope you find this post friendly. Feel free to comment below your thoughts on KYC procedures in crypto-accepting casinos.

The infographic included pretty much summarizes the reasons crypto users don't like kyc in online casinos. Nice work, OP. We hope to see more posts like this.

[hayleewilson]

As the number of users of cryptocurrencies increases, the number of casinos that now accept Bitcoin increases as well. If you’re a long-time member of the online gambling community, you’ll know that long-running online betting hubs like Tangiers Casino, NetBet, ToneyBet, and Americas Cardroom are now welcoming to crypto players.

However, the transactions on these betting sites are not crypto-exclusive. These brands may be flexible in terms of payments, but they get the big “nos” of players who bet solely in Bitcoin. Why? It’s because fiat-money casinos are required to carry out the know-your-customer procedure (KYC) through which players are asked to give their personal info before they get permitted to wager real money on the website.

[Vaculin]

As the number of users of cryptocurrencies increases, the number of casinos that now accept Bitcoin increases as well. If you’re a long-time member of the online gambling community, you’ll know that long-running online betting hubs like Tangiers Casino, NetBet, ToneyBet, and Americas Cardroom are now welcoming to crypto players.

However, the transactions on these betting sites are not crypto-exclusive. These brands may be flexible in terms of payments, but they get the big “nos” of players who bet solely in Bitcoin. Why? It’s because fiat-money casinos are required to carry out the know-your-customer procedure (KYC) through which players are asked to give their personal info before they get permitted to wager real money on the website.

That's right, they started the business as fiat casino so they are govern by law.
KYC is necessary to them and therefore we need to comply if we wan to gamble, the biggest casino are fiat casino because they are regulated and they earn more trust from big time gamblers but crypto casinos that does not require KYC can still compete with volume of small time gamblers.

[maydna]

As the number of users of cryptocurrencies increases, the number of casinos that now accept Bitcoin increases as well. If you’re a long-time member of the online gambling community, you’ll know that long-running online betting hubs like Tangiers Casino, NetBet, ToneyBet, and Americas Cardroom are now welcoming to crypto players.

However, the transactions on these betting sites are not crypto-exclusive. These brands may be flexible in terms of payments, but they get the big “nos” of players who bet solely in Bitcoin. Why? It’s because fiat-money casinos are required to carry out the know-your-customer procedure (KYC) through which players are asked to give their personal info before they get permitted to wager real money on the website.

That's right, they started the business as fiat casino so they are govern by law.
KYC is necessary to them and therefore we need to comply if we wan to gamble, the biggest casino are fiat casino because they are regulated and they earn more trust from big time gamblers but crypto casinos that does not require KYC can still compete with volume of small time gamblers.

But soon, when crypto casino become bigger and available in the country which is allow gambling, gamblers can move to the crypto casino. I guess that right now, with the growth of the crypto and online crypto gambling, gamblers move to the online crypto gambling, because that will help them to stay anonymous.

Besides that, people will realize the importance of KYC, and they will only do KYC with the recommended gambling casino or online gambling website and have reputations. People will obey the rule because they don't want to break any law whether they are using online gambling or gambling casino.