(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.
Crypto is yet to be identified by many nations across the world and is restricted by many. Most people , at least I can vouch for my network of crypto traders that they prefer to stay anonymous. Also, people stay in dark when dealing with crypto and share that with very few close people (Atleast I am like that). Plus, the hassle with KYC documentation and registration process could be a reason.
