KYC and the $5 hammer

[sana54210]

If the possession of a cryptocurrency is anonymous, then at least today the administration of an online casino should not require the provision of passport data.  Perhaps in the future the situation will change, but so far there are no legal grounds for such requirements.

Anonymity has nothing to do with presentation of some little private details. Most of the gambling sites that even ask for KYC are the genuine ones because there is a law governing the license of gambling sites and one of it is the requirement of KYC from the gamblers for the purpose of money laundering and scam, and the obedient operators are the ones making this request but if as a player you do not find it save, you have every right to play on a non-licensed site that do not demand for KYC.

I personally do not see anything wrong with submitting my passport on a site, and I do this a lot because I verify the sites I play games and I am very sure it’s safe.

[Becky666]

A theme  topic, whatever often talked about on this forum, is the $5 hammer attack.
Many people suggest to keep your bitcoin holdings secret, thus preserving the anonymity of bitcoin to a certain degree.
But then you get sportsbooks asking for photos and passports, and god only knows what else.
If a sportsbook wants all this, I respectly suggest they change to fiat.

Basically you would have also let us know the platform that requested such information from you as a sportsbook. For me I wouldn't risk my life and privacy for just such dollars, even a thousands dollars doesn't worth my privacy. Although some gambler can give out their privacy for free but for me, never will I give them out.

[adzino]

Same here. I don't understand why most of those sports book sites asks for KYC? To comply by their country law? Then how come there are other gambling casino and sports book sites that don't ask for KYC? If laws and regulations are an issue, can't they just remotely host their sports book sites from some other countries which are crypto friendly and laws aren't that strict? This KYC thing totally kills the main purpose of using crypto currencies.

[FanEagle]

In most cases, even trade exchanges place conditions on users to provide passport data in the first place precisely when the user wants to withdraw a sufficiently large amount of funds.  Gambling books should be guided in the same way, because not all gamblers deal with big wins.

That's what I am saying that the rules of kyc should be uniform and should not vary with the withdrawal amounts.  If a sportbook or gambling site want to implement kyc they should implement it right at the time of making an account on that site and not at the time of withdrawal.

I have heard one or two cases of people who always had this KYC issue at withdrawal and I still find it very strange because the few sites I have visited with KYC requirement always did that at registration and most time I back out immediately because I am not called for such shit . I believe those who have issues with withdrawing probably didn’t go through the T&C OF THE SITE BEFORE REGISTERING, IT MUST HAVE been stated that there might be possibility of asking for personal details at withdrawal and if there’s nothing of such, that means the site is a scam site

In my opinion, KYC on its own its scam to a decentralized system, I feel it’s not supposed to be at all by no standard. Well, I feel sorry for bettors still dropping their details on such sites and I hope it wont be released to third parties.

[TimeTeller]

In most cases, even trade exchanges place conditions on users to provide passport data in the first place precisely when the user wants to withdraw a sufficiently large amount of funds.  Gambling books should be guided in the same way, because not all gamblers deal with big wins.

That's what I am saying that the rules of kyc should be uniform and should not vary with the withdrawal amounts.  If a sportbook or gambling site want to implement kyc they should implement it right at the time of making an account on that site and not at the time of withdrawal.

I have heard one or two cases of people who always had this KYC issue at withdrawal and I still find it very strange because the few sites I have visited with KYC requirement always did that at registration and most time I back out immediately because I am not called for such shit . I believe those who have issues with withdrawing probably didn’t go through the T&C OF THE SITE BEFORE REGISTERING, IT MUST HAVE been stated that there might be possibility of asking for personal details at withdrawal and if there’s nothing of such, that means the site is a scam site

In my opinion, KYC on its own its scam to a decentralized system, I feel it’s not supposed to be at all by no standard. Well, I feel sorry for bettors still dropping their details on such sites and I hope it wont be released to third parties.

If you are a high roller or a gambler that tends to spend huge amount of money on online casino site, you really should understand the TOS of every site that you want to play with.
Otherwise, it is your own fault when the time comes for withdrawal and other things that the site may require your personal details.
It might not be an initial requirement but later on they might ask those details when you fall to the category of their kyc protocol.

[eaLiTy]

Many people suggest to keep your bitcoin holdings secret, thus preserving the anonymity of bitcoin to a certain degree.
But then you get sportsbooks asking for photos and passports, and god only knows what else.
If a sportsbook wants all this, I respectly suggest they change to fiat.

I partially agree with you regarding the KYC procedure we have to undergo even when using bitcoin and other crypto related gambling sites and even i hate providing the details if i am not wagging huge amounts of money, on the other side of things, a sport book has to protect their business too, there are many stolen coins in the market and they do not want these stolen coins to pass through any sports book and be on the blind side of things and get into legal trouble and that is the main reason mostly every one started implementing these procedures.

PS: I was also furious when they implemented KYC and these information was shared by gambling sites and that is the day i stopped wagging huge amounts, the choice is yours whether to comply or to reject them  .

[Maslate]

In my opinion if need to withdraw large amount and website ask for kyc then i will do it, but for 5$ or for low amount if they ask kyc and website is not so known i will not do kyc and i will let that low amount there, anyway is the personal choice.

It really matters the amount and to risk our personal details for just a few bucks.
Personally, KYC is a big deal for everyone and not all of us can afford to lose our personal identities unless it was 1BTC, it is a really big amount for me and I'll do KYC for them.

[joniboini]

Personally, KYC is a big deal for everyone and not all of us can afford to lose our personal identities unless it was 1BTC, it is a really big amount for me and I'll do KYC for them.

Even for 1 BTC I won't do any KYC if the service that I use don't have any public information which I can use to sue them if something went wrong. Our identity should worth more than that.

Should have never used them in the first place if they have shady ToS which with KYC and things like that.

[Kasabus]

Personally, KYC is a big deal for everyone and not all of us can afford to lose our personal identities unless it was 1BTC, it is a really big amount for me and I'll do KYC for them.

Even for 1 BTC I won't do any KYC if the service that I use don't have any public information which I can use to sue them if something went wrong. Our identity should worth more than that.

Should have never used them in the first place if they have shady ToS which with KYC and things like that.

Some doesn't see their information as valuable as you.
If you still remember last April fools day this year, some of the members in the forum are even submitting their KYC even without realizing it was all joke.

[panjul07]

Personally, KYC is a big deal for everyone and not all of us can afford to lose our personal identities unless it was 1BTC, it is a really big amount for me and I'll do KYC for them.

Even for 1 BTC I won't do any KYC if the service that I use don't have any public information which I can use to sue them if something went wrong. Our identity should worth more than that.

Should have never used them in the first place if they have shady ToS which with KYC and things like that.

You have good point, but in fact there are so many people out there who do not really care about their own identity documents by doing KYC for airdrops or free small amount of money. If we don't want to do KYC, it is always better to choose gambling sites that do not have any terms related to KYC. Frankly speaking, 1BTC is big enough so I will think twice if I have to do KYC for that amount but I'm sure no trusted bitcoin gambling sites asks for KYC to their players for that amount.

[aioc]

A theme  topic, whatever often talked about on this forum, is the $5 hammer attack.
Many people suggest to keep your bitcoin holdings secret, thus preserving the anonymity of bitcoin to a certain degree.
But then you get sportsbooks asking for photos and passports, and god only knows what else.
If a sportsbook wants all this, I respectly suggest they change to fiat.

You need to mention the name of the sportsbooks so people here, know what's coming to them in case they encounter this, you can opt to pick other sportsbook so your account and details will not be revealed, we all know many gamblers here like to remain anonymous.

[bitcoin31]

Personally, KYC is a big deal for everyone and not all of us can afford to lose our personal identities unless it was 1BTC, it is a really big amount for me and I'll do KYC for them.

Even for 1 BTC I won't do any KYC if the service that I use don't have any public information which I can use to sue them if something went wrong. Our identity should worth more than that.

Should have never used them in the first place if they have shady ToS which with KYC and things like that.

Maybe even I don't like KYC if they offer for me 1 bitcoin to pass my information maybe I will do that and for my safety of course I do search about the site if it's legit and good to review all the informartion aboug the TOS  to know that they have possibility that can harm you once you pass your KYC to them. But for the single dollars I will never do that.

[Decimation]

You can't have it both ways. If you wish to engage in online activies such as gambling or social media, you are probably going to have to cough up some information. And that is for everyone's protection, god knows what it would be like if that wasn't the way it was. Honestly if you value your privacy enough, just don't gamble. It's not like its preventing you from doing other things, if you don't wanna kick the ball, then don't play soccer.

[Avirunes]

I think there are still some sportsbooks where they don't usually ask to go through KYC if you happen to win in small amounts and withdraw in small volumes. So try those who don't ask for it.

Personally, KYC is a big deal for everyone and not all of us can afford to lose our personal identities unless it was 1BTC, it is a really big amount for me and I'll do KYC for them.

Even for 1 BTC I won't do any KYC if the service that I use don't have any public information which I can use to sue them if something went wrong. Our identity should worth more than that.

Should have never used them in the first place if they have shady ToS which with KYC and things like that.

You have good point, but in fact there are so many people out there who do not really care about their own identity documents by doing KYC for airdrops or free small amount of money. If we don't want to do KYC, it is always better to choose gambling sites that do not have any terms related to KYC. Frankly speaking, 1BTC is big enough so I will think twice if I have to do KYC for that amount but I'm sure no trusted bitcoin gambling sites asks for KYC to their players for that amount.

Well sometimes they are also stuck since they happen to know about KYC after they have completed the work or in sportsbooks case places withdraw. So they have to go through verification to get their stucked balance out.

[xSkylarx]

In my opinion if need to withdraw large amount and website ask for kyc then i will do it, but for 5$ or for low amount if they ask kyc and website is not so known i will not do kyc and i will let that low amount there, anyway is the personal choice.

If it's stated in the TOS then you really need to complete the KYC to withdraw whatever  amount is that. So before betting on sportsbook websites and you don't know the rules, it's better to check those first if they require it. There are other sites where it doesn't require KYC and you can bet how much you want without restriction.

[UmerIdrees]

Same here. I don't understand why most of those sports book sites asks for KYC? To comply by their country law? Then how come there are other gambling casino and sports book sites that don't ask for KYC? If laws and regulations are an issue, can't they just remotely host their sports book sites from some other countries which are crypto friendly and laws aren't that strict? This KYC thing totally kills the main purpose of using crypto currencies.

I do not think KYC is done to comply with any government policies. Most sites uses kyc to discourage people from making multiple accounts on the site. It they were no kyc, you can have make many accounts with different names and email addresses.  It is difficult to do such things when kyc system is in place.

[MI6]

A theme  topic, whatever often talked about on this forum, is the $5 hammer attack.
Many people suggest to keep your bitcoin holdings secret, thus preserving the anonymity of bitcoin to a certain degree.
But then you get sportsbooks asking for photos and passports, and god only knows what else.
If a sportsbook wants all this, I respectly suggest they change to fiat.

Agree with this, because some people use crypto to gamble is to make sure they still anonym, if ask people to do some KYC in crypto gambling site, it will not different with gambling site that use fiat.

[Bitinity]

Same here. I don't understand why most of those sports book sites asks for KYC? To comply by their country law? Then how come there are other gambling casino and sports book sites that don't ask for KYC? If laws and regulations are an issue, can't they just remotely host their sports book sites from some other countries which are crypto friendly and laws aren't that strict? This KYC thing totally kills the main purpose of using crypto currencies.

I do not think KYC is done to comply with any government policies. Most sites uses kyc to discourage people from making multiple accounts on the site. It they were no kyc, you can have make many accounts with different names and email addresses.  It is difficult to do such things when kyc system is in place.

KYC has nothing to do with multiple accounts imho, there are many bitcoin gambling sites that against multiple accounts but they don't ask KYC from their players because I believe they have other security system to prevent multiple accounts. AFAIK why some sites ask KYC is due to its license, as some sites claims that they should do it because it is required by the license.

[TheCoinGrabber]

Do you have any particular site you found asking for this? I'd understand this is required for exchanges but I think it's too much for a betting site.

I'm under the impression that these sites are less supervised than exchanges so there's a higher odd of your info getting out which, like you stated can result in a wrench attack.

[thin]

A theme  topic, whatever often talked about on this forum, is the $5 hammer attack.
Many people suggest to keep your bitcoin holdings secret, thus preserving the anonymity of bitcoin to a certain degree.
But then you get sportsbooks asking for photos and passports, and god only knows what else.
If a sportsbook wants all this, I respectly suggest they change to fiat.

Agree with this, because some people use crypto to gamble is to make sure they still anonym, if ask people to do some KYC in crypto gambling site, it will not different with gambling site that use fiat.

Don’t answer for all. See for ex https://99bitcoins.com/best-bitcoin-casino/#Bitstarz report. Best casinos accept wide ways to transfer funds in fiat and crypto, it is regulated, and it is require KYC. If it is proven legit casino the reason to avoid KYC process would be a desire to bypass taxes, if it has to be paid in a particular country. Might be a good reason, but that’s everyone has to decide for himself.