uneng
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February 06, 2022, 06:07:40 PM |
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The main disadvantage in my opinion is the bureaucracy it creates for gamblers in order to start playing in a casino. When we sign up, we want to make an instant deposit and start playing without waiting for any pendencies, and unfortunatelly with KYC, the platform needs to approve our documents first until we have the certain our account will be 100% functional or not. On the other hand, KYC is a standard procedure for most operating businesses right now, including the ones related to the crypto universe, so we can't do much about it. If casinos don't follow basic requirements asked by regulators, it won't be possible for them to work... It's a hard decision that totally disrespects gamblers' privacy, but I can understand it's necessary.
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wxa7115
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February 06, 2022, 06:32:28 PM |
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Realizing how negatively kyc is seen by many players mostly in cryptocurrency casinos players am confused what kyc does in a casino, why do some casino operators have kyc and others don't have. I email also a part of kyc because most casinos often than not request email. What are KYC's advantages and disadvantages.
Almost every cryptocurrency casino these days could ask you for your personal information, it is just that casinos may have slight different internal policies about when to do this, which is why some casinos are more permissive to their players while some others will ask for that information more easily. Now about the advantages and disadvantages, there are no advantages for the player, after all you get nothing in return for going through KYC policies while the casino gets the information that they need from you.
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Danydee
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February 06, 2022, 06:53:04 PM Last edit: February 06, 2022, 11:34:21 PM by Danydee |
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Realizing how negatively kyc is seen by many players mostly in cryptocurrency casinos players am confused what kyc does in a casino, why do some casino operators have kyc and others don't have. I email also a part of kyc because most casinos often than not request email. What are KYC's advantages and disadvantages.
Many online transactions are secure - seems like Casiono KYC asks for idendenty and other info before varification which seems an advantage. But mostly people are hesitant to provide all their information in black white. So this seems a problem. However future is bright. Good luck! More and more platforms (in all fields) choose to operate their KFC verification by specialized platforms.. so why are there no specialized platforms which can verify KYC and provide sites/services such casinos etc. with only some basic informations or in example just a unique identifient with some necessary references informations ? Not only to encourage reluctant people, but in order to avoid any abuse that may arise in the case of the collection of sensitive personal data which is archived and becomes available in numerous and uncertain places.
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AmoreJaz
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February 06, 2022, 07:18:48 PM |
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Once there is a huge money involve you better expect a KYC, not just in casino but for every other places too where there is a money involve especially in banks. And also, you can read every ToS on different casinos if you don't know it's suppose to be mean. It will benefit to both gamblers and the exchanges for security reasons and also to avoid money laundering.
Even if you say that a player is just playing but once they hit the jackpot, then that's it, KYC is served.
this is part of keeping their gaming license. the AML policy is enforced so they also have to abide such policy. and one way is to require KYC from their clients to keep that license. they also have no choice but to follow such protocol. as a player, it is always in your best interest to read the terms of the site. if they have gaming license, expect that you may need to submit kyc at any point in your gambling experience from them, especially if you are a high roller. in some cases, this is one way to stall or freeze big withdrawal from a player, if the casino is running shady.
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SirLancelot
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February 06, 2022, 07:26:35 PM |
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Realizing how negatively kyc is seen by many players mostly in cryptocurrency casinos players am confused what kyc does in a casino, why do some casino operators have kyc and others don't have. I email also a part of kyc because most casinos often than not request email. What are KYC's advantages and disadvantages.
I think KYC does bring benefit to a casino in a way that it can make their casino more legal in the eyes of the government. This could make them stay more in this business but the only downside is that they might not get more costumers because not all gamblers likes KYC but I think its also possible for a casino to not make KYC mandatory because almost all casino that I came across only requires a KYC when your depositing or withdrawing a large amount of money and also they can ask for a KYC to clear out some things like if you have done some violations and they confiscate or hold your funds. They can only be able to return it once you have comply to their KYC.
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AhmadM
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February 06, 2022, 07:27:44 PM |
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So casinos that require KYC can easily track players with the personal information provided and since there is legal casino house they are prompted by the authorities to give out our information and even some shady ones can sell out our information to scammers.
More or less such as you mentioned, especially the last part which is the worst scenario that could happen. That's why a bunch of people are reluctant to give their personal information easily to casinos unless it is certainly trustworthy enough. However imo as long you didn't do anything suspicious such as money laundering, cheating on the casino or playing with huge amounts of money I think casino wouldn't ask for KYC and you could still ease gamble without revealing yourself.
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tabas
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February 06, 2022, 07:34:41 PM |
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Realizing how negatively kyc is seen by many players mostly in cryptocurrency casinos players am confused what kyc does in a casino, why do some casino operators have kyc and others don't have. I email also a part of kyc because most casinos often than not request email. What are KYC's advantages and disadvantages.
They're mandated by their government. As much as they don't want to require KYC, it is the government that forces them to take KYC from their customers. It's always the part of the money being used for laundering but it's common that these casinos are being used for that. So, when someone they see taking advantage of them, they know the identity of that person and it's up to them if they can charge you up with any case that they think should be fined to you.
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Danydee
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February 06, 2022, 08:14:38 PM |
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.. They're mandated by their government. As much as they don't want to require KYC, it is the government that forces them to take KYC from their customers. Yes But the government is also responsible for protection of people's sensitive and personal datas ! So while some services must know the real identifier of a user because of the nature and purpose of the service, why make it mandatory also for services that are more likely not! If it is a practice made to facilitate or favor any operation or intervention of any governmental domain, certain rights of persons must normally be given priority and are in fact subject to higher legal guarantees!
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bitgov
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February 06, 2022, 08:21:21 PM |
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Fiat casinos are regulated by the laws related to the traditional financial market and currencies. Cryptocurrencies are anonymous, so in cryptocurrency casinos we should also play anonymously, i.e. without KYC verification.
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sunsilk
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February 06, 2022, 08:25:26 PM |
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Fiat casinos are regulated by the laws related to the traditional financial market and currencies. Cryptocurrencies are anonymous, so in cryptocurrency casinos we should also play anonymously, i.e. without KYC verification.
As long as there's money involved, the government can require KYC to those institutions and casinos. While crypto is certainly anonymous for some specific cryptos. It's not exempted with the mandate of the government if ever they're needing to require the casino customers to comply to kyc. But the good thing is that there are casinos that don't really ask for kyc. They'll only ask you if it's a serious matter like they have a suspicion against you and you really have no choice but just to get on it.
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AhmadM
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February 06, 2022, 08:27:37 PM |
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~
If you look at this, there are actually a lot of casinos that implement it at least KYC lv1 to verify data from its users. I don't think this is a problem with money laundering or anything else, but indeed, apart from verifying their data, they also have a handle on licensing which they have to do to the local government because this could be a must there. Yeah, there are some. That's just simply the terms of its casino so that people are able to play there, even new users have to fill out this level 1 verification like it or not. Nevertheless I don't think it is a problematic issue since it doesn't need your documents at all, not to mention in a certain casino it could be filled out with fake information.
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Erdogan
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February 06, 2022, 08:31:37 PM |
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Realizing how negatively kyc is seen by many players mostly in cryptocurrency casinos players am confused what kyc does in a casino, why do some casino operators have kyc and others don't have. I email also a part of kyc because most casinos often than not request email. What are KYC's advantages and disadvantages.
I think KYC does bring benefit to a casino in a way that it can make their casino more legal in the eyes of the government. I don't really see any other reason why a casino would require KYC verification. After all, it is clear that no one likes to provide personal data on the Internet, so having such requirements, they lose a very large number of customers. Casinos require KYC just so that when they are checked by the police or other services, they will not have problems with the law.
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Saisher
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February 06, 2022, 08:34:51 PM |
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Fiat casinos are regulated by the laws related to the traditional financial market and currencies. Cryptocurrencies are anonymous, so in cryptocurrency casinos we should also play anonymously, i.e. without KYC verification.
How I wish that is the case but KYC is implemented because the license issuer of the Crypto casino required KYC to at least level 1 to average users and higher level to account they think is committing abuse and with huge wager or withdrawal for money laundering purposes, huge money is involved in casinos and like exchanges, they want to operate within the boundaries of the law.
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bitgov
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February 06, 2022, 08:45:12 PM |
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Fiat casinos are regulated by the laws related to the traditional financial market and currencies. Cryptocurrencies are anonymous, so in cryptocurrency casinos we should also play anonymously, i.e. without KYC verification.
How I wish that is the case but KYC is implemented because the license issuer of the Crypto casino required KYC to at least level 1 to average users and higher level to account they think is committing abuse and with huge wager or withdrawal for money laundering purposes, huge money is involved in casinos and like exchanges, they want to operate within the boundaries of the law. I am aware that the restrictions related to KYC verification result from the law in the place where the company that owns the casino is registered. However, we have examples of casinos where KYC verification is not required, so it looks like if someone want, a solution can be found.
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alegotardo
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February 06, 2022, 11:23:28 PM |
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Realizing how negatively kyc is seen by many players mostly in cryptocurrency casinos players am confused what kyc does in a casino, why do some casino operators have kyc and others don't have. I email also a part of kyc because most casinos often than not request email. What are KYC's advantages and disadvantages.
The main reason, I believe, is legal compliance with laws where the casino is hosted. And it is precisely for this reason that we see much less KYC being required on gambling sites that operate under cryptocurrency, as cryptocurrencies allow much greater anonymity for players and also flexibility for casinos, which, by not depending on Fiat, can migrate their operations. to a country that is more permissive, being able to receive and send cryptos anywhere in the world without depending on any bank or government for this.
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chaser15
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February 06, 2022, 11:25:44 PM |
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Realizing how negatively kyc is seen by many players mostly in cryptocurrency casinos players am confused what kyc does in a casino, why do some casino operators have kyc and others don't have. I email also a part of kyc because most casinos often than not request email. What are KYC's advantages and disadvantages.
It was part of the regulation. We should accept the fact that we won't enjoy the whole decentralized gambling in crypto. There should be no KYC in gambling sites but the operators themselves are having a hard time solving certain laundering cases if no KYC is provided. Let's just hug it as soon, most gambling sites will implement that.
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YinShuiSiYuan
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February 06, 2022, 11:36:41 PM |
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Realizing how negatively kyc is seen by many players mostly in cryptocurrency casinos players am confused what kyc does in a casino, why do some casino operators have kyc and others don't have. I email also a part of kyc because most casinos often than not request email. What are KYC's advantages and disadvantages.
Nobody likes to undergo KYC verification when we want to withdraw or during the registration itself. However, KYC is closely related to safety. It is up to us whether we want to play anonymously in an anonymous casino and risk that our money will disappear one day or pass the KYC verification in a casino that is registered, licensed and fully legal.
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agustina2
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February 06, 2022, 11:44:09 PM |
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Realizing how negatively kyc is seen by many players mostly in cryptocurrency casinos players am confused what kyc does in a casino, why do some casino operators have kyc and others don't have. I email also a part of kyc because most casinos often than not request email. What are KYC's advantages and disadvantages.
The main reason, I believe, is legal compliance with laws where the casino is hosted. And it is precisely for this reason that we see much less KYC being required on gambling sites that operate under cryptocurrency, as cryptocurrencies allow much greater anonymity for players and also flexibility for casinos, which, by not depending on Fiat, can migrate their operations. to a country that is more permissive, being able to receive and send cryptos anywhere in the world without depending on any bank or government for this. Agree. A legit casino has no choice but to comply with the regulations. We don't need to worry about that for now since even a casino requires KYC, it's not mandatory and just being asked at those users who are having a suspicious and alarming win. We are doing KYC at different sites now in the first place. Not a harmful thing to do if we pass KYC on famous gambling sites.
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goinmerry
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February 06, 2022, 11:59:52 PM Last edit: February 07, 2022, 12:14:53 AM by goinmerry |
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Realizing how negatively kyc is seen by many players mostly in cryptocurrency casinos players am confused what kyc does in a casino, why do some casino operators have kyc and others don't have. I email also a part of kyc because most casinos often than not request email. What are KYC's advantages and disadvantages.
Just like any other company, crypto-gambling sites just want to make sure they can monitor their user's activity without the worry that those who will attempt to do something unusual will be get away that easily without their identity not being known. Before I'm against KYC at gambling sites but centralization in crypto is hitting us hard. As long as the site has already built a good reputation, I will not hesitate to comply with KYC if it's necessary. That's the reality we need to accept.
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Wexnident
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 07, 2022, 12:47:28 AM |
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Realizing how negatively kyc is seen by many players mostly in cryptocurrency casinos players am confused what kyc does in a casino, why do some casino operators have kyc and others don't have. I email also a part of kyc because most casinos often than not request email. What are KYC's advantages and disadvantages.
It's not liked NOT just in cryptocurrency casinos, but in all crypto-related stuff. See, it completely goes against the concept of pseudo-anonymity that crypto (or at least, Bitcoin), is actually defined for. It's solely for the user's sake, in this case, for example, my sake, or my privacy to be exact. There are advantages for KYC, but it's mostly for the other side, so that they can guarantee that you're under the law and under the T&C, so that when anything pops up that you are liable for, they can easily find you. But well, in general, we're using cryptocurrency exactly because we don't want KYC, so what do you think most people would feel if casinos introduced KYC?
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R |
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