How my lack of knowledge has blinded me so far

[Wiwo]

To get the best out of any regulated and licensed casino you have to hand out your document for verification and also be ready to abide by the rules and conditions of the casino.

-the fact that not maby gamblers like kyc due to the risk associated woth KYC which can range from identity theft, and lick to the government.

-But then we must come to terms with the reality on the ground, and this has changed the way things are viewed because bitcoin/cryptocurrency offers such a chance to be decentralized and privacy conscious.

[robelneo]

Every time there's a new casino announcement here I always check the TOS and one of the concerns is how they address and implement KYC, this is important because authorities set the guidelines on how casinos should be compliant and safe from bad actors, like money launderers and cheaters.
No KYC casinos are questionable they should have good answers on how they address compliance and abuse, like all of us here our information is very important and we like to submit to reputable and fully compliant casinos.

[BenCodie]

The most ironic thing about KYC in the cryptocurrency gambling industry is that even casinos that are exclusive to cryptocurrency and have a license in a place like Curacao still shakedown players. You would think that a license in a place like Curacao and being exclusive to cryptocurrency would mean more lenience for players? Unfortunately not. I believe that casinos fitting into this box would use KYC as a means for making additional profit and preventing payments more than its intended purpose.

[Betcrypto.cr]

I saw a thread talking about most mistakes that newbies make that later end up affecting them. Most users just assume that the casino they're using won't request for KYC while some think because their previous casino did not request KYC during, then all other casino should behave that same way.

Casinos are only requesting thief users to complete KYC verification because they want to protect their business from scammers, we all are aware of how scammers use multiple accounts to try to cheat a casino but with kyc they can atleast prevent that from happening.

We are really close to launch and we are never going to ask for KYC, check out our site Betcrypto.cr and open an account we can add some balance for you to test our casino

 

That's what you most casino say at the beginning to try to lure users into your casino and when it's time to withdraw they'll get stuck there.
I've never been to your thread to see how your casino works but I guess I'll have to drop by there to see if your claim is true. And maybe I'll try it out.

Ok visit our site and let me know, we the founders are anti KYC we are never going to ask for it

[Fivestar4everMVP]

The most ironic thing about KYC in the cryptocurrency gambling industry is that even casinos that are exclusive to cryptocurrency and have a license in a place like Curacao still shakedown players. You would think that a license in a place like Curacao and being exclusive to cryptocurrency would mean more lenience for players? Unfortunately not. I believe that casinos fitting into this box would use KYC as a means for making additional profit and preventing payments more than its intended purpose.

I personally don't really know much on how casino licenses work when it comes to where or which jurisdiction the license was gotten from, but based on your comment, I want to believe that Curaçao license implies that such casino is not regulated by the authorities?

Because as far as I know, one of the major reasons why casinos request for kyc is because it is one of the requirements from regulators, and any casino that fail to comply with this could easily be shut down.
But then again, you are right about some dubious casinos using kyc as a way to profit more, which to me is not surprising, every industry have some bad eggs in it.

[Mauser]

There are people like me who dislike KYC verification requirements from online casinos, and I always have two complaints about it.

1. Why the need for KYC.

2. Why pretend they won't ask for KYC, but ask for verification after a big win.

I am not an expert on KYC, but from what I read in some casino terms and conditions is that KYC is many cases linked to hard cap. So the casino won't ask any detailed information from you when signing up, depositing money and withdrawing small amounts. KYC only comes into place when withdrawing fund bigger than 1,000-2,500 USD. On all the casinos where I play these numbers are made public and any gambler can read up on them. It's not some arbitrage numbers the casino uses to try and cheat us out I'd our winnings. Before playing with real money we should always read up all the necessary information. It's sad that you lost money because of it and if the casino changed their terms after you won money it's wrong and should be challenged. Over the years I kind of accepted KYC as it's becoming the industry norm.

[BenCodie]

The most ironic thing about KYC in the cryptocurrency gambling industry is that even casinos that are exclusive to cryptocurrency and have a license in a place like Curacao still shakedown players. You would think that a license in a place like Curacao and being exclusive to cryptocurrency would mean more lenience for players? Unfortunately not. I believe that casinos fitting into this box would use KYC as a means for making additional profit and preventing payments more than its intended purpose.

I personally don't really know much on how casino licenses work when it comes to where or which jurisdiction the license was gotten from, but based on your comment, I want to believe that Curaçao license implies that such casino is not regulated by the authorities?

Because as far as I know, one of the major reasons why casinos request for kyc is because it is one of the requirements from regulators, and any casino that fail to comply with this could easily be shut down.
But then again, you are right about some dubious casinos using kyc as a way to profit more, which to me is not surprising, every industry have some bad eggs in it.

The license is the permission to operate. If you research about curacao licenses, you will quickly find out that the process of acquiring one is about money and not much else. As for the regulation there, there is not much I believe. In other words, I do not believe that if a casino had a curacao license and did not ask for KYC, that curacao regulators would be quick to complain. Complaints (if any) would probably come from other countries for people they are interested in who are using the casino. I am not too sure about it officially, all I am quite sure of is that KYC is used much more excessively than it needs to be based on a lot of stories I have read here and elsewhere.

[paid2]

There are people like me who dislike KYC verification requirements from online casinos, and I always have two complaints about it.

1. Why the need for KYC.

2. Why pretend they won't ask for KYC, but ask for verification after a big win.

I am not an expert on KYC, but from what I read in some casino terms and conditions is that KYC is many cases linked to hard cap. So the casino won't ask any detailed information from you when signing up, depositing money and withdrawing small amounts. KYC only comes into place when withdrawing fund bigger than 1,000-2,500 USD. On all the casinos where I play these numbers are made public and any gambler can read up on them. It's not some arbitrage numbers the casino uses to try and cheat us out I'd our winnings. Before playing with real money we should always read up all the necessary information. It's sad that you lost money because of it and if the casino changed their terms after you won money it's wrong and should be challenged. Over the years I kind of accepted KYC as it's becoming the industry norm.

You're right : reading the terms and conditions is very important for the user, it's in his own interest,  it allows him to be credible and in an intelligent position if a problem arises, and he has to dispute something.

For the first part of your message, it depends on the country and the market. If the casino in question is licensed in a regulated country, KYC may be required for every type of FIAT transaction, regardless of the amount.
Take France as example, where even a 0.01 EUR deposit will require KYC if the casino is licensed and under the French national gambling authority regulation.

In general, the casinos have three main criterias that are taken into consideration for the need/or not of KYC:
-Your current geographical location (your IP)
-The market in which you are registered (.com is licensed by Malta most of the time, .fr , .de , .jp etc..)
-The regulator in question: even taking the European Union as an example, the documents required are not the same for a Belgian citizen, for a German one etc. Some countries require POA+ID+Age verification, others only AGE+ID, others nothing at all because they use a centralized national number associated to the social security number etc..

Some countries are less stringent than others

[Dunamisx]

There's nothing like pretence for KYC or not, if a casino is a KYC casino they will definitely requires going through the process from you and that they don't ask for it now doesn't mean they won't do so later which could have been when you needed something most to do with your account, there are casinos without KYC requirements and they were known for that, all you need to do is to have a good search on what you so desire till you finds one.

[Fivestar4everMVP]

The most ironic thing about KYC in the cryptocurrency gambling industry is that even casinos that are exclusive to cryptocurrency and have a license in a place like Curacao still shakedown players. You would think that a license in a place like Curacao and being exclusive to cryptocurrency would mean more lenience for players? Unfortunately not. I believe that casinos fitting into this box would use KYC as a means for making additional profit and preventing payments more than its intended purpose.

I personally don't really know much on how casino licenses work when it comes to where or which jurisdiction the license was gotten from, but based on your comment, I want to believe that Curaçao license implies that such casino is not regulated by the authorities?

Because as far as I know, one of the major reasons why casinos request for kyc is because it is one of the requirements from regulators, and any casino that fail to comply with this could easily be shut down.
But then again, you are right about some dubious casinos using kyc as a way to profit more, which to me is not surprising, every industry have some bad eggs in it.

I am not too sure about it officially, all I am quite sure of is that KYC is used much more excessively than it needs to be based on a lot of stories I have read here and elsewhere.

Well, you are right about this, this is something I've and many other users have complained about several times on this forum, but then, which casinos hears and cares?

Like I said in one of my comments yesterday, there are several casinos that are abusing the privilege they have in asking users to pass a kyc verification, like you, I've heard and read stories, where users sign up on a casino, proceed to deposit money with out any problem, after gambling for a while, and maybe winning some good amount of money, the same user tries to withdraw, only then, they discover they have been blocked without any reason, and when the user tries to reach out to the customers support, he or she will be asked to submit kyc documents, this is after several days of waiting for a reply from them.
Things like this ought not to be, but the be because the government aren't doing much in the area of monitoring this online casino to make sure they play by the rules.

[paid2]

Like I said in one of my comments yesterday, there are several casinos that are abusing the privilege they have in asking users to pass a kyc verification, like you, I've heard and read stories, where users sign up on a casino, proceed to deposit money with out any problem, after gambling for a while, and maybe winning some good amount of money, the same user tries to withdraw, only then, they discover they have been blocked without any reason, and when the user tries to reach out to the customers support, he or she will be asked to submit kyc documents, this is after several days of waiting for a reply from them.
Things like this ought not to be, but the be because the government aren't doing much in the area of monitoring this online casino to make sure they play by the rules.

Some KYC analysis and validation providers can take up to 3 weeks to process one. This happens, for example Idnow which is the Binance provider for some European countries is known to be extremely slow during high volume times (for example when some websites launches welcome bonuses and promotion and there are a lot of newcomers which are doing KYC in the same moment)

Regarding accounts that get blocked inappropriately, in general, as mentioned above, it is because the player has exceeded the maximum thresholds for withdrawing funds without being checked.

99% of this is written in the terms of use and the players just haven't read them

[bettercrypto]

Every time there's a new casino announcement here I always check the TOS and one of the concerns is how they address and implement KYC, this is important because authorities set the guidelines on how casinos should be compliant and safe from bad actors, like money launderers and cheaters.
No KYC casinos are questionable they should have good answers on how they address compliance and abuse, like all of us here our information is very important and we like to submit to reputable and fully compliant casinos.

I support what you said, it's pretty real talk actually. If I think about it, it seems like it's okay to give kyc as long as the casino is operating legally in this industry.

    Because if a casino doesn't really require kyc from the gambler and then suddenly requires kyc because you're withdrawing a large amount, the casino like this is really a bit suspicious, because the chances are high that this style of casino is operating illegally, in my opinion just a guess.

[Webetcoins]

Don't make it complicated, if you don't comfortable to submit KYC, just play at no KYC casino. If you're fine with KYC, then you can gamble in every casino do you want.

You can know which casino have no KYC rule or have KYC rule in this thread Information of Crypto Casinos License and KYC requirements.

Discussing about KYC matter will never end, in the end any user willing to submit KYC when they win big amount money.

I don't see why you think OP is trying to make anything complicated. What he posted are good points that people usually don't get, and it is great coming from him as he was one of those people who basically don't like KYC while not understanding that KYC is mandatory for a lot of reasons. You can read the reasons in the OP, and if you already read them, you shouldn't think that he is complicating things.

I also don't quite understand why some people don't see the actual reasons behind casinos asking for KYC verification from them. All they think of is their identity and privacy being disturbed but they don't really get it that KYC is mandatory for using the services provided.

[redsun114]

It is by far hard to find any casino that won't ask for KYC. The reason is that most are being regulated by their respective governments.

although there are also casinos that ask for KYC when we want to withdraw a large enough amount. but when we make a withdrawal with a reasonable amount of the amount set by the casino, then KYC is not needed.
but indeed most of the trusted casinos that I played at did ask for KYC. for gamblers, maybe it's annoying. but for those who are familiar with KYC and platforms such as exchanges and other online casinos, of course, there will be no problem with KYC.

This rule was the same to what I see on a crypto exchange but I like this better so that we small gamblers won't have to worry on it anymore. Besides we are only playing with small amount of money. We are less important compared to those who play big and almost those who launder money always deal with huge amounts. It will be hassle than if they deposit partially and there is a chance that they will be caught.

Many of us are familiar already with the KYC and some of us already did that on some exchanges that we are using but they are still annoyed when they heard that KYC is also being asked here in gambling. As much as possible they avoid gambling sites that asks it.

[kenshi222]

Sharing the documents to the user make us to believe on the website.As all of us know most of the gambling sites are fake and scam one.So it’s essentially to approach the gamblers with the transparency platform.It only help the good casino to prove their Legitimacy to the users.When the users increased to big number,the website surely earn good money from it.Secondly kyc plays huge role,some trusted gambling also doesn’t include the kyc for the users convenience.Some gambling hold the winner by asking to verify kyc at the time of withdrawal.

[harizen]

There are people like me who dislike KYC verification requirements from online casinos, and I always have two complaints about it.

1. Why the need for KYC.

2. Why pretend they won't ask for KYC, but ask for verification after a big win.

Regardless of how much we dislike KYC in gambling sites, especially crypto-gambling sites, that's their business, therefore their own rules. There's no Science here that we really need to technically know why these gambling sites do have related terms about KYC.

Simply, let's not make it too technical. We, as users need to do the adjustment. If in some cases our favorite and preferred gambling site, especially a crypto-gambling platform, mandate a KYC, either; you will comply with it or just stop using them and find another gambling site that will meet our criteria.

I'd rather be more concerned about how to win big instead of the issue of complying with KYC to be able to claim it lol. As long as a reputable site is concerned, I'm sure they won't likely do some shitty act to avoid rewarding the users with their big winning withdrawals.

[Desmong]

Even with the prosecution from government on casinos do not mean that KYC is safe for us. The government are only interested in stressing us and trying to know our identities that is why they will not mind doing the necessary to make sure that casinos bow to there pressure. Everyone has there own opinion on whether they will prefer a KYC casino or no KYC casinos where there identities would be preserved.

[o48o]

To be honest, i dont understand why some ppl so mad at KYC... and would like to know opinions of who is against that, just to understand an their view.

I have asked this same question. Best answer i got was that sites get hacked and data stolen. Passports and IDs are worth a lot in black market and you really don't want to get your identity stolen. It's time consuming and a difficult road to combat against identity theft.

This all could be avoided with some kind of zero knowledge based identity check where you don't need to provide documents but just prove that you are who you say you are. Sadly that tech isn't really available yet. But it's coming soon for sure.

[Alisha-k]

There are people like me who dislike KYC verification requirements from online casinos, and I always have two complaints about it.

1. Why the need for KYC.

2. Why pretend they won't ask for KYC, but ask for verification after a big win.

While my lack of knowledge has kept me away from several big online casinos in this forum, I decided to do some additional research in my spare time.

Some Facts Why KYC Verification is a Necessity For Online Casinos.

~Online gambling businesses have become more attractive since the Covid19 days, more money entered the gambling business, making the attention very noticeable, also a good opportunity for the law to go after them.

~There are penalties on online gambling necks too, they have to implement anti-money laundering procedures just to survive, many online gambling platforms faced the panel in the past and ceased to exist.

~You have no idea how much these companies spend per year just to be friendly to the law and pass criterion regulations and business procedures, it is called intense regulation, to avoid fines.

~The only way these people can avoid the mistake of allowing fraudsters into their system ( gambling platform ) is by having KYC and AML (anti-money laundering ) in place.

~If you see another way that I don't, do drop your comment, because people can't be trusted, they will pretend to be a random online gambler but they have other bad intentions in mind.

From now henceforth, my assumptions about KYC verification from reputable online gambling platforms have changed, I seek for answers and I find them, drop your opinions if you think I am wrong or you think this is not accurate enough.

exactly what acquiring knowledge should do, change your mindset for the better and give you advanced information about something, I love the fact that you've see the need for kyc.

[Lanatsa]

We know that most gambling platforms nowadays are really that licensed or something we do called being regulated which means that they are abiding on laws and regulations been set out by the government
except to those who dont have licensed but we know that it would be more recommendable on trusting up services or places which are licensed which do somehow adds up the security but we know that it does have those lapses and risks which we arent that blind.

Most of them doesnt ask out KYc on the time you do make out some register but on the time you do make out some huge win then this is the time they would be asking
about it.They why such?