Money laundering in crypto casino

[Reatim]

We all know the recent issue about the mixer status here in the forum. Crypto casino is also being use for money laundering by some criminals that’s why every casino has AML policy.

yup but that is for  those Centralized casino that implements KYC process but what about those who are not? I mean those casino that Decentralized maybe that is somewhat we must face for some reason.

I’m just curious what will be the fate of crypto casino once money laundering activity from mixer will jump to casino now that mixer will not be advertised here which means it has less exposure. Is there any possibility that crypto casino will be seized by the government just like what happened to mixers in case they failed to screen the laundering activity?

this will never happen if those casino will comply and act accordingly  I mean that they will follow all the guidelines government is imposing so they will not be the next target mof each government.
we knew how terrorist is acting these days and yeah this is what was the target of these tightness , also the hackers in online that uses same thing to hide their identity .

[bluebit25]

We all know the recent issue about the mixer status here in the forum. Crypto casino is also being use for money laundering by some criminals that’s why every casino has AML policy.

I’m just curious what will be the fate of crypto casino once money laundering activity from mixer will jump to casino now that mixer will not be advertised here which means it has less exposure. Is there any possibility that crypto casino will be seized by the government just like what happened to mixers in case they failed to screen the laundering activity?

This issue has similarities, but remember the fact that the flag industry has also been accepted and licensed to operate easily in many places. Regarding money laundering, there is no one tool to blame. Because, even when it is prohibited, people can still find different ways to use it. Do mixers deserve to be abolished? This has been clearly stated, so please respect the decisions of the operators. As for gambling, I think that will not happen because if you only look at small aspects to conclude, that is not the way to play operating silver. Let's just consider that this is a small part of the activity here, and we are the people who gamble to relax, make money, etc. in very large numbers. It doesn't mean that this environment is only gambling, so think openly.

[ethereumhunter]

No matter how many scam casino will be busted by the government, still there will be no shortage of scam casino because it won't take much for the scammer to make new casino and try to scam the innocent gamblers.

This does not make the casino business illegal. And therefore there is no chance for the gambling campaigns to be ban on this forum, unless they are big scammers and forum admin prohibits them. (Only the scammers ones).

Yes, that's true. Scam casinos will definitely exist continuously and it is like a never-ending journey to uncover scam casinos. The fraudsters can get other victims from the new casino scams they create because the fraudsters can use different methods than before. On this forum, we have often warned people not to try scam casinos, no matter how attractive the promotions they provide. But because people are still tempted by promotions that look too good to be true, they end up being fooled and losing a lot of money.

This forum is very wary of scam casinos and members here will provide reviews if they find any irregularities or suspicions about the casino. They will immediately warn us all to be more careful in choosing a casino.

[piebeyb]

That's why this forum is very strict about money laundering, especially the big online casinos that have a good reputation in this forum also always prioritize prohibiting anyone who is detected carrying out money laundering, don't confuse it with a mixer because it works differently, until now online casinos are not the place to do it. money laundering so most of the funds that enter the casino will never be successful and safe to withdraw.

In contrast to the way mixers work where money laundering can be done easily without strict regulations, casinos always anticipate that any user wants to launder money, I don't think anyone will think that they will succeed in laundering money in an online casino, I guarantee that will fail and online casinos also pay taxes to the government as well as being sponsors of big sports so it seems rather unlikely that the mixer case will be equated by online casinos in this forum. 

[EluguHcman]

I’m just curious what will be the fate of crypto casino once money laundering activity from mixer will jump to casino now that mixer will not be advertised here which means it has less exposure. Is there any possibility that crypto casino will be seized by the government just like what happened to mixers in case they failed to screen the laundering activity?

The main thing is maintaining a good reputation. I dropped an update here sometimes ago ago concerning Binance crytop exchange delisting some crytop currencies and some sport trades which must of the actionate reasons where unmentioned rather they said it was the platforms inabilities to meet up some targets demanded but deep inside of me, I felt they did that to limit itself from some essences to avoid or limit risks to tanish its reputable.
The prove of CZ from Binance criminal indulgences is yet to be made known even they Binance pleased guilty.
The same thing could be equivalent with the Mixer to be ejected out from the crytop casino and if so, it is to maintain its reputations.
This is gambling board which is periodically about gambling.
I must say that either an organization or an individuality should one be taking control of it's emotions of definitely a lost of itself to maintaining a reputable gambling budgets and personalities due to the lack of control at when proefficiently making huge profits.

However, the necessity of mixer not going to be running in this platform anymore may be to a reputable maintenance of the platform and crytop as a whole.

[danherbias07]

That's why this forum is very strict about money laundering, especially the big online casinos that have a good reputation in this forum also always prioritize prohibiting anyone who is detected carrying out money laundering, don't confuse it with a mixer because it works differently, until now online casinos are not the place to do it. money laundering so most of the funds that enter the casino will never be successful and safe to withdraw.

In contrast to the way mixers work where money laundering can be done easily without strict regulations, casinos always anticipate that any user wants to launder money, I don't think anyone will think that they will succeed in laundering money in an online casino, I guarantee that will fail and online casinos also pay taxes to the government as well as being sponsors of big sports so it seems rather unlikely that the mixer case will be equated by online casinos in this forum. 

Yes, it cannot happen. Like I said before it's the wagering amount that will become the big deal for this money laundering scheme that illegal doers will have a problem with. Imagine trying to launder $5000 and before they reach the wagering amount which most of the time is the same number as the deposited amount, they will most likely end up with only half of it if they are unlucky or it could take days before they get out if they want a safer method with low amount being wagered.
Then, most reputable casinos do have KYC so I doubt they can just exit like the way they entered. They will have to go through many requirements before they can get away and this is part of online gambling sites to keep their business protected. Most reputable online casinos are trying to lengthen their business so they will have to comply with the government rules. One of those is the limited amount for a non-KYC user withdrawal just like local exchange does.

[avp2306]

That's why this forum is very strict about money laundering, especially the big online casinos that have a good reputation in this forum also always prioritize prohibiting anyone who is detected carrying out money laundering, don't confuse it with a mixer because it works differently, until now online casinos are not the place to do it. money laundering so most of the funds that enter the casino will never be successful and safe to withdraw.

In contrast to the way mixers work where money laundering can be done easily without strict regulations, casinos always anticipate that any user wants to launder money, I don't think anyone will think that they will succeed in laundering money in an online casino, I guarantee that will fail and online casinos also pay taxes to the government as well as being sponsors of big sports so it seems rather unlikely that the mixer case will be equated by online casinos in this forum. 

Yes, it cannot happen. Like I said before it's the wagering amount that will become the big deal for this money laundering scheme that illegal doers will have a problem with. Imagine trying to launder $5000 and before they reach the wagering amount which most of the time is the same number as the deposited amount, they will most likely end up with only half of it if they are unlucky or it could take days before they get out if they want a safer method with low amount being wagered.
Then, most reputable casinos do have KYC so I doubt they can just exit like the way they entered. They will have to go through many requirements before they can get away and this is part of online gambling sites to keep their business protected. Most reputable online casinos are trying to lengthen their business so they will have to comply with the government rules. One of those is the limited amount for a non-KYC user withdrawal just like local exchange does.

That's the reason why regulated casino is not their choice because of that reasons. They can't make their plan to succeed since casino are much stricter platform than any other else. On exchange maybe this could be their next destination if mixers will totally shutdown their services since they can trade any coins and launder their stolen money.

So for those have concern regarding on money laundering that might happen on those casino maybe they should ease there negative thinking since reputable casino owners already established their counter measure towards this money laundering scheme made by those criminals online.

[madnessteat]

There's no way a casino will be ceased, unless for anyone who appears to operate against the policy of their license for operation. If a casino decides to operate like a mixer and it is discovered that any laundering activity is going on with such a casino, then the agency will carry on their investigation to confirm if the suspicion is actually true. Until they verify, they won't act. Mixers are not the same as casinos, so I don't really see casinos being affected in any way.

Apparently you do not understand the essence of money laundering through casinos, because... a casino user can easily launder funds without the participation of the casino itself. The user uses the gaming platform to ensure that withdrawals occur from the same address as all other withdrawals from this casino. In this way the casino is used as a mixer. If the casino does not cooperate with regulators, then tracking such mixing is quite difficult and expensive.

[freedomgo]

That's the reason why regulated casino is not their choice because of that reasons. They can't make their plan to succeed since casino are much stricter platform than any other else. On exchange maybe this could be their next destination if mixers will totally shutdown their services since they can trade any coins and launder their stolen money.

So for those have concern regarding on money laundering that might happen on those casino maybe they should ease there negative thinking since reputable casino owners already established their counter measure towards this money laundering scheme made by those criminals online.

I think exchanges and gambling sites are treated the same when it comes to regulation. In fact, since there are only a few exchanges compared to gambling sites, they'll be easier to regulate, and I don't think scammers or hackers will be able to launder their funds on an exchange that has good liquidity. When we see a liquid exchange, it's assumed that it's regulated, as traders would not trust their money if the exchange has no license. So, this exchange will conduct the same KYC as casinos, and that would prevent money launderers from attempting to launder their stolen funds.

Without mixers, money laundering might be reduced; at least that's the stance of the government. But for us, it will remain the same, and that is they are compromising the privacy we want to achieve.

[avp2306]

That's the reason why regulated casino is not their choice because of that reasons. They can't make their plan to succeed since casino are much stricter platform than any other else. On exchange maybe this could be their next destination if mixers will totally shutdown their services since they can trade any coins and launder their stolen money.

So for those have concern regarding on money laundering that might happen on those casino maybe they should ease there negative thinking since reputable casino owners already established their counter measure towards this money laundering scheme made by those criminals online.

I think exchanges and gambling sites are treated the same when it comes to regulation. In fact, since there are only a few exchanges compared to gambling sites, they'll be easier to regulate, and I don't think scammers or hackers will be able to launder their funds on an exchange that has good liquidity. When we see a liquid exchange, it's assumed that it's regulated, as traders would not trust their money if the exchange has no license. So, this exchange will conduct the same KYC as casinos, and that would prevent money launderers from attempting to launder their stolen funds.

Without mixers, money laundering might be reduced; at least that's the stance of the government. But for us, it will remain the same, and that is they are compromising the privacy we want to achieve.

They can do it since hackers may find some way to do the KYC procedure even if they didn't use their real identity. There are so many stolen identity online and they can buy someone's identity just for KYC submission to those exchange and then they continue to do their dirty jobs.

Unlike on casino where they usually require 1x wager requirements then this is huge lose for criminals if they comply to that requirements that's why I really think that exchange have more higher chance to be used by those frauds than these casino.

They may have same level of regulations but they have different methods to fight up those illegal activities which is possible to happen on their platform.

[freedomgo]

That's the reason why regulated casino is not their choice because of that reasons. They can't make their plan to succeed since casino are much stricter platform than any other else. On exchange maybe this could be their next destination if mixers will totally shutdown their services since they can trade any coins and launder their stolen money.

So for those have concern regarding on money laundering that might happen on those casino maybe they should ease there negative thinking since reputable casino owners already established their counter measure towards this money laundering scheme made by those criminals online.

I think exchanges and gambling sites are treated the same when it comes to regulation. In fact, since there are only a few exchanges compared to gambling sites, they'll be easier to regulate, and I don't think scammers or hackers will be able to launder their funds on an exchange that has good liquidity. When we see a liquid exchange, it's assumed that it's regulated, as traders would not trust their money if the exchange has no license. So, this exchange will conduct the same KYC as casinos, and that would prevent money launderers from attempting to launder their stolen funds.

Without mixers, money laundering might be reduced; at least that's the stance of the government. But for us, it will remain the same, and that is they are compromising the privacy we want to achieve.

They can do it since hackers may find some way to do the KYC procedure even if they didn't use their real identity. There are so many stolen identity online and they can buy someone's identity just for KYC submission to those exchange and then they continue to do their dirty jobs.

I'm sure regulators are well aware of this already and yet they haven't improve the KYC process yet on exchanges. I have several verified exchange account and I can say it's just easy to pass, so you are right, they can use fake information and documents to pass with the KYC.

Maybe in the future that KYC requirement will be stricter, like in our local exchange, you need to do some live video KYC application to be approve, so in that way, fake or stolen documents for KYC won't work as it would not match on the identity of a person who's recording live.

Nevertheless, at least there's a trail compared to mixers where they won't be able to easily find the trail.

Unlike on casino where they usually require 1x wager requirements then this is huge lose for criminals if they comply to that requirements that's why I really think that exchange have more higher chance to be used by those frauds than these casino.

They may have same level of regulations but they have different methods to fight up those illegal activities which is possible to happen on their platform.

With exchange, a trader will be paying trading fees and withdrawal fees, quite small though compared to gambling sites if they want to go break even, but will have to pay the commission or the juice which is normally 10% above in sports betting.

[Jawhead999]

Using casino for money laundering is like kill yourself since the casino can easily freeze your coins and force you to submit KYC.

Without mixers, money laundering might be reduced; at least that's the stance of the government. But for us, it will remain the same, and that is they are compromising the privacy we want to achieve.

Mixer isn't the only tool to be used for money laundering, also mixer isn't always used for money laundering. Remember, if this forum not allow mixer, it doesn't mean all mixer is completely wipe out since the mixer is still exist and promoted in other place.

[Viscore]

Remember, if this forum not allow mixer, it doesn't mean all mixer is completely wipe out since the mixer is still exist and promoted in other place.

Exactly, they'll remain because there's a demand, but in terms of popularity, it will reduce as the forum aren't anymore promoting them, or the members in the forum. On the other hand, people might be hesitant in using a mixer as they might see the risk of not getting their money back, unlike when they are being promoted, they were able to build their reputation and resulted to more users using the service.

[EarnOnVictor]

We all know the recent issue about the mixer status here in the forum. Crypto casino is also being use for money laundering by some criminals that’s why every casino has AML policy.

yup but that is for  those Centralized casino that implements KYC process but what about those who are not? I mean those casino that Decentralized maybe that is somewhat we must face for some reason.

I’m just curious what will be the fate of crypto casino once money laundering activity from mixer will jump to casino now that mixer will not be advertised here which means it has less exposure. Is there any possibility that crypto casino will be seized by the government just like what happened to mixers in case they failed to screen the laundering activity?

this will never happen if those casino will comply and act accordingly  I mean that they will follow all the guidelines government is imposing so they will not be the next target mof each government.
we knew how terrorist is acting these days and yeah this is what was the target of these tightness , also the hackers in online that uses same thing to hide their identity .

I've read a lot about some shady activities of some casinos, even some are internally doing the work of m!xers to launder money, but I have not heard of any reputable ones that the government had treated the way they treat m!xers, which makes them different. The reason for this is that their (casinos and m!xers) value and mode of operation are not the same things. The businesses that the government had treated like that of m!xers that I know were those operating payment gateways online. An example is Liberty Reserve, where the company and its owner were busted and were charged with multi-billion-dollar money laundry charges. Their assets were seized and the boss went to jail. The reason is that they (m!xers and gateways) are custodial of money primarily for exchange and payment purposes, unlike casinos that are only doing their gambling businesses primarily, but hiding under that to do some illegal activities (that's if they do such at all, just establishing a difference).

It however gets better for those casinos that are fully registered and regulated, they are overseen by the government and might be exonerated of AML and other corrupt practices at least if nothing so illegal is traced to them. Even if such happens, I believe the government would be responsible enough to deal with the situation wisely since always closing such businesses that have primary good intentions can't mean well for the economy.

[leonair]

There's no way a casino will be ceased, unless for anyone who appears to operate against the policy of their license for operation. If a casino decides to operate like a mixer and it is discovered that any laundering activity is going on with such a casino, then the agency will carry on their investigation to confirm if the suspicion is actually true. Until they verify, they won't act. Mixers are not the same as casinos, so I don't really see casinos being affected in any way.

Apparently you do not understand the essence of money laundering through casinos, because... a casino user can easily launder funds without the participation of the casino itself. The user uses the gaming platform to ensure that withdrawals occur from the same address as all other withdrawals from this casino. In this way the casino is used as a mixer. If the casino does not cooperate with regulators, then tracking such mixing is quite difficult and expensive.

The legal casino sites and the popular ones have their site license and the licensed casino sites are concerned about these issues and when someone goes to deposit a large amount on their site, KYC is demanded from them and that KYC document is stored in their database.  So if a person is using a gambling site through Mixer then it is possible to trace him through his KYC document if a complaint is filed against him.  So I think money launderers rarely use gambling sites for money laundering

[uneng]

The reason is that they (m!xers and gateways) are custodial of money primarily for exchange and payment purposes, unlike casinos that are only doing their gambling businesses primarily, but hiding under that to do some illegal activities (that's if they do such at all, just establishing a difference).

Usually businesses and companies laundering money are shell (fake) companies created and maintained with that sole purpose. They can belong to any sectors, but in fact, they don't produce or offer any kinds of services to the public, rather they launder money for some individuals issuing false invoices.

For casinos it doesn't seem a interesting practice, unless they are very greedy for profits, because the business itself is already pretty profitable following the regulations and making income from regular gamblers, so I really don't see a good reason why they would consciously allow such practices on their platforms. That would be a dumb move which could potentially kill the whole business once authorities caught something suspicious going on there.

[Aanuoluwatofunmi]

It's very wrong of us to make the assumption that crypto casinos are engaging in money laundering or serving other money laundering purposes, what we are considering here in particular is under being a casino, then the services they offer, it is also important that we realized the fact that a casino that is KYC enabled will always try to make request from its users to support the requirements on KYC in other for them to enjoy using their services, yet every users are still subjected to AML agencies if the needs be including the casinos.

[Don Pedro Dinero]

Apparently you do not understand the essence of money laundering through casinos, because... a casino user can easily launder funds without the participation of the casino itself. The user uses the gaming platform to ensure that withdrawals occur from the same address as all other withdrawals from this casino. In this way the casino is used as a mixer. If the casino does not cooperate with regulators, then tracking such mixing is quite difficult and expensive.

Although you are right, I don't think you have explained yourself well. The thing about casinos is that you deposit to a different address from the one the casino uses to send you your withdrawal. Deposits are consolidated and withdrawals are processed from that address. Especially in casinos without KYC and without wagering requirements this is quite similar to a mixer because someone tracking you would lose track if you deposit 1 bitcoin and make three withdrawals to three different addresses of approximately 0.333 bitcoin (minus fees). But the casino does know your deposit and withdrawal addresses and could in principle provide them in case of an injunction.

[Razmirraz]

Long before the case that happened to Mixer occurred, the casino had taken steps to prevent illegal activities such as money laundering by criminals. The majority of casinos that advertise their sites on the Bitcointalk forum have policies in place and comply with government regulations. KYC policies will make it easier for casinos to monitor suspicious activity, they can immediately block suspicious accounts or illegal sources of money with the aim of money laundering.

Casinos will not suffer the same fate as Mixer, they always comply with existing regulations in order to maintain their reputation so they can continue to exist. Casinos that still advertise their sites on forums can be trusted, until now no casino on the forum has been sued like Mixer, except for casinos that have been proven to have committed fraud by using the money they use to increase their wealth.

[el kaka22]

It is definitely a big issue because it is crypto and even though if you really look into someones accounts and look for that person to make a mistake, you can't just catch everyone who does it, you need to be looking into that person. There is a big difference between "see if X person has done any money laundering via crypto casinos" and "catch everyone who has laundered money via crypto casinos", and that is at the core the biggest issue.

The bad people who does this already knows this, and that is why they end up doing something that would be dangerous in the end, and I believe that we are not going to end up with a result that would be easy to catch, bad people could just hire others and do their bid on their account and launder their money, then they will get the money into monero and receive it and suddenly they are hiding their billions, if you want something bad done, you can keep using the same monero to make the bad thing get done by someone else.