Money laundering in crypto casino

[livingfree]

That is why they have KYC in order for them to track down money laundering activities. Because if there is no kyc for most casinos, they have already been flagged down by the government.

But since they comply and they do it with due diligence and enforcing it, they wont be hot in the eyes of the regulators.

True! KYC is the key, but there are many gamblers or users of the website with KYC don't want to undergo KYC as they concern about their information without knowing that KYC serves as their security and the casino's compliance to the law, you see as you said KYC is implemented to avoid money laundering to track the doer if they did something like illicit activities including money laundering, crypto casino gambling sites are being subject to be used by those who has illicit activities, so this should be a lesson for everyone that no matter what your concern is comply in KYC first because some or mostly crypto casino do requires KYC first before you can withdraw your money, to avoid locking of funds. Also, you will comply with KYC if you know you will not be doing anything; otherwise, you will have a problem withdrawing your funds from the platform.

There are casinos that don't want also to ask customers with KYC but as the government hardly enforcing their policies and regulations, the casinos have to obey. And if they're giving some privilege of not asking for KYC for many players, enjoy it because you'll never know that soon they'd be enforcing it as mandatory to everyone.

While there are still few that are in existence that are kyc-free but it doesn't mean that they wouldn't ask for kyc for the other customers that they have.

And when there's the suspicion of the casino from a certain customer, then that's one reason why they enforces it to one.

[Wiwo]

Money laundering from mixers to crypto casinos is a major concern. The mixer crackdown may reroute illegal flows to casinos, but the business won't die. Why? Because AML policies already monitor crypto casinos. Criminals adapt, but so do regulations. But are present AML policies strong enough to handle this possible surge? The government's mixer seizure shows the dangers of lax regulation. Crypto casinos must adapt and impose strict AML to survive. Government involvement is likely if they fail. How can these platforms evolve to beat launderers and meet regulations? The industry has a huge challenge, but it can also demonstrate its integrity and compliance.

I believe that casinos have some anti-mixer mechanism,  I am just assuming though,  because some exchanges already have such features in place to detect mixed coins,  and detect bitcoins,  this way every inflow from mixers may result in account limitation and investigations,  which sometimes is part of the anti-money laundering rules that comes with the license.

So we all have nothing to worry about when it comes to money laundering control in casino, The gambling system is more secure and it have a wager mechanism that puts every deposit at risk.

[Westinhome]

I believe that casinos have some anti-mixer mechanism,  I am just assuming though,  because some exchanges already have such features in place to detect mixed coins,  and detect bitcoins,  this way every inflow from mixers may result in account limitation and investigations,  which sometimes is part of the anti-money laundering rules that comes with the license.

So we all have nothing to worry about when it comes to money laundering control in casino, The gambling system is more secure and it have a wager mechanism that puts every deposit at risk.

The mixing had their own special features compared to the exchange will give some mixer benefit.But the cause of the ban of the mixer because of the SINBAD mixer involved in the money laundering.But the crypto currency had their benefits.The new people was back to the crypto now because of the bull market in the crypto currency main the bitcoin price had touched 41k dollar now.This also increase the gambler to the crypto currency based gambling sites.Keeping the crypto currency in the exchange not give us more return like using the bitcoin in the gambling site.Most of the gambling site based on the crypto currency will have their own demand during the bull market of the bitcoin price.

[AbuBhakar]

I believe that casinos have some anti-mixer mechanism,  I am just assuming though,  because some exchanges already have such features in place to detect mixed coins,  and detect bitcoins,  this way every inflow from mixers may result in account limitation and investigations,  which sometimes is part of the anti-money laundering rules that comes with the license.

So we all have nothing to worry about when it comes to money laundering control in casino, The gambling system is more secure and it have a wager mechanism that puts every deposit at risk.

The mixing had their own special features compared to the exchange will give some mixer benefit.But the cause of the ban of the mixer because of the SINBAD mixer involved in the money laundering.But the crypto currency had their benefits.The new people was back to the crypto now because of the bull market in the crypto currency main the bitcoin price had touched 41k dollar now.This also increase the gambler to the crypto currency based gambling sites.Keeping the crypto currency in the exchange not give us more return like using the bitcoin in the gambling site.Most of the gambling site based on the crypto currency will have their own demand during the bull market of the bitcoin price.

Sinbad mixer triggers the restriction to mixers here in the forum but the real reason why Theymos ban them in general since this happened multiple times already for a short period of time while we all know how stricter the US authorities can be on platforms that promoting illegal services.

Let’s not blame Sinbad alone on this restriction because this will not happened if the authorities is not showing a possible threat for us here in the forum. I remember reading some of the participants of Sinbad mixers having problem on exchange since the funds that came from the escrow wallet is already sanctioned.

[Wakate]

I believe that casinos have some anti-mixer mechanism,  I am just assuming though,  because some exchanges already have such features in place to detect mixed coins,  and detect bitcoins,  this way every inflow from mixers may result in account limitation and investigations,  which sometimes is part of the anti-money laundering rules that comes with the license.

So we all have nothing to worry about when it comes to money laundering control in casino, The gambling system is more secure and it have a wager mechanism that puts every deposit at risk.

The mixing had their own special features compared to the exchange will give some mixer benefit.But the cause of the ban of the mixer because of the SINBAD mixer involved in the money laundering.But the crypto currency had their benefits.The new people was back to the crypto now because of the bull market in the crypto currency main the bitcoin price had touched 41k dollar now.This also increase the gambler to the crypto currency based gambling sites.Keeping the crypto currency in the exchange not give us more return like using the bitcoin in the gambling site.Most of the gambling site based on the crypto currency will have their own demand during the bull market of the bitcoin price.

It could be very difficult for money laundering to be traced in a non KYC casinos. This is one of the reasons why the government are very strict at making more online companies to ask for KYC so that they would be able to trace any act of money laundering and bring them to book. Sometimes, casinos are able to trace how we engage in gambling and what source our money is coming from. Cryptocurrency gambling is fun but we also need to be on a reliable casinos or else we might end up complaining forever after we had lost our funds due to betting on a scam casinos.

[STT]

Casinos dont conceal anything especially and arent fit for that purpose so I doubt there is much danger of it.  The mixer problem was they intended to hide sources and so on and it had happened prior that some users were questionable in their business so the trouble followed those bad sources apparently.
  If anything the casino business is open and trying to show open bets, exact odds and outcomes to encourage confidence in their business it seems quite opposite to mixer concealment where they promise not to ever disclose the various traces to ins and out of all the coins mixed.  I dont see them as the same at all and the question would apply to every business probably in any case.

[AmoreJaz]

I believe that casinos have some anti-mixer mechanism,  I am just assuming though,  because some exchanges already have such features in place to detect mixed coins,  and detect bitcoins,  this way every inflow from mixers may result in account limitation and investigations,  which sometimes is part of the anti-money laundering rules that comes with the license.

So we all have nothing to worry about when it comes to money laundering control in casino, The gambling system is more secure and it have a wager mechanism that puts every deposit at risk.

The mixing had their own special features compared to the exchange will give some mixer benefit.But the cause of the ban of the mixer because of the SINBAD mixer involved in the money laundering.But the crypto currency had their benefits.The new people was back to the crypto now because of the bull market in the crypto currency main the bitcoin price had touched 41k dollar now.This also increase the gambler to the crypto currency based gambling sites.Keeping the crypto currency in the exchange not give us more return like using the bitcoin in the gambling site.Most of the gambling site based on the crypto currency will have their own demand during the bull market of the bitcoin price.

It could be very difficult for money laundering to be traced in a non KYC casinos. This is one of the reasons why the government are very strict at making more online companies to ask for KYC so that they would be able to trace any act of money laundering and bring them to book. Sometimes, casinos are able to trace how we engage in gambling and what source our money is coming from. Cryptocurrency gambling is fun but we also need to be on a reliable casinos or else we might end up complaining forever after we had lost our funds due to betting on a scam casinos.

do take note that most casinos have their wagering requirements before pulling out your funds from them. this is already a counter measure for possible mixing activity on their site. or at least after you deposit your funds, you wagered some of them and not totally doing the in and out scenario of your funds. that's clearly washing your coins there.
with the crackdown of mixer business, for sure, they will be more strict towards gambling sites, especially those which are not yet licensed.
as the KYC/AML policy is already integrated to those licensed casinos/bookies, i believe the government or authorities are relying that these sites are complacent with their terms and enforcing such policy to their users.

[Cookdata]

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?

I don't know why I find this funny but I hope you know that even the small club around your area launder money every week through the illicit drugs they sell and also other criminal activity you can mention but I understand that gambling and mixers are the current problem because of the current hunt down by the government officials but just know that any business that is involved in legit sales can launder money and your government may never find out anything going down like that when they investigate.

Now in gambling, I want you to understand one thing, when you deposit money into gambling, the coin(bitcoin and other altcoins) into their single hot wallets and after you start using the money to bet, they withdraw it to their main hot wallet until when you are ready for withdrawal they send from their hot wallets again and they have many of them. They know that anyone will want to clean their money through that process, so they have a policy which is, you need to first wager atleast an amount before you can withdraw and that process can make you loss some amount to the casino, so when anyone plan to do such, they can end up losing half amount of what they deposit in the casino. Through this, many of them ignore casino to launder money.

[BitcoinTurk]

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?

All businesses that provide casino services with cryptocurrencies which have all legal permits and licenses, take all necessary precautions to avoid being used for money laundering. For example, after a user creates a membership to use this service he/she goes through the identity verification, users place minimum bets equal to the money they deposit and similar security measures prevent this service from being used to launder money. In addition, it becomes more difficult to carry out money laundering through such services if certain legal procedures determined by various regulations are followed. Of course, malicious people can find a different method for this and use it to launder money again but this possibility is very low and the casino service used has the option of restricting the accounts of these people and not transferring money to their accounts or wallets.

In summary, if this type of business meets all legal requirements and has licenses, using this business to launder money will not be an easy process and this will not put businesses that offer gambling services with cryptocurrency in a difficult situation.

[Agbe]

This is a very good question. Really money launders will definitely use casinos to launder money so when it happened what the admin will do? And these mixers and casinos are the things that making the forum lively. But since cryptocurrency casinos normally ask for KYC the money laundering in the casinos will not strong as mixers and in casinos they can be regulated because of the KYC so there will be a limit in it. Money laundry will not be automatically fade away  or eliminated from the cryptocurrency ecosystem industry so the best ways is to manage or regulate them in the space. Because if we follow them to ban companies them no company will exist at the end. In a mixer there is no limit of transaction but there is a limit of cryptocurrency casinos for transportation. Even the ones that there is no limit, once they detect a large amount they would ask for KYC. Casinos will be ban but there will be a kind of regulations.

[darkangel11]

If a casino allows you to exchange cryptocurrencies to cash and the other way round, like they allow you to deposit fiat and withdraw crypto, they may be in trouble, but if they only allow cryptocurrencies in and out, what laundering are we talking about? The person came with bitcoin end left with bitcoin. If the bitcoin they had came from a hack, they have KYC procedures to know who deposited it.
IMO it's the exchange that is responsible for laundering most of the time, because they allow someone to turn their crypto (that may come from extortion, theft, and so on) to be exchanged into fiat money.
They should make sure they check client data, since using fiat money can put them on the government's radar. Every time you use fiat, you agree to all the laws this fiat money brings to the table.
Simple solution is to avoid fiat money, exchange crypto on decentralized exchanges and government can kiss your ass.

[Aanuoluwatofunmi]

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?

Some actually believed that mixers and gambling platforms do share the common means of transaction anonymity and the likes, but we must also understand that they are two different things entirely, but we need to see the way forward first, if the entire mixers outside the forum can also be banned or not and if the use of gambling platforms can be changed or not from the way it has always been.

[BitcoinPanther]

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?

I think the fate of crypto casino is no different than the non-crypto casino.  As you see crypto casino never mix cryptocurrency, the deposit records can be seen on the blockchain and the address where the funds came from is not masked unless the player use mixers for the crypto fund transfer.

Aside from that, crypto casino is required to have license to operate legally, those that have no license to operate is tagged as illegal and will be shutdown if caught.  Casino owner often implement KYC so that they can have records of their users and the government won't suspect the casino harboring money launderers because with the information of their players, they can easily track the identity of any transaction made on the casino.

[sokani]

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 is not a total shutdown of mixers, they're only banned on Bitcointalk, so they'll still be in business because they're going to take their ads to somewhere else.

Most projects advertising their services on the forum are normally under public scrutiny to make sure that they're real and they deliver top notch services. This in a way gives users some kind of trust. With mixers ban on the forum, it might help to increase the activities of money laundering through casino as visitors may not be able to know some of the reputable mixers to use and may have to resort to casino. That being said, Casinos are registered and regulated businesses and as long they're regulatory compliant, I don't see them getting shutdown.

[Lanatsa]

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 is not a total shutdown of mixers, they're only banned on Bitcointalk, so they'll still be in business because they're going to take their ads to somewhere else.

Most projects advertising their services on the forum are normally under public scrutiny to make sure that they're real and they deliver top notch services. This in a way gives users some kind of trust. With mixers ban on the forum, it might help to increase the activities of money laundering through casino as visitors may not be able to know some of the reputable mixers to use and may have to resort to casino. That being said, Casinos are registered and regulated businesses and as long they're regulatory compliant, I don't see them getting shutdown.

But government is really that trying out their best on trying to crack down these mixers and with the current legal issues then it is really just that right that Theymos did decide not to make any involvement with mixers anymore here into this forum to avoid some future problems in regarding to this which i do see its a wise move that had been done. Anyone or anything that do get involved with mixers then expect
that there might be some potential problems that they could really be able to experience ahead. Money laundering on crypto casinos had been long time resolved and this is via the application of KYC
and having that 1x wagering requirement of deposits.

On this way or method, they would definitely be able to avoid up those things like money laundering. Just like been said by others that no money launderer would be making
use of gambling platforms for them to make use on cleaning up those tainted money but instead they would be looking on something alternative.

[avp2306]

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 is not a total shutdown of mixers, they're only banned on Bitcointalk, so they'll still be in business because they're going to take their ads to somewhere else.

Most projects advertising their services on the forum are normally under public scrutiny to make sure that they're real and they deliver top notch services. This in a way gives users some kind of trust. With mixers ban on the forum, it might help to increase the activities of money laundering through casino as visitors may not be able to know some of the reputable mixers to use and may have to resort to casino. That being said, Casinos are registered and regulated businesses and as long they're regulatory compliant, I don't see them getting shutdown.

People think wrong about this current situation happen they though Mixers will gone but they are wrong this will still exist but It maybe hard for new mixer launch to locate since they don't have bitcointalk platform to help them introduce their services. For sure this current existing mixers will also gone due to government active efforts to crackdown this services but for sure there are still mixers will exist even if they can't advertise their site here.

Casinos will be the lest platform they could go since most of casino have KYC so maybe they don't like to submit their details that's why they might still find those mixers reliable and stick with it. Although Mixers might get less activities due to this banning issue in bitcointalk but they can still market their site to other big platforms so for sure they can be seen by people who's actively browsing those crypto big site.

But eventhough with this discussion I don't think casino with have necessary legal documents can be shutdown anytime soon for sure they continue to exist here.

[ultrloa]

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?

I think the fate of crypto casino is no different than the non-crypto casino.  As you see crypto casino never mix cryptocurrency, the deposit records can be seen on the blockchain and the address where the funds came from is not masked unless the player use mixers for the crypto fund transfer.

Aside from that, crypto casino is required to have license to operate legally, those that have no license to operate is tagged as illegal and will be shutdown if caught.  Casino owner often implement KYC so that they can have records of their users and the government won't suspect the casino harboring money launderers because with the information of their players, they can easily track the identity of any transaction made on the casino.

They can wash it and make it look like they are doing legitimate withdrawals on casinos that's why they can exploit it and use casino as the destination to wash up their crimes done. That's why they might be the next option especially if casino owners are not so careful regarding on this activity.

But they can avoid their casino to be used on money laundering and that is implement a KYC with selfie verification and wager requirements for sure with this those frauds will think about using it because they don't want their face to be expose. Although some other people might dislike the idea especially on selfie verification but if we want to make those reputable casino safe from being used to any illegal activities then I guess we need to have this so that they would not eliminated on this forum same on what happen to mixers.

[Vaskiy]

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 is not a total shutdown of mixers, they're only banned on Bitcointalk, so they'll still be in business because they're going to take their ads to somewhere else.

Most projects advertising their services on the forum are normally under public scrutiny to make sure that they're real and they deliver top notch services. This in a way gives users some kind of trust. With mixers ban on the forum, it might help to increase the activities of money laundering through casino as visitors may not be able to know some of the reputable mixers to use and may have to resort to casino. That being said, Casinos are registered and regulated businesses and as long they're regulatory compliant, I don't see them getting shutdown.

End of the day everything is business. Whether it is a gambling platform, mixer, or something else connected with cryptocurrency. The prime purpose is to make money out of it. It can be the owners who want profit and the customers who want things to be dealt in a secure way. Money laundering isn't new, it had been followed long back itself. Now the mixers gave an easy way and that had been well utilised by the launderers. As said the restriction in our forum is good, but people continue using it and I don't think much of them will jump to gambling platforms for the purpose of money laundering.

[letteredhub]

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?

Unlike mixer the casinos already have preventive measures in place against money laundry activities through their domain's, their policies as a T&C for users to abide by already gag the user from taking such steps and any suspicious activity by any account they are usually seized, and with the compliance synergy these casinos has with the government in terms of it's operations before now  I don't think AML policy is anything new to casinos. They already have the KYCed forceful way of requesting from the customer, which is, after you must have deposited and want to make withdrawal of huge amount you will be asked to pass kyc as a compulsory condition to make withdrawal successful. That's why I said it's ain't a big deal for casinos in this regard.

[ralle14]

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?

That used to be a problem with some crypto casinos, and now that most of them have rules against money laundering, it shouldn't become a big problem like before unless there's some form of insider that would allow this to happen and bypass the restrictions. It's still possible for casinos to get taken down, but in my view, the chances are much lower than the mixers when they're more than willing to follow and avoid those situations, knowing that more money can be made as long as they keep operating.