Why we don't want KYC on casinos but happy to comply with banks?

[Samlucky O]

This KYC thing is really unappreciated here, mostly because a lot of us want freedom. Crypto casinos were supposed to give anonymity so we don’t feel like the government is watching every move we make. That’s the whole appeal in the first place.

Definitely we all needs a  crypto casino that appears to be totally anonymous and free from government, since we don't want them to track all outlook movement. But does it end there? No.

So let me ask... do you have a bank account? If yes, you’re already happily complying with KYC there. So why is trusting a licensed casino suddenly a different story?

That's what I have been thinking too, apart from people exposing their KYC document to casino gambling site and feeling insecure, I believe there are also other places this KYC may be used like bank which is important. I have done some few registration online and offline requesting my KYC documents. So I don't  see much reason to feel different about exposing my KYC documents to casino while I have them released to other platforms.

[Porfirii]

-snip-

So let me ask... do you have a bank account? If yes, you’re already happily complying with KYC there. So why is trusting a licensed casino suddenly a different story?

I won't repeat what has already been said about banks and casinos not being the same, but even if they were, who said those who have a bank account are happily complying with KYC in the first place? Aren't many of us here because of that beautiful idea underlying Bitcoin about being your own bank?

[Ultegra134]

This KYC requirements isn't really an issue because if you check from a regulatory perspective, you would understand every mans intentions for using online services is different.

 Some use it as normal people do, while others who may be in prominent positions or not, use it to launder stolen funds or hide stolen/illegal funds, even finance terrorism or sponsor other evil agenda without anyone else noticing.
That's why it is a requirement for both online casino platforms and even offline banking. Not as a threat to your privacy, but there's no saying your KYC data can't be sold on a black market, but you must be someone special and someone who has created a lot of attention for someone to think of doing this to you without your notice.

Why they're asking for KYC is understandable and if I'm honest, understandable from a regulatory perspective. It is a threat to our privacy, not only because we're submitting our data to third parties, but because said platforms have vulnerabilities that someone may take advantage of at any time. We're not necessarily "afraid" of complying with KYC on X or Y casino or exchange, but what may happen in case something goes south, which isn't too uncommon nowadays. However, it doesn't mean that they aren't processing our data, you may not have something malicious to hide, but it can be something as simple as taxing you for the money you have on an exchange.

[rdluffy]

Why stop there?

I already trust my KYC docs to my bank. Why not send them to the casino I use, the exchange, the DeFi lending protocol, the company that created my bitcoin wallet, heck, even to theymos.

Why are people suddenly acting like sending your docs everywhere is not a risk vector?

I definitely don't want 100s different companies with my documents.

Exactly, the less information we have on the internet, the better
Even more so if it is sensitive information that could link us to crypto

The more websites ask for KYC and the user complies, the greater the chance of data being leaked

How many cases do we see of criminals kidnapping crypto users because they knew the victim had crypto and may have purchased this data in a leak?
This is very sensitive data, but unfortunately we need to do KYC with banks

[crwth]

This KYC thing is really unappreciated here, mostly because a lot of us want freedom. Crypto casinos were supposed to give anonymity so we don’t feel like the government is watching every move we make. That’s the whole appeal in the first place.

Hmm. I get that feeling here in the forum, and I don't know why some people don't want to comply, but of course, it's their information.

But here’s the part most people ignore: casinos usually require KYC only if they’re regulated. It’s not because they want your info for fun, it’s because their license depends on it. If they don’t follow that mandate, their operation gets shut down.

I do believe that it is vital for them because a lot of people are using casinos in order to launder money, whether it's online or land-based.

So let me ask... do you have a bank account? If yes, you’re already happily complying with KYC there. So why is trusting a licensed casino suddenly a different story?

Now that you say it, I think it is pretty similar in terms of what you are providing. I think it is easier for players to comply with the casino's KYC requirements compared to banks.

[Nightwalker(NW)]

So let me ask... do you have a bank account? If yes, you’re already happily complying with KYC there. So why is trusting a licensed casino suddenly a different story?

Cryptocurrency talks about anonymity and is Decentralized platform and people should treat it as decentralized and not centralized, so when talking about there should be difference between them, of course we renders our details to banks but not crypto.
Yes people shouldn't be that willing to submit their details to a platform that is decentralized, rather can either comply with the centralized platform instead of the decentralized platform. But what more? People are already adhering to their terms and regulation by submitting their documentation to the casino.

[Hypnosis00]

I can see there's no difference filling up KYC in banks and KYC with casinos. And as much as we don't want our private datas and information to be known, but in order to apply for a bank account, KYC is a must, and in order to play the game and successfully claim our rewards, KYC is a must. It's like we're left with no choice than to comply KYC, or else we won't be part of it, we won't enjoy saving our hard-earned money in a bank.

Legality comes with KYC, so if we want to be legal, we should learn to adopt it without complaints.

[adultcrypto]

Privacy was one of the main motivation of Satoshi for the creation of bitcoin, that is to give people the freedom to use their money without being  watched or monitored. The only way that can be done is if people are not forced to submit KYC like they do with conventional banks. That is why it is also good for casinos that leverage on cryptocurrency not to make KYC compulsory. People will naturally want to maintain their privacy because you cannot completely trust a third party centralized entity with your document for security reasons. So as much as possible, it is better to avoid performing KYC.

[Cookdata]

This KYC thing is really unappreciated here, mostly because a lot of us want freedom. Crypto casinos were supposed to give anonymity so we don’t feel like the government is watching every move we make. That’s the whole appeal in the first place.

But here’s the part most people ignore: casinos usually require KYC only if they’re regulated. It’s not because they want your info for fun, it’s because their license depends on it. If they don’t follow that mandate, their operation gets shut down.

So let me ask... do you have a bank account? If yes, you’re already happily complying with KYC there. So why is trusting a licensed casino suddenly a different story?

Half of people with bank account that has done Kyc don't know why they did Kyc, they just want to open a bank account for their business, there daily income and also personal income as well as salaries. If you are earning under the government, you are left with no choice than to comply with Kyc so you can get your salary. This things are not and option, you have to do it otherwise you will have no way of transacting in real life.

However, with casino you have many option. You can gamble in a casino that is not Kyc compliant and you wouldn't have any problem with them. If you want to gamble and the casino makes Kyc mandatory, you can decide to leave the casino and go elsewhere where Kyc is not mandatory. That's the difference between banks and casino, you have choice for one and the other you are left with no choice.

[PX-Z]

....
So let me ask... do you have a bank account? If yes, you’re already happily complying with KYC there. So why is trusting a licensed casino suddenly a different story?

Simple, do you store much money in casino like you did on banks? Does the casino give benefits like cards to pay in different store physical or online, paying bills, build you credit score, even provide you credit card (optional), is the casino have licensed/approved locally on your country's central bank? Do your casino have insurance when suddenly the casino is hacked or file bankruptcy? Does the casino have more benefits than having a bank? If yes, i'd be happily do KYC on that casino.

In short, they are different platform, just because they ask they same requirement doesn't mean they have the same benefits and usage.

[stompix]

The level of regulation is different, sure, but the principle is the same, if they want to operate legally, they need to follow KYC rules.

And do they?
How many times must I go to the reputation section and see the same drama, players getting banned and then allowed to play again?
How many times have we had cases of people passing KYC with old fake documents?

I've mentioned earlier in an exchange discussion, not a casino, one of my friends somehow managed to keep his old ID card when he got the new one, the officer forgot to demand it from him, so he has a card that is still validat by the date on it but invalid in the government database, with that shit he has passed KYC on all major exchnages, the moment he tries this with a bank in our country is the moment he gets a call from the police!

Back in the ICO era, I had "friends" passing those with printed cards or expired ones!

[aioc]

So let me ask... do you have a bank account? If yes, you’re already happily complying with KYC there. So why is trusting a licensed casino suddenly a different story?

These are two different industries, of course I'll be more willing to do KYC in a bank because it's a universal requirement, banks are strictly monitored and supervised by their central bank, if they violate the government guidelines or their clients the government instituion can easily rebuke their license and charge in court, its unlikely that you will get scam in a bank.
In online casinos, there are bad actors with licenses; though they may still violate their guidelines, it's hard to charge them because of their location.
Both of them thrive on trust, but losing the trust of one bank can have repercussions for the banking industry.

[mcdouglasx]

So let me ask... do you have a bank account? If yes, you’re already happily complying with KYC there. So why is trusting a licensed casino suddenly a different story?

I simply see this as a legal procedure, so I don't see a problem with the casino requiring KYC, as it's part of their own security. Privacy is important, so people aren't so much afraid of the casino itself, but rather of a data breach or government investigations into their finances. I think the best solution is that if you're going to deposit crypto at a casino that requires KYC, you should take precautions with your crypto assets before making the deposit to protect the privacy of your coins and prevent the deposit from becoming a way to trace your funds.

[uchegod-21]

This KYC thing is really unappreciated here, mostly because a lot of us want freedom. Crypto casinos were supposed to give anonymity so we don’t feel like the government is watching every move we make. That’s the whole appeal in the first place.

But here’s the part most people ignore: casinos usually require KYC only if they’re regulated. It’s not because they want your info for fun, it’s because their license depends on it. If they don’t follow that mandate, their operation gets shut down.

So let me ask... do you have a bank account? If yes, you’re already happily complying with KYC there. So why is trusting a licensed casino suddenly a different story?

The fact that the bank has my details does not mean that I should be comfortable giving out my details to every platform I join. I have declined membership of lots of platforms simply because I was not comfortable giving out such private information.  Maybe the bank is understandable, they have my money and I can take loans from them too. Collecting customer data may be neccessary for them to know who they are dealing with. We can't really avoid the banks completely. For casinos, we just pray we don't fall into the hands of scam casinos.  Many gamblers prefer to use crypto casinos just to avoid submitting their personal data everywhere on the Internet. If I decide not to use a casino at all, nothing would happen. Casinos are just optional compared to banks.

[stadus]

If we’re smart and experienced gamblers, we already know that licensed casinos are basically KYC casinos too. Some sites claim to be “anonymous” or “no-KYC,” but that only means they’re not strict in enforcing it, not that they will never ask for it.

Doens't matter.

If not anonymous at all, just don't claim it. Maybe semi anonymous, or something like thats... I don't blaming the license too and they at least not missleading custome from the Ads. It's really annoying.

These is why, always read term.

Well, I respect your opinion, but reading the TOS will always ease your mind because that’s where the real story is. Look at the signature you and I are wearing, you can see the word ANONYMOUS, but if you actually check the terms, the KYC is right there... that’s really my point. Those are just marketing strategies, and as gamblers we should be aware of that.

[junder]

This KYC thing is really unappreciated here, mostly because a lot of us want freedom. Crypto casinos were supposed to give anonymity so we don’t feel like the government is watching every move we make. That’s the whole appeal in the first place.

But here’s the part most people ignore: casinos usually require KYC only if they’re regulated. It’s not because they want your info for fun, it’s because their license depends on it. If they don’t follow that mandate, their operation gets shut down.

So let me ask... do you have a bank account? If yes, you’re already happily complying with KYC there. So why is trusting a licensed casino suddenly a different story?

I myself have more than one account, and every time I register, they always ask for KYC. I certainly don't hesitate to comply, as it's clear that this account will help us manage our money more easily. And with casinos, which I sometimes encounter that also require KYC, I don't really mind complying, as I think it's for my own account security.
The differing views, in my opinion, stem from the fact that not all casinos have a good reputation, especially with the rise of new casinos, which often lead to fraudulent activities that exploit players' personal data.

[Dr.Bitcoin_Strange]

Well for someone like me, I don't have any reason not to hand over my documents for verification, and in fact I prefer to verify a casino account most especially cryptocurrency casinos verification that is much more flexible than that of the traditional banks, this make it easy for me to pass the verification and making use of the casinos which have license and can be verified.

Lol, please be careful with how you hand out your information to any online platform, the world is filled with bad actors and you don't know what they could do with your personal details if it gets into the wrong hands. All crypto casinos is not very reputable, so you should be careful the casino or platform that you are submitting your documents to.

[Viscore]

I won't repeat what has already been said about banks and casinos not being the same, but even if they were, who said those who have a bank account are happily complying with KYC in the first place? Aren't many of us here because of that beautiful idea underlying Bitcoin about being your own bank?

If you use a bank, you comply with KYC. If you use a casino, you comply with KYC. That’s really the point, they’re both regulated, so if we want to use their services, we don’t have a choice but to follow the rules.

Bitcoin, sure, we can do banking without a bank, but it’s still limited because we can’t fully enjoy things like local exchanges or converting Bitcoin to fiat. So unless Bitcoin becomes widely accepted like fiat, we really have no choice but to use government-regulated platforms.

[Strongkored]

So let me ask... do you have a bank account? If yes, you’re already happily complying with KYC there. So why is trusting a licensed casino suddenly a different story?

Comparing banks to casinos is completely unreasonable.
Banks are managed by the government, and if they're private, they also have clear permits. Whereas casinos, even if they have licenses, never know the true owners or the people who operate them.
The license is different from what a bank has, because if the bank makes a mistake, we customers get legal protection, whereas no clear in casino.

I know that licensing requires casinos ask for KYC, but there are also casinos that don't and I would prefer the ones that don't ask for it.

[Fullcoinese]

So let me ask... do you have a bank account? If yes, you’re already happily complying with KYC there. So why is trusting a licensed casino suddenly a different story?

I also don't know why there is hesitation when asked to do KYC at a casino, especially a new casino. For casinos with a good reputation on forums, I don't mind. Especially if I have already proven that withdrawals go smoothly. For new casinos, there is definitely a feeling of whether the casino will be able to compete or end up being a scam. The data submitted for account verification is certainly vulnerable to misuse.