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

[davis196]

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 can guarantee you that when a licensed non-KYC bank appears on the market, millions of people would open non-KYC bank accounts(assuming that such bank would provide a legit service). Unfortunately, such licensed non-KYC banks don't exist anymore.
The people would always complain about KYC, it doesn't matter if it's for a casino, bank, sports betting platforms, crypto exchange platforms or something else. The real complains are about casinos, that are using "failed" KYC as an excuse to block accounts and basically steal from gamblers. Something like photo of ID being rejected a thousand times for being too blurry or proof or address being rejected because of some BS reason.

[Finestream]

I can guarantee you that when a licensed non-KYC bank appears on the market, millions of people would open non-KYC bank accounts(assuming that such bank would provide a legit service). Unfortunately, such licensed non-KYC banks don't exist anymore.

They never exist actually.

The people would always complain about KYC, it doesn't matter if it's for a casino, bank, sports betting platforms, crypto exchange platforms or something else. The real complains are about casinos, that are using "failed" KYC as an excuse to block accounts and basically steal from gamblers. Something like photo of ID being rejected a thousand times for being too blurry or proof or address being rejected because of some BS reason.

We complain about crypto casinos requiring KYC because we got used to gambling with crypto back when there was no KYC at all. Things changed when crypto became regulated such as exchanges, platforms, everything. The government noticed it and stepped in.

So now this regulation is like a threat: either comply or quit.
And the same goes for us gamblers.. if we want to keep playing, we have to deal with it.

[Findingnemo]

In the early days crypto casinos didn't require KYC as a mandatory thing but with banking system it was all ways there but I don't understand why we compare bank and the crypto casino which is only because of KYC thing?

Bank/casinos or everywthing that ask for our identification is done based on the guidelines set by the government so they make the tracking of the user and their money easier and if needed they can cross check with their records to find if the person is screwing up anything.

[maydna]

It is not easy to find unregulated crypto casinos. That is because the government watches their business and will ask them to impose KYC requirements on their members. As members, we can only obey the rules and KYC our accounts. But we can choose the casinos by ourselves.

If you only want to have fun in crypto casinos, you can avoid KYC only if you don't deposit large amounts of money. You play using enough money then quit and do not engage in suspicious activity. Casinos will allow you to do that because they think you are only visiting their site, playing for a short time, only using small amounts and then stopping.

They will apply KYC to you if you want to withdraw especially big money. If you engage in suspicious activity, they will also ask you to complete KYC. But the banks and the casinos are different things.

[mirakal]

First, who is this we and who made you the spokesperson of the whole world?

I know you already know the answer.

But I’ll respond anyway... I’m not speaking for the whole world. That “we” I mentioned refers to the many people who openly say they don’t like KYC.

Just scroll through the KYC topics and you’ll see exactly what I mean.

Now, if you're going to put the equal between a casino ran from an island that you can't pinpoint on a map, with a vague license that can dissapear overnight with no trace and a bank that is FDIC insured, is regualted, has assets under control, has an office to which you can go and is subject to the regulation in your country then, I don't know what to say anymore!

Probably because you need to handle police your driver ID for you that means everyone that demands a copy of it is entitled to, right?

Really? So you put the equal sign between Bank of Scotland and Stake, for example?
Cause I have some news for you!

Just FYI, I’m not putting random casinos on the same level as major banks. I know banks have way stronger regulations compared to casinos. But the point is simple.. KYC exists because regulators require it, whether it’s a bank or a licensed casino. 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.

[danherbias07]

That's right! I don't have a bank account, and yet I do believe passing KYC is important, not just for the end of the casino but also for the end of the customer. It's security. There have been cases where funds were saved thanks to KYC because the thief cannot even prove that he was the owner who was trying to withdraw the funds.

It can help raise questions for whoever is trying to steal the account or the funds in that account, because they do have the information after passing KYC. Anyone who has been hacked or phished can somehow be at ease that it cannot be stolen easily.

[Dr.Bitcoin_Strange]

It's really a different thing mate, the banks can be more careful with handling a customer's personal details more than some casinos will do, the fact that some of these casinos are licensed and regulated doesn't mean that they all are very careful to handle the informations of customers and you know that it's an online platform  which is not really operating on the same principles with banks. Some casinos even end up closing down after some time of not being successful in the business, what do they do with customers details after then? Do they permanently delete them or not?

[Kelward]

We are used to banks and KYC since we were born, it is a normal thing for a bank to ask for personal details and it's never a problem to give them information as needed. But crypto is quite different we like to protect our privacy without any interferences of third parties and we expect that treatment in a casino where we will have total control of our money. Fact is that if you want to gamble on a regulated casino you should be ready to give your KYC details when it's needed. On the part of the casinos that asks for KYC they basically do it because of government regulations.

[mak013]

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 answer is security system. It is not about anonymity(to be honest, todays` cryptocurrency mostly not anonymous as for me).  Bank use more efforts to save our data than casino. But it doesn`t means that KYC is something awful. This is the way we pay for comfort. Bank cards, mobile phone, delivery services, online shops, casinos - it all need our data. Are you ready to forget about it?

PS. As i said in the other thread, my data were stolen at least three times. And for me nothing has changed.

[ryzaadit]

Cause the ads are misleading.

One another things people are using crypto because anonimity, and the casino advertiser those as their ads. But, the reality is not anonymous at all... they always put stastment or term in their term & condition.

They have some right to ask KYC in some codition, it's make the ads like missleading for sure.

[MainIbem]

Cause the ads are misleading.

One another things people are using crypto because anonimity, and the casino advertiser those as their ads. But, the reality is not anonymous at all... they always put stastment or term in their term & condition.

They have some right to ask KYC in some codition, it's make the ads like missleading for sure.

That's true I understand the betrayal customers feel when a casino that claim to be KYC free turns out to be false left for me I don't think it's fair cause some go to the extent of using non KYC to attract customers and we all know that one thing many customers love is transpiracy and when a casino doesn't comply to it becomes am issues to their customers. Anyway I don't blame some casinos though cause they need to keep their business going more the government regulations lately is the reason why most of them are not totally KYC free.

[stadus]

Cause the ads are misleading.

One another things people are using crypto because anonimity, and the casino advertiser those as their ads. But, the reality is not anonymous at all... they always put stastment or term in their term & condition.

They have some right to ask KYC in some codition, it's make the ads like missleading for sure.

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. You can even call it misleading, but at the end of the day, when you sign up, you agree to their TOS, and that’s what matters. That’s the binding contract we’re dealing with.

[|MINER|]

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 will describe the matter in this way that no one would want their password or the private key of a wallet to be known by a third party. Considering this aspect, no conscious person actually wants their personal data to be with a third party, namely a casino. Because whether it is the casino's will or not, our personal data can be stolen from them. There is also a reason for this. It has happened many times that casinos have been hacked and their KYC verification data has been leaked.  Apart from these main reasons, I don't like giving my personal data to third parties for reasons of enhancing privacy.

[XOOMBOX]

We are used to banks and KYC since we were born, it is a normal thing for a bank to ask for personal details and it's never a problem to give them information as needed. But crypto is quite different we like to protect our privacy without any interferences of third parties and we expect that treatment in a casino where we will have total control of our money. Fact is that if you want to gamble on a regulated casino you should be ready to give your KYC details when it's needed. On the part of the casinos that asks for KYC they basically do it because of government regulations.

I agree with you that KYC has been around for a long time in banks so we don't feel like giving our personal information there and everything seems normal but in the crypto world or in casinos the situation is different because there we want to have our financial freedom and privacy so that no one can interfere. However, in reality, many casinos follow government regulations so in many cases KYC is required but I think crypto should be allowed to be used safely because everyone has the right to protect their privacy and if the right balance is found between individual freedom and regulations then financial transactions will be easier.

[Rufsilf]

The problem with casinos, online casinos in particular, is that we can't hunt them down and make them responsible for what happens to personal information. Unlike banks, where you can easily reach out and demand answers, but casinos don’t give you that same level of security or transparency. If we talk about safety protocols, banks do good, while casinos not so much. That shows a huge difference, and it is something we should really think about before handing over our information.

Honestly, it feels uncomfortable sending personal info to a casino, unless it is necessary, like if I win a huge prize.

[Doan9269]

Its peoples mentality anyway, because once you can leave your personal information with the banks and thought of nothing wrong in doing so, then we shouldn't feel remorse when the gambling casinos requested from us to pass through their KYC, The same way these banks cant allow us to make any transactions applies tot he casinos also, that if we are unable to provide with what they have requested, they may not grant us our request as well from them.

[Rockstarguy]

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?

You just have to know that the banking system and casino are not the same. Having an account with the bank, personal details are very important to maintain a working account; I think the reason why this is required by banks is that many people depend on banks for putting their life savings, and in many cases, your bank account needs to match with those of other institutions and your place of work.

Gambling is a game that people don’t rely on as much; they can always quit, which is why people don’t really fancy giving out their personal details as KYC. I would say the banking system needs customer details for many important reasons.

[Padi24]

Complying with the bank is for the safety of your savings because those details we are giving to the bank is for them to tighten the security of our accounts in a way that scamers can not easily gain access to it. For me I think bank is more reliable than casino of any kind, I know that bank is not risk free and perhaps even most of the bank agents/ or workers can probably attempt to scam customers but they can't do it without the contacting the user I mean the owner of the account there by calling you on phone call to provide them with some certain informations and if you're wise enough to know that banks will never call their users to ask them for any information as regards to his account details then you're safe as they can't temper it so easily. But a casino can easily get hack by scammers or their workers can decide to use your information to do whatever they feel like doing with it without your notice since they have it all by themselves.

[Inwestour]

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 reason is very simple, the bank doesn't give us a choice, they clearly state that if you want to become their client, you must be verified. The casino however, gives us a choice, you can play without a KYC, but they may require it under certain conditions. For example, if you win a large sum, they'll likely ask you to verify before you can withdraw your winnings, and I assume you'll be subject to their terms in that case.

[Ronsbit]

Casinos and banks are quite different in operations and activities. Banks are also regulated, and they are financial institutions that involve day-to-day monetary transactions, and we all know how the system could be sometimes, where funds fly and could be suspicious, hence the need for KYC for all bank account holders, so that one can be able to have access to funds.

With respect to casinos, some people would not want their identity to be known as gamblers; some do gamble in secret, all thanks to crypto, which made it easier and safer for them to gamble from their comfort zones, but the government would also need to know thosw who does that too so that they could also monitor financial transactions in other to curb illegal money transfer etc likewise the casino too would at all cost want to scrruntinize account holders to make sure they get somethng from their act.