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

[Beparanf]

Perhaps it's a regulatory issue that makes more people feel safer handing over their identities to banks. Typically, banks are directly supervised and regulated by authorities, so their operations are directly monitored domestically, providing a sense of security for customers. As for online casinos, most companies are registered in countries with looser regulations, and you simply won't know what they're doing with your data once you register.
But I personally don't have a problem handing over my identity to a casino. As long as I see that they have a good reputation and are regulated, it's fine for me. However, it's preferable if they don't ask for it, as I expect to be able to play anonymously without KYC if possible.

This accurate. Banks is strictly regulated and can be physically approached in case you have a problem with the support of the law while online casino cases handled poorly since it can only be approached online.

But the irony here is people already submitting KYC on exchange which has almost same level of regulation to reputable casino available.

I will understand this comparison if centralized exchange is still not requiring users to submit KYC.

[Fortify]

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?

Let's be honest, part of the reason is that they are mandated to gather the info - a good reason by itself if they're in a country where they have to follow such laws, but it's also used to identify unique individuals. That second point actually allows them to offer more generous bonuses as well, especially welcome bonuses, because they're more confident that it's not going to a single individual repeatedly. The comparison with a bank is a bit disingenuous though because banks are a lot more critical to everyday life and gambling is fairly niche still.

[mirakal]

Perhaps it's a regulatory issue that makes more people feel safer handing over their identities to banks. Typically, banks are directly supervised and regulated by authorities, so their operations are directly monitored domestically, providing a sense of security for customers. As for online casinos, most companies are registered in countries with looser regulations, and you simply won't know what they're doing with your data once you register.
But I personally don't have a problem handing over my identity to a casino. As long as I see that they have a good reputation and are regulated, it's fine for me. However, it's preferable if they don't ask for it, as I expect to be able to play anonymously without KYC if possible.

That’s a good distinction if we’re talking about trust, I agree with that.

But we also have to look at the other side where the doubts started. If you’ve been here long enough, you know how casino operators were in the past. They claimed to be anonymous because all they had was their reputation. No license, no regulations, just the promise of no KYC. And honestly, they were also scared of scamming people because if they did, the community would destroy their reputation overnight. Look at what happened to 1xbit, for example.

[RGBTC]

KYC will never solve my problems if I get into a dispute with a casino unless I have to change my citizenship.

On the other hand, I wonder if anyone here doesn't have a bank account? If so, I doubt they know how to use crypto. Like it or not, you basically can't avoid KYC if you want to fully utilize fiat, unless you're from an isolated region.

[LastKiss]

~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?

Absolutely, I need a bank for essential, everyday purposes spending my money, receiving my salary, and managing my finances. In contrast, a casino isn’t something people use daily, and many people don’t use it at all. The real issue is that if the government knows I gamble, it can put a negative mark on my ID. That “bad reputation” could then be visible to lenders, employers, and others. Having that kind of label on my ID would make life much harder than it needs to be.

[Distinctin]

KYC will never solve my problems if I get into a dispute with a casino unless I have to change my citizenship.

On the other hand, I wonder if anyone here doesn't have a bank account? If so, I doubt they know how to use crypto. Like it or not, you basically can't avoid KYC if you want to fully utilize fiat, unless you're from an isolated region.

Same with crypto casinos. You can never really avoid KYC, especially if you’re looking for casinos that have a license. Those two always go together. Once they get licensed, they lose that decentralized or anonymous image they used to advertise. When a platform has a license, they’re required to follow the law, and the law demands KYC for anything dealing with money or crypto that has monetary value. That’s just how it is.

[RGBTC]

Same with crypto casinos.

It's not the same dude, come on. How important is it in anyone's life to get a bank or a licensed casino account? There are plenty of no-KYC casino options out there, one example being Freebitco, which had been operating for years before they ran into trouble. Another example is bch.games.

You can never really avoid KYC, especially if you’re looking for casinos that have a license.

I last withdrew over $52 without verification from a licensed casino actively advertised here, and it was still incredibly fast.

[dunfida]

Perhaps it's a regulatory issue that makes more people feel safer handing over their identities to banks. Typically, banks are directly supervised and regulated by authorities, so their operations are directly monitored domestically, providing a sense of security for customers. As for online casinos, most companies are registered in countries with looser regulations, and you simply won't know what they're doing with your data once you register.
But I personally don't have a problem handing over my identity to a casino. As long as I see that they have a good reputation and are regulated, it's fine for me. However, it's preferable if they don't ask for it, as I expect to be able to play anonymously without KYC if possible.

This accurate. Banks is strictly regulated and can be physically approached in case you have a problem with the support of the law while online casino cases handled poorly since it can only be approached online.

But the irony here is people already submitting KYC on exchange which has almost same level of regulation to reputable casino available.

I will understand this comparison if centralized exchange is still not requiring users to submit KYC.

Banks operate under local regulations so people trust them more because there’s a legal system behind them if something goes wrong you can physically go there file a complaint or even take legal action while casinos especially online ones often operate offshore where the rules are loose and the authorities don’t have much power to help if things go bad.

But you’re right the situation is kind of ironic because most people already submit KYC on centralized exchanges which aren’t very different from regulated casinos both collect personal data both store it digitally and both can be hacked or misused the difference is mainly perception people see exchanges as financial tools but view casinos as risky or shady so the tolerance for KYC changes. For me too it depends on reputation if a casino has a long track record of fair play proper licensing and no history of data leaks then submitting KYC shouldn’t really be a problem but if i can still play without giving my full identity i’ll always prefer that option anonymity is one of the main reasons many people got into crypto in the first place.

[OsaiEmma]

From my own experience, most casino's KYC restrict regional participation, it makes individuals from some part of the world unable to register and place bets because they can't provide the required documents for KYC. I know KYC is important, not just for licensing but to enforce some rules like being 18+ of age to participate in bets e.t.c, but those restrictions is what users are trying to bypass and I think it's the reason most people don't like KYC

[Nahl]

It's not about happy or not to do KYC for bank account because in the real life we still need banks to made transactions daily because in my country bank service will be related to almost all of daily needs but it could be different if KYC for gambling sites because basically this is only a requirement if want to play at the casino and some of online casino have claimed that they will protect KYC players but unfortunately some of casino too has been abusing the players KYC that's why i still fear to do KYC for the casino and if i want to gamble just choose non KYC kasino which is not hard to found it and for other hand because bank protected by the government then i believe they will never abusing the data from their costumers and this makes me more comfortable to do KYC for bank account rather than online casino

[Mihaylovic]

because banks generally have a more professional documentation and storage system. and they usually are being strictly controlled by the governments. So they sound more trustful comparing to a casino. Of course we can not 100% trust them too but sounds safer.

[Fivestar4everMVP]

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?

Misplaced priorities is the real answer to this question, many of us are very happy to apply and make sure we pass kyc verification on crypto exchanges, since centralized exchanges of this days won't even allow a user deposit or perform any financial tax without first going through the process of account verification, we are happy and go through this process easily even without given any incentives..

But when it comes to casinos, we remember the true definition of privacy, we remember that privacy is key, we remember that our personal data is very important to protect, we exactly are we deceiving if not our very own selfs? I've never been a party to this type of confusion and will never be..

[Cryptmuster]

KYC will never solve my problems if I get into a dispute with a casino unless I have to change my citizenship.

On the other hand, I wonder if anyone here doesn't have a bank account? If so, I doubt they know how to use crypto. Like it or not, you basically can't avoid KYC if you want to fully utilize fiat, unless you're from an isolated region.

I think that KYC in casinos is used not to solve your problems but to allow the casino to protect itself in the legal field, and also during any financial disputes. And KYC for casinos remains a rather conditional concept while for banks it is mandatory in any case. But this also does not always guarantee your safety because scammers find ways to bypass this with substitute identities or forged documents.

[mitchr4]

because banks generally have a more professional documentation and storage system. and they usually are being strictly controlled by the governments. So they sound more trustful comparing to a casino. Of course we can not 100% trust them too but sounds safer.

As long as the bank is connected to the government, I feel safer giving my personal information because I trust the government will protect it from being misused. On the other hand, if a casino asks me to fill out KYC I usually don't complete it and end up leaving the casino. It's better to find a casino that doesn't require KYC.

[Anayochukwu]

Wow lot's of Discussion on KYC casino . But why you're comparing the casino with banking system? I won't mentioned any name but I saw lot's of licensed casino gets suddenly closed. Freeze user funds .

There's no difference. Even if your money in bank can also be frozen by regulators when it's linked to the suspicious activity. Stop acted like bank can't frozen our money. Basically, they're all the same.

I disagree with you that banks and casinos are the same. You need the bank to carry out your daily transactions to sort out your bills. You save your money in the bank and take loans from the bank. Casinos are only there for us to gamble with. Do you know that I can gamble without a casino but you cannot do without a bank if you want to spend fiat.

Let's be honest with ourselves, I see no reason why someone would compare banks and casinos. There are many differences between banks and casinos, we're supposed to know that banks are more secure. You can use your bank account and run many transactions as you want without any problem, which a casino account can't afford to do. So as I  mentioned, I think the only thing we're gaining from casinos is the chance to gamble.

[Russlenat]

There are many differences between banks and casinos, we're supposed to know that banks are more secure. You can use your bank account and run many transactions as you want without any problem, which a casino account can't afford to do. So as I  mentioned, I think the only thing we're gaining from casinos is the chance to gamble.

So if that’s our reason, does that mean we won’t comply when casinos ask for KYC? Or we’ll still end up doing it anyway because we want to keep gambling? For me, what makes an industry safe is the regulator behind it. Think about it: if the central bank wasn’t strict with enforcing rules, would banks even be safe? If the answer is no, then the same logic applies to casino regulators. So it’s better to choose a casino that’s properly regulated and actually protects gamblers, including their personal info and documents.

[Akbarkoe]

KYC will never solve my problems if I get into a dispute with a casino unless I have to change my citizenship.

On the other hand, I wonder if anyone here doesn't have a bank account? If so, I doubt they know how to use crypto. Like it or not, you basically can't avoid KYC if you want to fully utilize fiat, unless you're from an isolated region.

I've probably all had one. I once had one, but it's no longer active. I prefer using e-wallets over banks. KYC doesn't solve problems, but it can mitigate potential future issues.

No fiat service is anonymous, all require data verification. Even crypto is now entering a similar situation. Government control and oversight are part of it. KYC will always be in place whenever dealing with a large institution.

[LFC_Bitcoin]

I don’t think we are happy to comply with banks but with traditional finance we don’t have a choice. The reason why crypto has been so successful is because we are the master of our own money, we can self custody without permission from anybody else. No KYC and permissionless transacting is why we came to crypto so we don’t really like it with gambling.

[Antotena]

Same with crypto casinos. You can never really avoid KYC, especially if you’re looking for casinos that have a license. Those two always go together. Once they get licensed, they lose that decentralized or anonymous image they used to advertise. When a platform has a license, they’re required to follow the law, and the law demands KYC for anything dealing with money or crypto that has monetary value. That’s just how it is.

One thing or two are always sacrificed if you want to choose between a Kyc casino and a non Kyc casino. If you don't want to be Kyc, there are platforms you can gamble without any problem but you may not be able to fight any legal battle with a casino that is not recognized or known within your jurisdiction. However, what I have seen so far, the fact that a casino did a Kyc for you doesn't stop them from locking your account, been licensed is one thing and having good reputation is another.

The best thing to do, just find one casino with good reputation, the ones that has less complaints about seizing users funds, the ones that don't have too much complaints and you will be fine. Personally, I haven't experienced account banned in Kyc and non Kyc casino.

[Distinctin]

Same with crypto casinos. You can never really avoid KYC, especially if you’re looking for casinos that have a license. Those two always go together. Once they get licensed, they lose that decentralized or anonymous image they used to advertise. When a platform has a license, they’re required to follow the law, and the law demands KYC for anything dealing with money or crypto that has monetary value. That’s just how it is.

One thing or two are always sacrificed if you want to choose between a Kyc casino and a non Kyc casino. If you don't want to be Kyc, there are platforms you can gamble without any problem but you may not be able to fight any legal battle with a casino that is not recognized or known within your jurisdiction. However, what I have seen so far, the fact that a casino did a Kyc for you doesn't stop them from locking your account, been licensed is one thing and having good reputation is another.

The best thing to do, just find one casino with good reputation, the ones that has less complaints about seizing users funds, the ones that don't have too much complaints and you will be fine. Personally, I haven't experienced account banned in Kyc and non Kyc casino.

So you’re still referring to casinos with KYC, the ones you say have good reputations and fewer complaints? Because I haven’t seen any unregistered casino here that actually has a good reputation. You know how it is, once they make a thread here, the first thing gamblers check is the license. If they don’t have one, gamblers will just ignore them.