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

[mirakal]

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?

[Mahiyammahi]

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?

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 .
Let me ask you a question, what else you can do besides gambling with a casino platform? In banking system in every steps you are using this system. In every corner of the world you're using banking system. But even some reputated casino is banned some region.

I think these two won't comply with each other , both are different thing and have their different purpose in their POV.

[X-ray]

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.

[joeperry]

I think it's a different story, I'm not sure about the others but here's my personal take about it. In banks and exchange sites, I'm really comfortable sharing my personal information for the security of my account and my funds, also if there's any legal or technical things that needs to be checked on my finances, I'm open to it that's why I am comfortable sharing it, it's for my own benefit. On the other hand, in gambling sites, I've witnessed a lot of gambling sites that only asks KYC because they don't want to pay the player or probably just sell my personal info to others because, before, we can win jackpot prizes, etc. without giving our personal information, and now it's just like an additional requirement for casinos to check if the player is eligible and it's 50/50 if they are going to pay or not.

[TryNinja]

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.

[Orpichukwu]

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 more we try to please all these service providers by handing them our information in respect to meeting their licensing demand, the more we are indirectly publicising our information; it will no longer be private.

All regulated casinos should have a way of sharing information with one another; if you already pass KYC in one casino, you don't have to start undergoing such a process again from scratch.

[mirakal]

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?

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 .

I’m comparing them because both are regulated, not by the same agency, but the point is they each have regulators watching over them and making sure they follow the rules.

Let me ask you a question, what else you can do besides gambling with a casino platform? In banking system in every steps you are using this system. In every corner of the world you're using banking system. But even some reputated casino is banned some region.

I think these two won't comply with each other , both are different thing and have their different purpose in their POV.

They’re in different industries, I’m not comparing what they offer. I’m just emphasizing that both are regulated by the government and both need a license/permit, so they’re expected to follow certain standards that protect gamblers or clients.

In banking there’s what we call bank secrecy, you can’t just divulge information. I think it’s the same with casinos. They also have to keep our information confidential.

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.

If there’s no real necessity to send KYC, then why do it? It makes no sense. And even if it’s a mandatory requirement, if we don’t want the service, we simply won’t send it.

But we’re here because we love gambling, and we all know there’s basically no casino today that isn’t regulated. So even if they don’t require KYC right away, they can still require it in the future. If we want to continue playing without problems, we’ll eventually have to comply simply because we love gambling.

I know there are “no KYC” casinos or decentralized casinos out there, but the question is… are those really the ones we want to use? I don’t think most of us here are actually looking for that.

[Frankolala]

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.

[bettercrypto]

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 literally don’t have a bank account, but I do have a digital one. However, I don’t put a large amount of money in it, only small amounts, because I know it’s really no different
from a physical bank, which also requires KYC.

The only difference with a physical bank is that there’s no hassle, because there’s no need to go to their branch office anymore. Unlike with a digital bank, you just register online through their apps and that’s it you already have an account, although you still need to submit KYC. And even if you’re a gambler, you shouldn’t make withdrawal transactions via digital banks; you should transfer your funds from the casino to DEX wallets or non-custodial wallets instead.

[Koadharber]

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 literally don’t have a bank account, but I do have a digital one. However, I don’t put a large amount of money in it, only small amounts, because I know it’s really no different
from a physical bank, which also requires KYC.

The only difference with a physical bank is that there’s no hassle, because there’s no need to go to their branch office anymore. Unlike with a digital bank, you just register online through their apps and that’s it you already have an account, although you still need to submit KYC. And even if you’re a gambler, you shouldn’t make withdrawal transactions via digital banks; you should transfer your funds from the casino to DEX wallets or non-custodial wallets instead.

KYC works in traditional banks digital wallets and online casinos in essence it’s all the same requirement framed differently whether it’s a physical bank digital bank or a regulated gambling site you’re still asked to prove your identity to comply with anti money laundering and counter terrorism regulations.

The main difference is in how people feel about it when they deal with banks most accept kyc as part of financial law but when the same process shows up in crypto spaces it feels like a betrayal of the decentralization and privacy principles that drew people to crypto in the first place. Using DEX'es or non custodial wallets as intermediaries for gambling withdrawals is a smart step it keeps you in control of your funds while limiting exposure to centralized oversight just be aware that once you interact again with a regulated platform those funds can still be traced through blockchain analytics so absolute anonymity is nearly impossible these days it’s less about escaping kyc entirely and more about deciding where you’re comfortable drawing the line between convenience privacy and compliance.

[FFrankie]

I think that the term trusted casino is the key word. Why would you trust any online popup crypto casino with your info? I think the issue is trusting KYC casinos that really don’t need your info but are asking for it anyway are the problem

[Ultegra134]

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.

I agree, they are two completely different things. Banks are financial institutions, with strong security protocols. they are much safer than casinos in case of a security breach. They're also mandatory in our day and age, how are you going to get paid and conduct transactions without one? Gambling on a casino isn't, and their sole purpose is to provide entertainment, while banks are now a necessary part of our lives for basic tasks. There's no reason to compare them and truly wonder why we're okay complying with KYC requirements on a banking institution.

[stompix]

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

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

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?

I’m comparing them because both are regulated, not by the same agency, but the point is they each have regulators watching over them and making sure they follow the rules.

Really? So you put the equal sign between Bank of Scotland and Stake, for example?
Cause I have some news for you!
And while you're at can you show me the list of casinos that are regulated and have a license in your country, for example?

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.

Because we all know Bitcointalk requires s***m samples for KYC!  

[Bitinity]

I dont think we can compare KYC in casinos to KYC in banks, they are different (at least for me). Banks where I store my money and I use it most of the time while casinos? I do not use it as much as my bank account. Bank account is also usually being used by people for longer time while some people use casinos recreationally only. One more thing when it comes to be specifically gambling activity, people want to be as anonymous as possible without KYC although the casinos may know our location but sending personal documents is a different thing.

[0x000369]

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

totally agree with stompix here OP youre acting like everyones fine handing over docs to banks but plenty of us grit our teeth through it because banks are basically unavoidable for real life stuff like paying bills getting paid or even just existing in society without going full offgrid hermit mode

casinos though? thats just entertainment man i can skip em if they demand my life story plus crypto gambling started as this anonymous freedom thing where you could bet without big brother logging every spin or hand so why ruin that vibe by adding more data points for hackers or scammers to exploit

ive seen too many stories of shady casinos using KYC as an excuse to stall payouts or worse sell your info on the dark web banks at least have heavy duty regs and insurance like FDIC to back em up if shit hits the fan but some random curacao licensed site? nah pass

if we keep complying everywhere we end up with zero privacy left its like death by a thousand cuts each service chipping away until youre fully doxxed

anyway my take is pick your battles banks yes cuz necessity casinos hell no unless you got no choice and even then use a no kyc one if you can find a solid rep one

[Taskford]

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 don't get why you compare the bank to online casino?

Since we can all understand that bank is regulatory compliance and fully accountable on whatever happens to the data they protecting.

While online casino is questionable. Even if we say that they are reputable still we cannot do anything if there's some data leaking issue happen. I'm more comfortable to do KYC on bank rather on online casino since I have that fear that we might get compromised especially if we give it to lots of online casinos and platforms.

[armanda90]

Surely you want comparison KYC require between crypto casino gambling and Bank? Some countries gambling is not allowed exactly for Moslem country and why many people disagree for KYC casino gambling account. Huge difference function between bank and crypto casino gambling due Bank is most require for daily day transaction but I believe most all gambler here just have fun only for gambling. For Bank have been guarantee by government and impossible could be collapse but the casino gambling operation by personal person with bigger possibility will bankrupt and close operation, what happen later with your document already verifying at casino gambling if their website close permanently keep secure your document or not?
So I am aware for verifying document ID at casino gambling and not relate when OP comparison between Bank and Crypto casino gambling.

[_act_]

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 money in banks which are fiat can not be traced on blockchain or on an online place that is available to the public. People that wants privacy may have huge amount of bitcoin and they like privacy because the money they are sending can be traced to their bitcoin unless something like mixer or coinjoin is used to block the trace. Even with that, some people still want privacy and we should respect that.

[Beparanf]

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?

Because bank is a necessity services for our finances while casino is for entertainment purposes which we have a choice to play or not since we can live without it.

There’s some services too that doesn’t require KYC mandatory unlike banks that KYC is the first requirements before you can open an account.

[Cryptomultiplier]

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.

I agree, they are two completely different things. Banks are financial institutions, with strong security protocols. they are much safer than casinos in case of a security breach. They're also mandatory in our day and age, how are you going to get paid and conduct transactions without one? Gambling on a casino isn't, and their sole purpose is to provide entertainment, while banks are now a necessary part of our lives for basic tasks. There's no reason to compare them and truly wonder why we're okay complying with KYC requirements on a banking institution.

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.