i am playing on a sports betting site that i have just learned uses kyc for withdrawl... why do these sites have kyc requirements. can someone explain me what is the purposes of websites knowing your real life information (security risks) for no benefits. i believe users set standards to give out free informations to websites without any value for their informations, if we all stop using these bad services they will allow us to play without kyc
KYC (Know Your Customer) is just an assurance that you are a legitimate player and of the legal age. Many required it as most of them had their physical licenses to operate in their local government and KYC is a necessity to assure that the platform's clients are recorded and wouldn't have duplication. Take it as your Resume or Curriculum Vitae, in which most job requires as your application. And KYC, in correlation, is the equivalent of most online and licensed gambling platforms.
Though it is a risk uploading your identity online, the bottom-line here is that there are already no internet privacy in this world. Hence, it's your choice if you would trust a platform with your identity, or not.