One fairly common complain among gamblers is they are allowed to make a deposit at casinos and lose their money without any issue, but if they happen to win and they want to make a withdrawal then they are hit with a KYC request almost immediately, Tonybet a fiat Estonian casino was fined more than 400,000 pounds for this practice and it seems the regulators are now interested in making reforms to the laws and force casinos to also make checks on those gamblers which have lost a lot of money.
If those new regulations are passed they will affect not only fiat casinos but cryptocurrency casinos will have to eventually follow them as well, do you agree with this idea? Would you like to see casinos to be fined more often for the practice of only asking for personal information from winning gamblers or do you think this will have a harmful effect on their finances?
Source:
https://www.theguardian.com/society/2023/jan/18/tonybet-fined-regulator-online-betting-id-checks-termsThis was very predictable. If you think about it, kyc is not only to know your customer but as it is to control the Casino itself. In this case, they were only doing KYC to customers trying to withdraw so, with this they would only declare what they were losing and not what they were earning. reason for this is that if a gambler does not try to withdraw he will not be asked for kyc so they will not count with the losing players who actually are the ones giving profits to the casino.