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-termsIt's possible for a casino to ask for KYC when a user wins a game or bet that is big enough and wants to make a withdrawal because the casino doesn't want negative things to happen, for example when a win is won from playing unfairly or cheating has been in the casino.
Even though we really don't know what the real intentions and goals of the casino are asking for KYC only when making a withdrawal of a large enough amount.
If KYC is requested at the time of deposit it is clear that the casino does not want users who register and make deposit transactions to use or be involved in cases of embezzlement or money laundering which can drag the name of the casino into the case that is currently happening to the user.
I think there are not a few casinos that ask for KYC only when making a withdrawal and this needs to be fixed again. If KYC is on the surface, it's better to ask for it at the beginning when making a registration or first deposit.