Post
Topic
Board Gambling
Re: Anonymity is no longer a benefit of gambling with cryptocurrency.
by
Magoo8
on 11/08/2023, 01:12:21 UTC
I totally disagree on the use of KYC to counter money launderer since it’s useless in crypto because everything is decentralized and it’s very hard to spot user that laundering money and differentiates it to the normal player.

I think with the KYC on some crypto-centralised platforms like exchanges or casinos, money looting or ill-gotten gains with money can still be detected, but that's when the wallet that holds the coin has been flagged, and if it's been flagged, the centralised platform to which that coin is being deposited can freeze your asset. Depending on whether they are aware that the sender's wallet is flagged or if it's a casino that you deposited to and you also pass KYC with them, they can hand over your personal details to the investigation team that is involved, and the victim can be traced and get caught. Unless it's a crypto casino that doesn't require KYC, even if they don't require KYC but get notified that a deposit has entered their platform from a flagged wallet, if they fail to comply, the casino can still get charged by the government.
That's basically the logic behind the implementation of KYC protocols, to deter money launderers, scammers, and every form of malicious actors from using the casino as a way for them to store their ill-gotten funds without getting caught. Virtually everywhere in the cryptocurrency world you can keep your money without getting caught if you're a scammer, but if you want to use it in real life you'd have to run it through an exchange, or convert it to fiat through online casinos, good thing that most of them do these since at the end of the day it stops these people from being able to get a hold of their funds outright. And while it's a flawed system that needs some form of improvement to make sure that it doesn't inconvenience anyone but those that need to be inconvenienced, it's a much needed one.

Casinos are starting to ask for video selfies. Play at little to no KYC casinos.