We all know the recent issue about the mixer status here in the forum. Crypto casino is also being use for money laundering by some criminals that’s why every casino has AML policy.
I’m just curious what will be the fate of crypto casino once money laundering activity from mixer will jump to casino now that mixer will not be advertised here which means it has less exposure. Is there any possibility that crypto casino will be seized by the government just like what happened to mixers in case they failed to screen the laundering activity?
According to me there is no risk of gambling because gambling is officially sanctioned in most of the countries. Furthermore, most people participate in gambling in accordance with legal principles when gambling and gambling platforms conduct their activities in accordance with the law. However, gambling platforms that are manipulated like money laundering should be officially shut down. And gambling platforms in particular have anti-money laundering policies. Since the anti-money laundering system is in the gambling platform, there is no worry about the gambling platform like the mixer platform.
Like I think I've said before, some of the policies which some gambling casinos state or operates on will make it difficult for just anybody to use them as a medium to launder money, we all know that in some casinos, there is a mandatory wager requirement on every deposit before the gambler can be able to withdraw funds Back, this is to say that, if a person was going to launder money through an online gambling casino, after depositing the money, he or she may be required to play some games to meet a certain requirement before he or she may be able to withdraw.
And even when the gambler places a withdrawal request, there is also the chance that, he or she may be asked by the casino for kyc verification, due to the amount of money he or she is requesting to withdraw, ones the person is asked to kyc before he or she will be able to withdraw, then the whole purpose of laundering money is destroyed, because one can not launder money with their identity known, they can easily be arrested and prosecuted.
Money launderers are accustomed to avoiding these kinds of "obstacles." They are crafty and frequently employ complex techniques. The obligatory wagering threshold? A small annoyance. They may just as easily take some losses as the "cost of doing business" and wager the bare minimum. KYC, too? Of course, there is a barrier, but what about adopting false or stolen identities? It is not unprecedented. Let us now discuss the casinos themselves. Are we really certain that they're all strictly enforcing these rules? The outside world is not clear. Some people may choose to ignore high rollers. Let's not fool ourselves: despite regulation, the gambling sector isn't perfect. There are gaps in the law and weak enforcement. Thus, while your arguments make sense in principle, the story in practice is more nuanced and frequently darker. Is this where we're missing the forest for the trees?