Post
Topic
Board Gambling
Re: Stake lvl 2 verification
by
Hispo
on 23/11/2024, 14:33:33 UTC
Also, KYC does help prevent crimes, but it is also used to commit crimes(Private information spread online, Casinos using it as a stalling tactic etc) which is why it's a double edged sword. Think!
There are two sides to its effect, but the positive side will eventually win out. Like it or not, the growing adoption of crypto casinos will naturally lead to stricter laws. But let’s not generalize by saying all casinos use this as a stalling tactic. Not all of them do, and those that are guilty can be penalized if regulators catch them. That’s why it’s important to report any shady practices to the authorities. Regulations exist not just to control the industry but also to protect gamblers, which is a win for everyone.

I would not like to sound extremely negative on that topic, on using KYC as a stalling tactic for shady casinos to steal from their lucky winners (or at least try to do so), but the vast majority of cases I have read online on casinos stalling winners with KYC are quite common while, on the other hand, I have not read about regulators pushing against those tactics or punishing casinos for abusing their KYC policies in order to delay delivering what is of gamblers property. Perhaps it happens behind the scenes and that is why we do not read or hear about it in the first place, still we cannot ignore that malpractice from shady casinos is likely to continue to happen when regulators are nowhere to be found or contacted in a shifty manner.
I am sure you can recall some shady casino which used to be around here in Bitcoin talk and used pretty much the same stalling tactics to run away with others money, and in spite of being alledgedly registered, they continued to do the same for years until they disappeared from this forum.