For someone to be convinced to lend their KYC to others, it’s safe to assume they’re getting some form of compensation. But ask yourself, will that reward ever be bigger than the risk? Of course not. The risk is huge, so if you’ve even been thinking about doing this, stop now and understand what you’re really getting into.
Identity Theft: Once you submit your personal info, and if that website ever gets hacked, your data is out there forever. It can be used for all kinds of online transactions, legal or illegal, and that can haunt you in the future.
You risk only your deposit. If you withdraw money after the game - you have no problems with it. But if casino was hacked - they can withdraw your money any way, even if you didn`t KYCed.
About your data - your data is everywhere, you share it in social networks, shops bonus programs, banks, government structures - they all can be hacked to.
Privacy Exposure: Many of us chose crypto because of privacy, but now KYC has become the norm. To keep playing, some people give in and submit. Even though casinos are required to keep it confidential, hacks and breaches happen. If that data gets stolen, you lose the privacy you came here for.
Today you can use unknown casino without any guarantees and awful service or you can use well-known quality casino with KYC. Choose yourself: risk that someone will just steal your money and data, or if someone have to hack the casino to steal your money and data.
Legal Liability: This is the biggest risk. If your KYC ends up tied to something serious like money laundering or terrorism, authorities won’t hesitate to go after you. And since it’s your name on the account, you can’t simply deny it, you already submitted your documents.
The main reason, why it is bad idea to share data or KYC. If someone use your data you can get problems. Even if you will prove that it wasn`t you - you`ll spend lots time at least to prove your words.