The "Know Your Customer" (KYC) verification is a norm for online casinos. In a bid to avoid underage gambling and money laundering, websites request players to submit copies of identification documents as well as other personal details. This helps companies prevent fraud and criminal activity as well as keep them from being in violation of local laws.
But such a level of exchange of information is troublesome for privacy-focused cryptocurrency users. That is why the majority opt for Bitcoin casinos , the majority of which do not have or have limited KYC procedures. But is it always the case? We provide all the answers in this article.
While crypto casinos began like the Wild West of the old proverb, the continually changing world of gambling has compelled them to change. In a bid to win players' confidence and stay clear of legal issues, most have opted to acquire iGaming licenses. In the process, these crypto casinos have to implement KYC verification, going in line with their fiat brethren.
Nevertheless, there are platforms that bypass the process entirely. We wrote about non-KYC crypto casinos earlier, and much of what we wrote remains relevant. The issue with such operators is that you have to hope that they will not scam you. With no regulations, there is no authority you can turn to in case you suspect cheating or if the casino collapses and makes a getaway with your cryptocurrencies.
It all comes down to what you consider most important. If security is your number one priority, then crypto casinos that have KYC are the way to go for you. But if your number one priority is privacy, then you must use their KYC-less alternatives. If you opt for the latter, you must keep in mind that it is dangerous by nature and perhaps even illegal.
Though there isn't a single, universal way of doing KYC, the majority of the steps overlap sufficiently that we can give an overview to identity verification. If you have already gone through with it, you will find that crypto casinos do not have unique steps to undergo. The process is made as simple as possible so that you can complete it as quickly as possible.
As a general rule, the KYC process involves the following fundamental steps:
We can very well understand why certain players do not wish to share their personal details on the internet. With increasing data breaches, individuals would naturally fear for privacy. We still believe it is a good practice to undergo the KYC verification.
The majority of casinos online take great care to maintain your confidentiality, since strict data protection is included in the regulations set by online gaming authorities. For taking this extra measure, you can rest assured that the site you gamble on is legal and secure.