Crypto casinos are getting more and more popular as time goes on. These are platforms that provide a greater level of freedom to players in many ways. The game collections are also often bigger and better. That’s why a lot of people are looking to learn a bit more about what these types of platforms bring to the table.
One of the areas that a lot of people these days are concerned about is the safety of their private data. They want to protect their privacy as much as possible. A lot of crypto sites do a lot to help users strive toward their privacy goals. One of the areas that a lot of people have questions about is the know-your-customer (KYC) process that is in place at crypto casinos. This article will look at what the situation is in this regard.
- 1 What is Know Your Customer Verification?
- 2 Why is KYC Verification Required?
- 3 What Documents are Required for KYC?
- 4 Do Crypto Casinos Require KYC?
- 5 Pros and Cons of KYC vs No KYC Crypto Casinos
- 6 Starting Your Own Journey
What is Know Your Customer Verification?
KYC checks are a very important part of a lot of different sectors. It is a way in which companies make sure that they are compliant with rules and regulations regarding the likes of money laundering and terrorism financing. The last thing that a gambling site wants to do is to help facilitate one of these functions.
There are often stringent laws in place which means companies need to know exactly who they are dealing with in their given business. That’s why casino sites ask for certain information when you create an account and you usually have to verify this information by providing documentation. While some crypto casinos will have fully anonymous procedures in place, most of these platforms will have some sort of KYC process in place.
Why is KYC Verification Required?
There are many different reasons why KYC is required at casino sites. The main function is to make sure that criminals are not laundering money through online casinos. Over the years, money laundering has been rampant at many land-based casinos across the world. There are also concerns that terrorists might be trying to boost their finances using these types of platforms.
Having a crypto casino KYC system in place makes sure that the platform has proper info as to who is using the offering. Another reason for having KYC systems in place to help ensure that people who are self-excluded from gambling are not able to start gambling with the platform. This responsible gambling procedure can be very useful in identifying problem gamblers.
What Documents are Required for KYC?
When it comes to a typical KYC process, there will be a few different types of documents that you might be asked to provide. These documents will help to verify the information that you have provided to the platform. The exact documents that you will be asked to provide will depend on the given operator. Here is a look at some of the documents that might be necessary to provide:
Usually, you will need to provide some type of photo ID. This can be a driving license or a passport. It shows your date of birth and your name, verifying these key pieces of info. All you need to do is take a photo usually of this ID to showcase that you are who you say you are.
Proof of Address
Proof of address is also usually going to be necessary when dealing with an online casino. This can be a utility bill or a bank statement that clearly shows your address and full name. it needs to be dated within three months in most cases. The operator wants to be sure that you are living where you say you are.
Proof of Funds
Sometimes you will be asked to provide some proof of funds when you have an online casino account. This makes sure that you are using your own money to add funds to an online gambling account and that you are not using someone else’s financial wherewithal.
Do Crypto Casinos Require KYC?
There are different types of crypt casinos that you will come across. The purest options will require little to no information from a user to set up an account and gamble. They often just ask you to make a username and password combo and you’re then good to go.
However, most crypto casinos that you come across will have some sort of KYC process in place that you will need to follow. It normally sees you providing some photo ID and proof of address. This is standard enough for the online casino sector, with their process usually only taking up a minute or two of your time.
Pros and Cons of KYC vs No KYC Crypto Casinos
Just like any type of situation, there will be pros and cons that you need to consider when it comes to going for a KYC crypto casino or one that does not have any sort of KYC requirements. Here is a quick breakdown of the pros and cons:
KYC Crypto Casino Pros
- Shows the casino site is reliable
- Prevent international fraud and crime
- More protection for problem gamblers
KYC Crypto Casino Pros
- Can lead to withdrawal delays
- Further KYC checks might be necessary
No KYC Crypto Casino Pros
- No delays to withdrawals
- People in restricted regions can use the platform
No KYC Crypto Casino Cons
- Could be an untrustworthy platform
- Allows problem gamblers to avoid self-exclusion
Starting Your Own Journey
Now that you are aware of the KYC situation that is in place for different types of crypto casino, you can choose what approach you wish to follow. Generally, the crypto casinos with KYC processes is place are a bit more trustworthy and reliable than those without one. However, the choice is ultimately up to you.