Cryptocurrency
Account Verification and Crypto Casino KYC – Complete Guide
The online casino industry has snowballed against all odds. It’s no longer a secret that the industry is fast-growing, with experts foreseeing a $94.4 billion worth by 2024. The industry has successfully grown since its first gambling software appeared on the scene decades ago. Today, several innovations have sustained its spread across the globe.
The Know Your Customer (KYC) procedure is a common trend across traditional fiat money gambling sites. Moreover, some crypto casinos apply such safety procedures despite claims of anonymity. The internet is a wonder. You’ll get to see the good, bad, and terrible side of it. Is KYC needed? What are the downsides to this process? Perhaps it’s a process to keep gamblers safe? This review explains everything regarding the crypto casino KYC process to help you always select the best crypto casinos.
Know Your Customer Verification: What is it?
The Know Your Customer (KYC) Verification is a procedure adopted by gambling sites to eliminate financial crimes. The process is also called Enhanced Due Diligence and is mandatory for online casinos. Essentially, the procedure aims to verify players’ identities and establish a connection between the information provided during registration and the legal government documents of the player.
Specific documents such as government-issued ID, bank statements, credit/debit card information, and proof of address are required for a KYC procedure. This process can be done immediately after registering, but it is required before a player can initiate a withdrawal. What’s more, best crypto casinos like those found on cryptocasinos.net carry out the process once. Therefore, gambling sites do not require a KYC now and then. The only exception is when there is a change in the player’s payment choice.
Why is KYC Verification Phase Necessary?
KYC verification is a means to create a safe and responsible gambling space. For instance, it prevents underage individuals from exploring bitcoin casinos. And problem gamblers won’t be able to open multiple accounts. Here are more spectacular reasons why some crypto casinos subscribe to this process:
- Preventing Fraudulent Practices
The information required for a KYC process contains sufficient details about the player and his means of income. This information can be leveraged by relevant authorities if there are possible scam complaints in the future.
- Anti-Money Laundering (AML)
One of the primary reasons for the KYC checks is the potential threat of money laundering. BTC casinos are under scrutiny by regulators to curb such excesses within the industry. In a bid to clean dirty money, money launderers use online gambling sites for such activities. The KYC checkmates the source of income of the potential player and ensures it is not illegal or unknown.
- Proving Source of Income
With a complete KYC check, the origin of funds would be ascertained. The Proof of Sources of Funds is another document required during such procedures on the best crypto casinos, covering withdrawals and deposits of the potential player. Btc casinos can ensure your online safety, fight fraud, and they can avoid being labelled or linked to financial crimes.
- Avoiding Funnels for Nefarious Activities Such as Terrorist or Crime-Based Cartels
Data collected during the KYC checks can be helpful when tracking activities connected with nefarious activities such as crime-based operations or terrorism. The financial organization can be corporate with state security to track, identify and cancel such operations.
- Self-Exclusion Tracking
Know Your Customer is ideal for problem gamblers. The best bitcoin casinos can easily protect vulnerable players using the information provided. If a player opts for self-exclusion, the relevant organization can stop them from opening another account with another operator, thereby restricting their access till the self-exclusion is over.
What Documents are Required for KYC?
The KYC verification process requires certain unique documents. These documents would be uploaded to the crypto casino site to prove your identity, source of income, and location. The process takes between a few minutes to a full working day. Here are some of the documents needed:
Photo ID
Bitcoin casinos require players to upload a photo ID. You can scan or take photos of the document using a smartphone device. This photo ID proves your identity. A government-issued ID – a driver’s license, national identity document, or passport, is requested for this phase. Best crypto casinos may request additional documents like your birth certificate.
Proof of Address
During registration, players fill in their addresses. The document upload would have the address you provided to prove you live there. The proof of address helps the crypto casino understand the jurisdiction and what gambling laws and regulations are administered in your location. Utility bills (gas, water, electricity) or a bank statement having your full address are unique documents that can be used for proof of address. What’s more, these documents must be within the last three months.
Proof of Funds
The best crypto casinos require proof of funds. This is to verify your means of income and to ensure that the bank account or e-wallet provided is yours. When a player cannot provide such documents, the means of income is questionable, and such an individual could be involved in a financial crime. Documents needed for the proof of funds are a picture of your e-wallet or credit/debit card front page, job payslip, bank statement, etc.
Crypto Casinos? Do They Require KYC?
The KYC verification phase can sometimes be skipped. It depends on the preferred crypto casino operator and its operations’ rules. Most licensing authorities demand the verification of each user. If you love your anonymity, you can opt to get BTC casinos that bypass this phase.
However, demanding verification is a means the bitcoin casino uses to protect its players. Most gamblers see this as a sign of reliability, responsibility and security and would not hit the sign-up button if this phase is skipped. Moreover, it shows that a preferred bitcoin casino would comply with financial legislation.
KYC vs. No KYC Crypto Casinos: Pros and Cons
Regardless of your preference, KYC and no KYC crypto casino have upsides and downsides. Here, we highlight some basic pros and cons of each gambling brand.
Pros of KYC casinos:
- Proves credibility and reliability of the crypto casino.
- Once done, allows withdrawals/deposits using the same payment method
- Prevention of fraudulent activities, international crime & money laundering
- Increased protection for problem gamblers
Cons of KYC casinos:
- A fresh KYC check is needed when a new payment option is added
- Delays in withdrawals
Pros of No KYC Casinos:
- Absolute anonymity
- No delays in withdrawing winnings
- Players can use any payment option of their choosing
- Freedom to access gambling products and services from restricted areas
Cons of No KYC casinos:
- Sign of potentially joining a scam operator
- Problem gamblers can skip self-exclusion
Let’s Sum It up
The KYC verification phase is an excellent means of curbing many fraudulent activities in the gambling space. However, it is a phase that can be skipped and would not undermine your security. Players love to explore and enjoy the best crypto casinos, still keeping their digital footprints away from prying eyes.
Regardless of what your preference is, it is mandatory to gamble responsibly. Do due diligence on the casino operator you are interested in becoming a part of. Ensure they tick every box of making a good operator. Best of Luck!
Cryptocurrency
SCCG Management Announces Sponsorship Partnership with Hoppa! Card
SCCG Management, a leading advisory firm in the global gaming industry, has announced a sponsorship partnership with Hoppa! Card, a pioneer in crypto payments and banking solutions. This collaboration is set to revolutionize the payment landscape for the gambling industry with a strong focus on crypto technology, leveraging SCCG’s extensive ecosystem of over 120+ client partners and its global presence across all major regions.
Through this partnership, SCCG Management will support Hoppa! Card in delivering their innovative crypto payment and banking solutions to a wider audience within the gaming industry. The synergy between SCCG’s expansive network of client partners and Hoppa! Card’s cutting-edge financial technology aims to enhance the efficiency and security of managing complex payment needs in the gambling sector.
Hoppa! Card’s flagship products, including the Exclusive Global Soft KYC High Limit Crypto Offramp VISA Card and the Unique Payment Gateway, are designed to meet the most challenging payment requirements. The VISA Card offers high limits and the highest possible privacy standards with anonymous cards, ensuring global accessibility with both virtual and physical card options. The Payment Gateway provides seamless processing for various crypto and fiat transactions, eliminating chargebacks and non-acceptance of cards, while catering to all gaming licenses and jurisdictions.
Stephen Crystal, Founder and CEO of SCCG Management, said: “Partnering with Hoppa Card allows us to provide our clients, as well as our global network of operators and platform providers, with crypto-focused payment solutions that are crucial in today’s fast-evolving gaming industry. Their innovative products align perfectly with our mission to drive strategic growth and maximize revenue for our partners.”
Igor Lavrih, CEO of Hoppa Card, said: “We are excited to kick off the partnership with SCCG, merging our payments expertise with their deep market insights to explore new opportunities and drive innovation. We look forward to the synergies our partnership with SCCG will bring forward, delivering unique payment solutions in the gaming industry to an array of growing and established businesses.”
Cryptocurrency
Vibra Gaming partners with CryptoZpin to offer content to global crypto brands
Vibra Gaming will distribute its content portfolio through white label. cryptocurrency provider GamSnap, who will supply several of its global operator partners with an initial launch on the CryptoZpin brand: www.cryptozpin.com
Vibra’s proven gaming content will be extended by GamSnap to Cryptožpin, as well as future cryptocurrency brands in multiple global markets, including Latin America, Europe and Asia
Vibra Gaming, a fast-growing Latin American company, is recognized for its creative and innovative content with a wide range of highly engaging slots such as Carnaval Alegría and branded slots such as Popeye; Quick Games including Crash, Double and Dice; a series of successful table games including roulette and blackjack, and unique bingo content including classic old-school bingos as well as new original titles including Egyptian Riches Gold and Underwater
Henrik Granlund, Product Owner, GamSnap, said: “GamSnap, the new Crypto Casino white label provider, is pleased to partner with Vibra and offer their exciting games not only to the Latin American market but also to the European and Asian markets. We are excited to see how the games perform with our clients, CryptoZpin.com, and our future brands. We look forward to working side- by-side with the Vibra team and watching our partnership grow.”
Ramiro Atucha, CEO, Vibra Gaming, said: “Our gomes have enormous reach with local and international operators both across the LatAm region and globally. Our new portnership with GamSnap will give us even an even broader horizon, working with a new range of up and coming crypto brands that we’re all very excited to be part of.”
Cryptocurrency
BitLine Enhances Onboarding Experience in Collaboration with Jumio: Simplified KYC for Casino Patrons
This collaboration emphasizes convenience, security and regulatory compliance
Through the BitLine app, users can seamlessly transact with up to US$10 million in casino chips 24/7
BitLine, a pioneering provider in the integration of digital assets for direct access to casino chips, proudly announces a strategic alliance with Jumio, an industry leader renowned for its comprehensive know-your-customer (KYC) solutions.
This partnership marks a significant milestone as BitLine streamlines its onboarding process for casino patrons, ensuring a seamless and secure journey into the realm of digital asset-based payments for gaming.
The collaboration between BitLine and Jumio signifies a commitment to delivering unparalleled convenience while upholding the highest standards of security and regulatory compliance. By leveraging Jumio’s advanced technology, BitLine reinforces its dedication to building trust among users and offering a frictionless experience for individuals seeking access to casino chips via digital assets.
Richard Jones, the Chief Executive Officer for BitLine by Ibanera, expressed enthusiasm about the partnership, stating: “Trust and compliance are the cornerstones of every successful casino venture. At BitLine, our vision to innovate this industry through digital assets hinges on maintaining trust and adherence to regulations. Our collaboration with Jumio represents a monumental stride towards achieving this vision, ensuring that casino patrons transact securely and confidently through our platform.”
Echoing this sentiment, Robert E Prigge, the Chief Executive Officer for Jumio, commented: “The evolving landscape of digital assets presents endless possibilities and BitLine’s innovative approach has reshaped the casino industry. By eliminating withdrawal limitations and expanding accessibility, BitLine has ushered in a new era of gaming. We are thrilled to contribute to BitLine’s journey by providing essential elements of security and compliance.”
BitLine by Ibanera grants cryptocurrency owners unprecedented access to up to US$10 million in casino chips, 24/7/365, serving as a conduit for liquidity on the casino floor. Through the intuitive BitLine app, casino enthusiasts worldwide can initiate transactions within minutes, leveraging their digital assets to unlock funds effortlessly.
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