Beware of KYC/AML Requirements - Possible Scam

Discussion in 'Report Problems With BTC Gambling Sites' started by Humble Servant, Jul 6, 2017.

  1. Humble Servant

    Humble Servant Active Member Staff Member

    We regularly read other forums in order to find irregularities and accusations of scams aimed at other bitcoin sportsbook, poker rooms and casinos. Recently we came across this disturbing thread of a customer who had 21.5 BTC stolen from him by The poster deposited 15 BTC at and won an additional 6.5 BTC but when he tried to withdraw his account was suspended and they demand he go though a KYC/AML procedure. After supplying the KYC documents, they shut his account and kept both the 15 BTC and the 6.5 BTC he won.

    A representative from confirmed that "Regardless the nature of Bitcoin payments as a regulated operator we are obliged to ID verification, KYC and AML (anti-money laundering) procedures by the regulator at certain withdrawal levels."

    How many people actually go though the Terms & Conditions when they sign-up with crypto currency at gambling sites? The expectation is that you will be allowed to remain anonymous at bitcoin-only sportsbooks and will not have to go though a KYC and AML procedure.

    If bitcoin gambling operators require KYC/AML, we think they should be upfront and tell players before they deposit. For this reason, we are warning our readers that is a "Possible Scam"

    Here is our guide to trustworthy BTC sportsbooks.
  2. Crypto Betting

    Crypto Betting New Member

    Regarding KYC requirements, some people just don't get it..

    Why would a bitcoin sportsbook want to require KYC? It's more work and much more of a hassle..

    The fact is that they don't want to, and are literally required to in order to comply with local laws and to be able to stay in business.

    It's called operating a legitimate business.

    I'm tired of reading up on how is a scam.

    They have been transparent and receptive with me and my affiliates.

    If they were a scam, why would they restrict certain jurisdictions from playing?

    If they were a scam, why not allow US players and then steal their money, leaving them with no where to turn?

    If they were a scam, why would they be pumping so much money into marketing and community relations?

    The answer is simple; this is as legitimate of a Bitcoin betting operation as you'll find.

    If people just ignore the FUD and do their own research, it's not very difficult to discover this on your own.
    Last edited: Dec 19, 2017

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