KYC And when do Crypto Casinos use them?
Security is one of the essential concerns nowadays, and this is true about crypto casinos as well.
Players who are new to gambling at online casinos sometimes find the KYC procedure to be complicated. However, if you’re already aware of it, you may be questioning why this procedure is necessary because crypto betting should provide anonymity and when precisely crypto casinos use it.
Let’s find out below.
What is KYC and how does it work?
Know Your Customer, or KYC is the procedure you go through to confirm your identification at online casinos. It is usually a quick procedure. However, you could discover that you won’t be able to collect your winnings, or at least not any substantial amounts, until you have gone through KYC.
As a result, completing the KYC procedure is a critical element. We recommend you complete it as soon as you can.
Reasons for going through this procedure
Why is identification verification required while using Bitcoin, which is designed to enable anonymity? You may ask. The anonymity you desire ultimately comes not from the casino but from prying eyes like gambling regulators, hackers, and anybody else you don’t want to let know that you place online bets.
The KYC procedure prevents many crimes, like money laundering, juvenile gambling, identity fraud, and many more. Indeed, it is crucial to finish this procedure since this feature helps keep you and the bitcoin casino safe and secure.
Documents to provide for the KYC procedure
A bitcoin casino would often ask you to provide a copy of your ID, such as a driver’s license or passport. You must also provide evidence of payment and a bill or other official document with your name and address to prove your residence. A screenshot of your Bitcoin e-wallet may be enough here (with the essential details hidden, of course).
What is the period for the decision?
Your identification should be validated in less than 24 hours after you provide the required paperwork to the customer service of a crypto casino. Of course, this procedure could take more time if your papers have a problem. However, reputable casinos like this one have a competent crew on hand to assist you with this process and make things easier.
Unlimited withdrawals
The KYC procedure at a cryptocurrency casino must be completed once. After that, you may withdraw at any time without having your identification verified. As a result of the bitcoin casino knowing who you are and that it is okay for you to play at their website, your withdrawal times will be drastically boosted, and you could even qualify for more significant withdrawal limits.
Final remarks
Cryptocurrencies have made online gaming security even more critical. With their KYC procedure, Crypto casinos assure your safety as a crypto gambler.
So, do you want to immerse yourself in the vast gambling possibilities and winning potential at a crypto casino like FJ? In that case, you should go through the KYC procedures as soon as possible and start playing your favorite games here.