KYC Guide: What is a No KYC Casino?

If you’ve heard terms like KYC checks and no KYC casinos thrown around in crypto circles, but aren’t quite sure what it means, this guide will explain everything. We’ll go through the basics of what KYC is, which documents it involves, why this matters to players, and whether or not you should hunt down a no KYC crypto casino.

What Does KYC Mean?

KYC stands for “know your customer”, and is the act of verifying a player’s identity before allowing them to use services. KYC checks are common at crypto casinos and financial institutions. So, when you’re opening a bank account, or trying to bet on some slots at new crypto casinos.

The purpose of KYC is to perform anti-money laundering (AML) checks, but it can be quite cumbersome and intrusive for players – especially if you don’t like the idea of the government, or privately owned companies, knowing about every bet you make.

Crypto casinos that fail to report KYC findings in a timely manner can face huge fines, depending on where they’re based.

History of KYC

The term KYC dates back to 1970, when then-US president Richard Nixon signed the Bank Secrecy Act of 1970 (BSA) into law. It was immediately controversial, with lobbying groups arguing that it infringed on their Fourth and Fifth Amendment rights – but what Richard wants, Richard gets.

The BSA forces US financial institutions to assist the government to detect and prevent money laundering. Have you ever heard of that rule where your bank has to report any withdrawals over $10,000? That’s the BSA in action.

In the modern era, KYC forms one part of a wider AML system. It’s governed by a number of regulatory bodies, with some of the biggest including:

• The Financial Action Task Force (FATF)
• The European Union (EU)

Over time, regulations have only gotten stricter. Section 326 of the US Patriot Act, introduced in the wake of the 9/11 tragedy, stated that financial institutions need a Customer Identification Program (CIP). That means that all customers (or players) now need to provide their:

• Name
• Date of birth
• Home address
• Identification number (such as Social Security number or tax identification number)

This all sounds very US-centric, but KYC crypto casinos around the world are in a similar situation. Here’s a list of countries that have at least some form of KYC verification requirements and AML regulations in place at online crypto casinos:

• Australia
• Canada
• EU
• India
• Italy
• Japan
• Mexico
• Namibia
• New Zealand
• S. Korea
• UAE
• UK
• US

What is a No KYC Crypto Casino?

No KYC casinos are online gambling sites that allow you to place real-money bets without first verifying your identity. Instead, you can sign up with a few basic details, make your deposit, and immediately play crypto slots, table games and more.

This is a tricky situation for crypto casinos, as a lack of KYC checks can lead to serious fines. But the emphasis is on the casino asking you for your information. As long as you join a crypto casino in good faith, it’s not on you to run around waving your passport above your head and begging somebody to check it. That’s their job.

It’s kind of like buying a shirt at a store, and just assuming the shop has charged you the necessary VAT and taxes. Nobody in their right mind would call in the manager to ask if they owe another 12.5% on top. The price is the price. And a crypto casino’s sign-up process should include everything they need from you.

Of course, you should always make sure you’re complying with local state or country laws. Like making sure you’re old enough to gamble.

There’s definitely a strong harmony between no-KYC casinos and cryptocurrency, as both place a strong emphasis on privacy and autonomy of funds.

KYC Casinos vs No KYC Casinos

No-KYC casinos are certainly easier to join, but they come with some significant drawbacks, like the fact they’re hard to find.

Here’s how regular crypto casinos compare to no KYC crypto casinos:

How to Verify Your Identity at a Crypto Casino

Verifying your I.D. is always a boring task, but it doesn’t take too long at most crypto casinos. The process varies a little from one casino to another, but most follow the same system.

Here’s how to get verified with KYC at a crypto casino:

1. Pick a site. Take a look at the best crypto casinos and choose one that fits what you’re looking for.
2. Sign up. Enter your name, email, and password to create an account. Don’t forget to claim the welcome bonus.
3. Follow the guidance. You’ll see on-screen prompts informing you if you need to add verification documents.
4. Take a photo. This will usually be of your passport or driver’s license. You might also need proof of address.
5. Upload it. The quickest way to do this is by logging into your account on your phone. There’s usually a ‘Verification’ section in ‘Settings’, or it’s sometimes done over email.
6. Have your phone handy. High-tech crypto casinos might ask to see a real-time video of your face, to make sure it’s truly you.
7. Get verified. Once you’ve completed the steps, you’ll receive a message telling you you’re free to start depositing and withdrawing.

Crypto Casino KYC Documents

If you do choose to play at a regular KYC crypto casino, you’ll have to upload documents proving you are who you say you are. This may be part of the sign-up process, or when you make a first deposit. Other casinos choose to enforce it just as you go to make your first withdrawal. The buggers.

When you’re asked to complete regular KYC checks, you’ll typically be asked for two pieces of identification. One will be to verify who you are, and the other will verify your address.

Proof of identification documents for KYC crypto casinos include:

• Passport
• Driver’s license
• Government-issued national ID card

Proof of address KYC documents at casinos include:

• Bank statement (within last three months)
• Utility bill (within last three months)
• Lease agreement
• Tax notice

Finally, you may have to provide proof of funds, or proof of income. This isn’t standard, but can be requested in some instances. This includes:

• Pay slips
• Savings accounts
• Proof of inheritance

Proof of I.D. and address, we get. But proof of income feels a little too invasive. Luckily, it’s only triggered in certain circumstances – like if you’re betting outrageous sums on games of chance.

No-KYC Crypto Casino Pros and Cons

No-KYC crypto casinos seem to be more player-friendly, especially if you simply can’t be bothered uploading documents when you’re just trying to have some fun. But there are drawbacks to no-KYC sites, too.

Here are the main pros and cons of using a non-KYC crypto casino: