| hopenotlate Legendary Activity: 3402
Top Crypto Casino
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Quote from: TheUltraElite on July 19, 2024, 06:55:14 PM Read carefully, the need to KYC is currently only applicable to "new" investors, not existing investors, not players, only those who change their investment or newly invest. So players can continue as they were playing. This new measure makes me wonder a bit; players can keep on playing anonymously, old investors can still stay in the dark but new ones ( or already existing that want to raise their stack) have to verify their identity : why so? Is there any new recent legislation that requires you to verify the source of your investors from a certain date onwards or what? Why investors and not also players? | ||||||||||||||||
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| virasog Legendary Activity: 3052
Leading Crypto Sports Betting & Casino Platform |
Quote from: hopenotlate on July 20, 2024, 05:41:08 AM Quote from: TheUltraElite on July 19, 2024, 06:55:14 PM Read carefully, the need to KYC is currently only applicable to "new" investors, not existing investors, not players, only those who change their investment or newly invest. So players can continue as they were playing. This new measure makes me wonder a bit; players can keep on playing anonymously, old investors can still stay in the dark but new ones ( or already existing that want to raise their stack) have to verify their identity : why so? Is there any new recent legislation that requires you to verify the source of your investors from a certain date onwards or what? Why investors and not also players? In that case, i think sooner or later the same rules for KYC may apply for old investors and players too. I also don't think that why only new investors are under the radar ? | ||||||||||||||||||||||
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| logfiles Copper Member Activity: 2058
Top Crypto Casino |
Quote from: hopenotlate on July 20, 2024, 05:41:08 AM This new measure makes me wonder a bit; players can keep on playing anonymously, old investors can still stay in the dark but new ones ( or already existing that want to raise their stack) have to verify their identity : why so? Is there any new recent legislation that requires you to verify the source of your investors from a certain date onwards or what? Why investors and not also players? 1. The casino probably has way more old customers from the early days vs recent times so it better no to bombard them with KYC immediately and make them leave the casino as soon as possible 3. Crypto regulations are getting tighter, Gambling regulations a like, so this was expected, similar to what you have seen with most centralized exchanges, so I don't think they have a choice if they want to keep operating. | ||||||||||||||||
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| JollyGood Legendary Activity: 2618
Top Crypto Casino |
In the end you have to take the advice your legal team provides because they get paid to protect you and your interests but when you cite security laws, they vary from country to country. There is no one standard unified law. Was the new rule introduced because you hold a particular passport and nationality which was different to the possessed by Daniel? As for only using private information for checking eligibility for bankroll investment, how will the data be protected. I cannot locate GDPR information on the website even though Europe based players must be using the website. Quote from: leomedina on July 19, 2024, 03:55:16 PM Quote from: xxjumperxx on July 19, 2024, 07:28:31 AM Why was this never an issue with Daniel and now is an issue with the new owner? Hey, we made KYC mandatory based on our lawyers' advice, and Daniel had a different legal team. Rest assured, your personal information is only used to ensure you're eligible to invest in the bankroll and won't be passed on to third parties. | |||
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| leomedina Copper Member Activity: 105 bustabit & bustadice
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Quote from: JollyGood on July 21, 2024, 10:39:59 AM Was the new rule introduced because you hold a particular passport and nationality which was different to the possessed by Daniel? Not at all. The new rule was introduced because Daniel and I receive different legal advice. Quote from: JollyGood on July 21, 2024, 10:39:59 AM As for only using private information for checking eligibility for bankroll investment, how will the data be protected. I cannot locate GDPR information on the website even though Europe based players must be using the website. bustabit is required by law to retain records of all transactions in which it participates. Regardless of whether the GDPR is applicable to bustabit, data kept to fulfill legal requirements is exempt under the GDPR. From a technical perspective, this information is stored in a secure database with restricted access. | |||
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| Fivestar4everMVP Legendary Activity: 2338
Leading Crypto Sports Betting & Casino Platform |
Quote from: virasog on July 20, 2024, 10:24:19 AM Quote from: hopenotlate on July 20, 2024, 05:41:08 AM Quote from: TheUltraElite on July 19, 2024, 06:55:14 PM Read carefully, the need to KYC is currently only applicable to "new" investors, not existing investors, not players, only those who change their investment or newly invest. So players can continue as they were playing. This new measure makes me wonder a bit; players can keep on playing anonymously, old investors can still stay in the dark but new ones ( or already existing that want to raise their stack) have to verify their identity : why so? Is there any new recent legislation that requires you to verify the source of your investors from a certain date onwards or what? Why investors and not also players? In that case, i think sooner or later the same rules for KYC may apply for old investors and players too. I also don't think that why only new investors are under the radar ? This is exactly the same approach stake took when they updated their terms and conditions to announce that kyc had become mandatory on the site, they said that those who are registering new on the site will be required to passed kyc verification before they are even allowed to deposit and start playing on the site, while the old players who are yet to verify their account can continue to play normally like before, and can apply to get their account verified anytime they(the customer) deem it feet and convenient for him or her. Personally, I think this approach is a strategy the casino employ to not try to make it look like they are pressurizing the already old players, its just a way to give the Old players time to prepare themselves well to get their account verified, while they can still freely play on the casino, forcefully asking every one to pass kyc verification will greatly affect the casino's income, as obviously, all gamblers will be paused from gambling, and only a few will try to pass the verification immediately so as to continue to play, the rest will take their time, and the casino may even lose alot of customers in the process. | ||||||||||||||||||||||
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| TheUltraElite Legendary Activity: 2954
So anyway, I applied as a merit source :)
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Quote from: Fivestar4everMVP on July 22, 2024, 03:01:19 AM -snip- I would once again like to point out, this new rule is applicable to new "investors" not the players and existing investors. The situation is similar but at the same time different because stake does not have such an investment scheme running in it. We can only assume that this would trickle down to players and old investors, but for the time being this is not the case. I hope things continue running for old investors as they are. I have long terms investment plans on BAB already in their first phase. | ||||||||||||||||||||||
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