Know Your Client 🤔

[613tunit]

Hi guys hope everyone is doing well. I have a couple questions about KYC. Let’s say I’m dealing with a top tier book like Pinnacle who isn’t looking for a way to avoid paying out:

Are they doing these checks because there are laws that require them to do this?

Why are they not required to do these checks on deposits?

What are the major checks bettors should be aware of that could affect withdrawal?

Thanks for your time.

 

[djefferis]

Processor requirements.

Book outsources processing - processor wants to avoid issues with confiscation of funds - loss of banking options.

Also weed out known scammers/people skirting limits and other activity Of this nature.

No risk on money in - banking is exposed on their end on way out as source of funds.

 

[613tunit]

Thanks djeffries! What if I’m always using Bitcoin for deposits and withdrawals? Where there really isn’t a processor. What would they be looking at?

 

[jjgold]

Pinnacle has the strictest KYC policies in the business

You better have exact documents or you’ll keep getting rejected regardless of deposits and withdrawals

They don’t even accept something that’s 5% blurry

 

[aikman.tr]

Thanks djeffries! What if I’m always using Bitcoin for deposits and withdrawals? Where there really isn’t a processor. What would they be looking at?

No regulated book is going to touch bitcoin 6ix. Requirements of being regulated, they conduct checks.

 

[djefferis]

Thanks djeffries! What if I’m always using Bitcoin for deposits and withdrawals? Where there really isn’t a processor. What would they be looking at?

There isn’t an identifying account - but there are identifying factors with BTC.

99% of transactions are BTC and yet there are still seizures. Nothing is 1000% hidden today.

 

[613tunit]

Thanks guys. Even if the documents they request are scanned perfectly what are they looking for? What would be the most common reasons they could deny a withdrawal? I’m just confused what the whole point of them doing this is.

 

[thefix]

Checks and balances

 

[613tunit]

Sorry fix what does that mean?

 

[613tunit]

I still don’t understand what they are looking for?

Making sure I live where I said I do?

 

[jjgold]

They deny withdrawals fake documents

 

[613tunit]

I give up LOL