1448
wanna see a magic trick? (thelemmy.club)
submitted 1 day ago* by to c/lemmyshitpost@lemmy.world
153 comments fedilink hide all child comments
 

But seriously what kind of predatory policy is that in the first place?

you are viewing a single comment's thread
view the rest of the comments
[–] 50 points 19 hours ago (10 children)

For any finincial anything always do a round trip with a $10 too see if it's possible.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 10 child comments
    •
  • [–] 22 points 13 hours ago (4 children)

    He was putting in thousands, about $5,000 USD. They were letting him withdraw a few hundred here and there. Then he won something like $10k that's when they did a Know Your Customer check. Which he failed, obviously. They kept his principal and his winnings, lol.

    Hopefully he took it as a lesson. Not much else he can do. They said on their terms of service Americans were explicitly forbidden. Not much recourse.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 4 child comments
    •
  • [–] 7 points 9 hours ago (3 children)

    That's not a trick, that's a legal requirement. They have to do KYC on a few grand and AML once it gets bigger. I had to go through this with Wise when I received a life insurance payout from another continent and I had to phone customer support to get it cleared.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 3 child comments
    •
  • [–] 2 points 5 hours ago* (last edited 4 hours ago) (1 child)

    I'm not saying it was illegal or anything, just that they probably make a lot of money turning on the KYC after big wins. They'll never do one to a losing customer.

    In that sense, I do believe it's a bit tricky.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 1 child comment
    •
  • [–] 4 points 2 hours ago

    Hmm...

    I'd wager KYC applies either way (anyone placing a bet should be known, not just who ends up winning) and not paying out wins is a clear breach of contract.

    So very clearly doubly illegal. First they let any rando gamble, and then they don't pay out wins.

  • permalink
  • fedilink
  • source
  • parent
  • [–] 37 points 16 hours ago (4 children)

    I've heard of scammers paying out small amounts deliberately to reel in more money so this still doesn't guarantee it's real.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 4 child comments
    •
  • [–] 22 points 15 hours ago (2 children)

    Even legitimate gambling websites do this, I was able to cash out £150 fine but a few weeks later when I tried to cash out at £700 I had to supply id. I was still able to deposit more money from the same card though, supplied my id, cashed it all out, told them to delete all of my details and account and never looked back

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 2 child comments
    •