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Essential Process Before Depositing at Stake Casino – KYC
Since Stake Casino handles deposits and withdrawals using cryptocurrency, lacking knowledge about crypto can lead to unnecessary time wasted in various places. Many users struggle with using cryptocurrency, as it can be a challenging process. In this guide, we will explain the essential preparation steps to ensure safe deposits and withdrawals at Stake Casino.
At Stake Casino, you must complete the KYC (Know Your Customer) verification process before making a deposit. KYC is an identity verification procedure, and without completing this step, you cannot use Stake Casino. That makes it the first and most crucial step before you can begin playing.
What is KYC and Why Does Stake Casino Require It?
KYC (Know Your Customer) is a process used by financial institutions, casinos, and cryptocurrency exchanges to verify the identity of their customers. This procedure is implemented to confirm user identity, verify the source of funds, and prevent illegal activities such as money laundering, fraud, and terrorist financing.
KYC Process Typically Includes:
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The information submitted during KYC is stored by the company and is not shared with the South Korean government. Many users often wonder if Stake Casino conducts KYC to report user data to South Korean authorities. However, the primary reasons for requiring KYC at Stake Casino are:
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The main purpose of KYC is to prevent issues related to coin mixing, terrorist group involvement, money laundering, and phishing scams—not to monitor individual activities. Additionally, KYC helps to:
- Prevent minors from using the casino
- Detect and block duplicate accounts
User identity information will never be exposed unless an individual engages in activities related to money laundering, fraud, or terrorist financing.
Penalties for Identity Theft
Many Korean users use proxy registration services or purchase ID information to create multiple accounts or resell them for use on Stake Casino. However, doing so can result in the loss of all funds in the account.
The reason proxy registration services emerged is that the user list of South Korean illegal casinos was exposed to the police. After that, blacklisted users started using these services to access illegal casinos again. Since these services were created for that purpose, using them can lead to more serious legal consequences due to identity theft.
Additionally, in South Korean underground casinos, user information is easily sold on the black market at high prices. This data is then misused for voice phishing scams, casino affiliate recruitment, and casino database (DB) sales.
The best way to protect your personal information and security is to use a licensed online casino. This is the most effective way to safeguard your personal data and prevent financial losses caused by using proxy registration services.
Recommended Safe Deposit and Withdrawal Process
To use Stake Casino efficiently, you need to prepare a few things. First, you need a Korean cryptocurrency exchange to purchase coins, a foreign cryptocurrency exchange to act as an intermediary, and a crypto wallet. The commonly used deposit and withdrawal process is as follows:
Deposit Process
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Case 1
When purchasing cryptocurrency from a Korean exchange and sending it to Stake
Korean cryptocurrency exchange → Foreign cryptocurrency exchange → Personal crypto wallet → Stake Casino
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Case 2
When you already have cryptocurrency in your personal wallet
Personal crypto wallet → Stake Casino
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Case 3
When you have cryptocurrency stored in a Korean exchange
Korean cryptocurrency exchange → Foreign cryptocurrency exchange → Personal crypto wallet → Stake Casino
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Recommended Method
It is recommended to first purchase your preferred cryptocurrency from a Korean exchange, transfer it to a foreign cryptocurrency exchange, and then store it in your personal crypto wallet before using it.
Withdrawal Process
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Case 1
When transferring from Stake Casino to a personal crypto wallet without cashing out
Stake Casino → Personal crypto wallet
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Case 2
When cashing out through a Korean cryptocurrency exchange
Stake Casino → Personal crypto wallet → Foreign cryptocurrency exchange → Korean cryptocurrency exchange
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Recommended Method
If you plan to continue using Stake Casino or other cryptocurrency-based casinos, it is recommended to keep a certain amount of cryptocurrency in your wallet. When cashing out, always transfer funds through a foreign cryptocurrency exchange before sending them to a Korean exchange.
Recommended Korean Cryptocurrency Exchanges
Korean exchanges are mainly divided into four platforms: Upbit, Bithumb, Coinone, and Korbit. Each exchange has its own unique features, but the two recommended exchanges are Upbit and Bithumb.
The reason for this recommendation is that these two exchanges have the fewest restrictions when trading with foreign cryptocurrency exchanges. Additionally, for transactions under 1 million KRW, no additional documentation is required, making them more convenient for users.
Upbit
Bithumb
Korean cryptocurrency exchanges are not only platforms for buying and selling cryptocurrencies but also play a crucial role as intermediaries that allow users to deposit crypto funds earned abroad into Korean bank accounts. Many users utilize Korean exchanges when converting their profits from overseas into KRW and transferring them to their local bank accounts.
Key Roles of Korean Cryptocurrency Exchanges
Korean cryptocurrency exchanges perform the following essential functions:
- Cryptocurrency Trading: They allow users to purchase cryptocurrencies using KRW or convert crypto into KRW for withdrawal.
- Withdrawal Intermediation: They facilitate the conversion of crypto funds earned overseas into KRW and enable withdrawals to Korean bank accounts.
Precautions When Withdrawing to a Korean Bank Account
When withdrawing KRW through a Korean cryptocurrency exchange, there are several important precautions to keep in mind.
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Withdraw amounts under 1 million KRW
- If you withdraw 1 million KRW or more in a single transaction, the exchange is more likely to request proof of funds.
- Therefore, it is recommended to withdraw in smaller amounts under 1 million KRW per transaction for a smoother process.
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Possibility of additional document submission for withdrawals over 1 million KRW
- If you withdraw more than 1 million KRW, the Korean exchange may request proof of funds, such as deposit records, transaction history, or tax-related documents.
- Since these requirements may vary, withdrawing in amounts under 1 million KRW can be a more efficient approach.
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Organizing transaction records for verification
- If you frequently withdraw large amounts, your transactions may be monitored by financial authorities.
- Therefore, it is important to systematically manage your transaction records and prepare supporting documents as needed.
Additional Considerations
- Check Withdrawal Fees: Withdrawal fees may vary between Korean cryptocurrency exchanges, so it is advisable to check the fees before making a withdrawal.
- Monitor Exchange Policy Changes: Government regulations and exchange policies may change over time, so it is important to stay updated on the latest withdrawal policies.
Korean cryptocurrency exchanges not only facilitate buying and selling cryptocurrencies but also act as intermediaries for safely depositing crypto earnings from overseas into Korean bank accounts. For smooth withdrawals, it is recommended to withdraw in amounts under 1 million KRW. If you withdraw more than 1 million KRW, the exchange may request additional documents, so be mindful of this requirement.
Recommended Foreign Cryptocurrency Exchanges
The role of a foreign cryptocurrency exchange is to act as the first intermediary before transferring funds to a Korean exchange, effectively removing any traces of casino-related transactions. Additionally, foreign exchanges can provide necessary documentation that may be required by Korean cryptocurrency exchanges during the verification process.
While no specific advanced features are required for a foreign exchange, for those new to cryptocurrency, it is recommended to use an exchange with an easy-to-learn interface and simple functionality.
Binance, founded in 2017, is the largest cryptocurrency exchange in the world, leading the industry in trading volume, user base, and security. Binance offers a wide range of services, including spot trading, futures trading, staking, launchpad, and P2P trading, making it a preferred choice for users worldwide, including those in South Korea.
For Korean users, KRW deposits and withdrawals are not supported, meaning transactions must be conducted exclusively in cryptocurrency. However, Binance remains highly popular among Korean investors due to its low fees, high liquidity, and strong security measures. It is the most widely used and safest foreign exchange for Korean users.
Key Features and Services of Binance
Spot Trading
- Supports trading for over 600 cryptocurrencies
- Enables trading of major coins (BTC, ETH, USDT, etc.) and various altcoins
- Fee discounts available for users holding BNB (Binance Coin)
Copy Trading & Strategy Trading
- Allows users to automatically copy the strategies of experienced traders
Staking & Earn Programs
- Offers various staking options, including liquidity staking, fixed deposits, and flexible savings
- Allows users to earn interest while holding cryptocurrencies
P2P Trading
- A platform where users can buy and sell cryptocurrencies directly
- Supports fiat currency (USD, EUR, KRW, etc.) for P2P transactions
Robust Security System
- Operates the SAFU (Security Asset Fund for Users) to compensate for security incidents
- Implements multi-factor authentication (MFA), biometric authentication, and inactive account protection
Binance Pros and Cons
Binance provides the highest liquidity among global exchanges and consistently ranks #1 in user base and trading volume.
Supports spot, futures, and options trading, as well as additional features like staking, P2P transactions, and NFT trading.
Spot trading fee: 0.1% (with additional discounts when using BNB).
Futures trading fee: 0.02% - 0.04%.
VIP level upgrades offer additional fee discounts.
Binance operates the SAFU (Security Asset Fund for Users) to compensate users in case of hacking incidents.
Implements multi-factor authentication (MFA) and IP whitelisting for enhanced security.
Offers multiple rewards, including sign-up bonuses, trading volume-based rewards, new coin airdrops, and staking bonuses.
Trading fee discounts.
Participation in Binance Launchpad for early access to new projects.
Integration with DeFi and staking programs.
Due to Korean regulations, Binance does not support KRW deposits, withdrawals, or KRW market trading. All transactions must be conducted in cryptocurrency.
Binance now requires KYC verification for all users, meaning ID and proof of residence must be submitted. Users who do not complete KYC may face trading restrictions.
Due to regulatory issues, Binance has officially discontinued Korean language support. However, some features are still available in Korean, and users can rely on Google Translate or third-party tools to navigate the platform.
Tips for Korean Binance Users
1) Alternative Methods for KRW Deposits & Withdrawals
- Purchase USDT, BTC, or ETH from a Korean exchange (Upbit, Bithumb, etc.) and transfer it to Binance.
- Use P2P trading on Binance to buy USDT directly from other users.
2) Strengthen Security Measures
- Enable 2FA (Google OTP) for added account protection.
- If holding a large amount of assets, consider using a hardware wallet for better security.
- When using API keys, set withdrawal restrictions to prevent unauthorized transactions.
3) Complete KYC Verification
- Required documents: ID (passport, driver’s license) and proof of residence (utility bill, bank statement, etc.).
- Completing KYC increases withdrawal limits and unlocks additional features.
4) Save on Trading Fees by Holding BNB
- Hold BNB and use it to pay trading fees to get a discount on transaction costs.
Bybit is a global cryptocurrency derivatives exchange founded in 2018, rapidly growing with a focus on futures and margin trading. It offers an intuitive UI, fast trading execution, and a strong security system, making it suitable for both beginners and experienced traders.
Korean users can access Bybit, and trading is available via both the website and mobile app. However, due to Korean government regulations, KRW deposits and withdrawals are not supported, and direct KRW-based trading is unavailable. Instead, most transactions involve cryptocurrencies like USDT (Tether) and BTC (Bitcoin). This makes Bybit an ideal intermediary exchange for crypto transactions.
Key Features and Services of Bybit
Spot Trading
- Supports spot trading for major cryptocurrencies such as BTC, ETH, USDT, and XRP.
- Offers relatively lower trading fees compared to other exchanges.
Bybit Earn (Deposit & Interest Services)
- Allows users to deposit cryptocurrencies like USDT and BTC to earn interest.
- Provides flexible staking and fixed deposit products.
P2P Trading & Third-Party Payment Support
- Direct KRW deposits are not available, but users can buy USDT or BTC via P2P trading or third-party payment services (external payment gateways).
Bybit Pros and Cons
Bybit has one of the fastest order execution speeds among global exchanges.
High liquidity reduces slippage, even for large transactions.
Bybit offers relatively low trading fees.
Users can receive additional discounts based on VIP levels.
Frequently hosts events for new users, first deposits, and trading volume milestones.
Often provides USDT and BTC bonuses as rewards.
Supports multiple languages, including Korean.
Offers real-time chat and email support for users.
- Due to Korean financial regulations, KRW deposits and withdrawals are not available.
- Users must first convert KRW to cryptocurrency through another exchange (e.g., Upbit, Korbit) before transferring funds to Bybit.
- Certain features may be restricted due to Korean government regulations.
- Future policies may tighten KYC (identity verification) requirements.
- Bybit frequently lists new coins, but low-volume or high-risk coins may be delisted.
- Long-term investors should carefully monitor listing changes.
Tips for Korean Bybit Users
1) Alternative Methods for KRW Deposits & Withdrawals
- Purchase USDT or BTC from a Korean exchange (Upbit, Bithumb, etc.) and transfer it to Bybit for trading.
- Use P2P trading on Bybit to buy USDT directly from other users.
2) Security Measures for Enhanced Protection
- Enable two-factor authentication (2FA) for account security.
- Use a cold wallet for storing funds (withdraw assets from the exchange if necessary).
- When using API keys, set withdrawal restrictions to prevent unauthorized transactions.
3) Take Advantage of Events & Bonuses
- Participate in Bybit’s new user events, first deposit bonuses, and trading competitions to receive extra benefits.
Recommended Crypto Wallets
The primary role of a crypto wallet is to act as an intermediary storage between crypto casinos and foreign exchanges. In case a foreign exchange suspends transactions, a wallet allows users to immediately transfer funds to a Korean exchange.
While a crypto wallet is not strictly necessary, it is highly recommended as a secure storage solution for protecting valuable assets. Including a wallet in your deposit and withdrawal process ensures greater security and flexibility.
There are many different types of crypto wallets, but here, we will focus on two wallets that can be used without KYC (identity verification) and analyze their pros and cons in detail.
Comparison of Trust Wallet and Exodus Wallet
| Features | Trust Wallet | Exodus |
| Security Method | Non-custodial, private key stored on the device | Non-custodial, private key stored on the device |
| Hardware Wallet Integration | ❌ Not supported | ✅ Supports Trezor |
| DEX (Decentralized Exchange) Integration | ✅ Built-in DEX functionality | ✅ Supports external DEX services |
| Staking Support | ✅ Supports multiple coins | ✅ Supports some coins |
| NFT Support | ✅ Supports ETH & BSC NFTs | ✅ Supports Solana, ETH NFTs, etc. |
| Token Swap | ✅ Built-in swap feature | ✅ Built-in swap feature |
| Dark Mode Support | ❌ Not available | ✅ Available |
