BitPay Now Requires Your Photo ID for Purchases Over $3K in Bitcoin
Marie Huillet's original article for cointelegraph.com reduced by 78%
Cryptocurrency payment processor BitPay is introducing new identity verification measures for certain high-value payments, refunds and payouts. According to an Aug. 1 announcement from the United States-based firm, the new measures notably do not apply to person-to-person payments using the BitPay and Copay apps.
BitPay is rolling out its new ID verification flow as part of a new BitPay Dashboard, which will function as a personalized home page that provides access to users' transaction histories and various payment features. With the launch of BitPay ID, users will be required to undergo a one-time verification process that requires the input of data such as their Social Security or passport number, as well as a photo ID. The requirement applies in cases where users attempt to make a high-value payment of $3,000 or more to a BitPay merchant, to request a refund of $1,000 or more, to receive BitPay payouts or to get a BitPay prepaid product.
"This process helps us improve our identity verification efforts and reduce payment risk for BitPay's merchants. It's also a requirement for us to be able to offer verified users future services like Bitcoin payouts, or faster onboarding for people who want to get BitPay prepaid products." According to BitPay, thresholds for payments and ID requirements have been live as of Aug. 5.Centralized data storage.
"Imagine being Bitpay. Your investors deserted you, bitcoiners despise you, now bcasher as well while the regulators bully them everyday. I am almost feeling sad for them ...
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