BitPay Changes ID Requirements for Higher Transactions
Popular crypto payment processor BitPay has changed its ID verification requirements for payments, refunds, and payouts that are higher in value.
The company released an announcement on August 1 in which it stated that the new changes will most likely not apply on people that use the BitPay and Copay apps to make person to person payments.
BitPay is launching a new ID verification process which will be integrated into its new BitPay Dashboard, that will work as a personalized home page that allows the users to view and manage their transaction histories and access a number of payment features.
By using BitPay ID, clients will have to go through a one-time verification process which will require the submission of personal information such as their Social Security or passport number, in addition to a photo ID.
The new ID requirements apply to customers that try to send $3,000 or more to a BitPay merchant, request a refund of $1,000 or more, to get BitPay payouts or to receive a BitPay prepaid product.
“We are introducing a new identity verification flow for purchasers requesting refunds of $1,000 or more*1, for people receiving BitPay payouts, or for purchasers paying $3,000*1 or more to BitPay merchants (or loading via a BitPay prepaid product). If you’re requesting a refund of $1,000+, receiving a payout from a business using BitPay’s payouts API, or making a $3,000+ payment, you will notice one of these screens asking you to verify some details about your identity and location.”
“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.”-read the announcement.
The new payment limits and ID requirements have been implemented since August the 5th.
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