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.”
Source: Bitpay
“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.
Featured image: SiliconAngle
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