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Cryptocurrencies

BitPay asks for photo ID verification for Bitcoin purchases

Tuesday 13 August 2019 | 01:21 PM CET

Cryptocurrency payment processor BitPay has announced the introduction of new identity verification measures for certain high-value payments, refunds, and payouts.

The US-based company affirmed that the measures notably do not apply to person-to-person payments using the BitPay and Copay apps. The ID verification flow is part of a new BitPay Dashboard, which will function as a personalised 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 including the social security or passport number, and a photo ID. The requirement applies in cases where users attempt to make a high-value payment of USD 3,000 or more to a BitPay merchant, to request a refund of USD 1,000 or more, to receive BitPay payouts or to get a BitPay prepaid product.

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