BitPay Angers Users with FATF-Inspired KYC Requirement

14 Aug 2019

BitPay Angers Users with FATF-Inspired KYC Requirement

BitPay, one of the oldest crypto-payment services, has upped the ante on compliance, angering the crypto community. As the Financial Action Task Force (FATF) guidelines emerged at the end of June, all crypto service providers struggled even harder to become compliant.

BitPay was one of the last crypto-related services to allow for direct, anonymous payment. But now, the rules will apply to any larger purchase.

BitPay still allows peer-to-peer payments without verification, and the new KYC procedure only affects interactions with merchants.

“The one-time verification requirement is for people making BitPay merchant or prepaid payments of $3,000+...

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