BitPay Mandatory KYC For Bitcoin Transfers Above $3K

World largest bitcoin and cryptocurrency payment processor BitPay just mandatory identity verification (KYC) for bitcoin transfers above $3000 reported on 1 August 2019.

Bitpay now requires the identity information from users when they make the high-value payments, refunds, and payouts.

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The above-shown form page has appeared for identity verification when the purchasers requesting refunds of $1,000 or more and when people receiving BitPay payouts, or when purchasers paying $3,000 or more.

For all Bitpay users, it is the one-time requirement of identity information such as a Social Security number (or passport number for non-US residents) and a picture or scan of a photo ID. 

Person-to-person payments with BitPay’s BitPay and Copay apps aren’t included and do not require ID verification.

 Thresholds for refunds with payment and payouts are currently live as of 5 August 2019.

You can also check the guidelines provided by Bitpay for completing the identity verification.

A month ago, United States Telecom Gaint AT&T start accepting Bitcoin and crypto payments via BitPay for phone bill pays.

Previously, A senior official qt China’s Central Bank announced that the country will soon release its Central Bank Digital Currency (CBDC a cryptocurrency) at China Finance 40 Group on 11 August.

Also read: How to Earn Bitcoin? 13 Different Ways to Earn Bitcoin Free