The famous crypto payment company BitPay has recently decided to take new measures in order to stop money laundering activities. Starting now, all users from the company who wish to buy over $3,000 USD worth of Bitcoin (BTC) or get a refund of over $1,000 USD will need to pass a verification process first.
According to the company, the change in the process will happen together with the implementation of the new BitPay Dashboard page, which will be the new “home page” of the users.
This process will be done by posting an identification document with a picture on the site. The information will be protected, obviously. Fortunately, the identification will need to be done only once. In case the user does not comply, the money will stay in the account, but will not be able to be withdrawn.
As it is known, the crypto community is very skeptical of this kind of measure. Most people distrust these companies as custodians of their information because they are often hacked and their personal documents may be leaked. BitPay was hacked in 2015, which does not add a lot of legitimacy to the move. At the time, 5,000 BTC from clients were lost to hackers.
The company has promised that it will use highly secure ways to store the data, but the doubts continue. Unfortunately, as regulation starts to get more strict in the industry, users do not have several choices but to comply or to keep changing the services they use, as more of them start to demand identification every day.