BitPay Toughens Client Identification

BitPay, the cryptocurrency payment operator, has announced a number of product updates. Changes include tougher customer identification measures.

According to the company’s blog post, the first in the list of updates will be the deployment of BitPay Dashboard. This is a feature that will provide customers using the platform with a more personalized service. In the toolbar, you can access the user’s transaction history and the new BitPay payment functions.

The product is available for current customers, but unregistered customers can create a control panel with access via email address and password.

In addition, the company will introduce BitPay ID, a cross-platform identification feature that simplifies the login process to access multiple BitPay products. On its blog, BitPay reports that the identity system will work like Apple ID, a feature that identifies users in all Apple products. Access to the BitPay dashboard and business accounts requires the use of a BitPay ID.

Updates include the introduction of a new identification measure for returns, large payments, and payments. In addition to the BitPay ID, individual users will have to go through a one-time verification process. At this point, they will need to verify their identity with a photo ID, passport number and social security number.

“This will help us improve our identity verification process and reduce risks for sellers using BitPay,” the announcement said. “We also need to be able to offer verified users services such as BTC payments, or faster sign-ups for people who want to use BitPay prepaid products.”

This requirement will apply when users make payments of $ 3,000 or more to a BitPay seller, or request a refund of $ 1,000 or more, and also want to receive payments from BitPay.

Earlier this month, we reported that BitPay is ending
work in Germany due to new BaFin rules.