I made a BitPay merchant payment just now. Before I could reach the invoice, the following prompt popped up:
As I had feared, KYC is coming to BitPay. I'm not sure if this is a direct response to the FATF travel rule or not, but it's certainly possible. It looks like they're getting ready for full compliance.
Most payments won't trigger KYC yet. For now, these are the thresholds:
When national laws are passed to incorporate the FATF travel rule, we might see that $3,000 threshold lowered to $1,000. I also wonder if they'll be aggregating multiple purchases together over time to trigger the threshold. If that happens, no more using the BitPay wallet to buy Amazon gift cards. Off to Bitrefill in that case.
As I had feared, KYC is coming to BitPay. I'm not sure if this is a direct response to the FATF travel rule or not, but it's certainly possible. It looks like they're getting ready for full compliance.
Most payments won't trigger KYC yet. For now, these are the thresholds:
Quote
We are introducing a new identity verification flow for purchasers requesting refunds of $1,000 or more*1, for people receiving BitPay payouts, or for purchasers paying $3,000*1 or more to BitPay merchants (or loading via a BitPay prepaid product).
1 These thresholds for high-value verified payments, refunds, and payouts are subject to change, and we will announce any changes to BitPay Dashboard users.
1 These thresholds for high-value verified payments, refunds, and payouts are subject to change, and we will announce any changes to BitPay Dashboard users.
When national laws are passed to incorporate the FATF travel rule, we might see that $3,000 threshold lowered to $1,000. I also wonder if they'll be aggregating multiple purchases together over time to trigger the threshold. If that happens, no more using the BitPay wallet to buy Amazon gift cards. Off to Bitrefill in that case.