We wanted to inform you that BitPay had informed us today (the 30-th of December, 2020) that they are updating minimum know your customer (KYC) conditions for all customers who want to pay using BitPay.
This change is necessary to comply with recent changes in the regulatory environment. Effective 06/01/21, customers paying with BitPay must first obtain a BitPay ID, a one-time KYC verification process that collects basic customer information. Below are some FAQs to help you better understand this change.
What does this mean for our customers?
Customers choosing to pay with BitPay must now create a valid BitPay ID if they do not already have one.
What is a BitPay ID?
BitPay ID is a simple and fast one-time verification process that collects basic customer information.
How long does it take to obtain a BitPay ID?
Once documentation has been uploaded it usually takes only a few minutes to be verified and approved.
A BitPay ID is now required of all of our customers paying with BitPay, due to recent changes in the regulatory environment. This is a one-time, easy process that collects your basic identity information so that you can continue using BitPay. For more information about the BitPay ID process, please contact BitPay’s website or email to: [email protected]