BitPay users were called upon to switch to other crypto platforms amid the news about the introduction of mandatory identity verification by the exchange. This was done on a post on the popular subreddit page r/Bitcoin.
BitPay representatives announced they had introduced mandatory registration with the provision of an email for security-related reasons.
For transactions over $3000 or refunds over $1000, customers must receive the so-called BitPay ID. In these cases, the service also requires an ID photo, a passport number, and an actual selfie. For US citizens, the requirements also include the provision of a social security number.
The newly introduced changes have enraged some BitPay users. The author of the Reddit posts suggested a boycott of the exchange. In his opinion, verification contradicts the ruling principles laid in the creation of the first cryptocurrency.
“It is assumed that we are free to send Bitcoins without the requirement to identify to anyone,” – noted the user.
He also urged customers to send emails and letters to online stores that work with the platform, demanding to switch to other operators.
“Let us vanquish them from of the crypto community for good. The last thing we need is exchanges to sabotage the use of BTC,” the message reads.
Most users supported the user exodus from BitPay. Others however have noted that integrating cryptocurrencies into the working financial system is the only way for their further growth.
Until recently, BitPay only required verification from big corporate clients who utilized the BitPay Send platform to conduct massive payments in crypto.
Back in December 2020, the BitMEX crypto exchange also stopped providing services to unidentified users.
