BitPay Now Requires Your Photo ID for Purchases Over $3K in Bitcoin

Cryptocurrency payment processor BitPay is introducing new identity verification measures for certain high-value payments, refunds and payouts.

According to an Aug. 1 announcement from the United States-based firm, the new measures notably do not apply to person-to-person payments using the BitPay and Copay apps.

Photo ID, Social Security number

BitPay is rolling out its new ID verification flow as part of a new BitPay Dashboard, which will function as a personalized home page that provides access to users’ transaction histories and various payment features. 

With the launch of BitPay ID, users will be required to undergo a one-time verification process that requires the input of data such as their Social Security or passport number, as well as a photo ID.

The requirement applies in cases where users attempt to make a high-value payment of $3,000 or more to a BitPay merchant, to request a refund of $1,000 or more, to receive BitPay payouts or to get a BitPay prepaid product. The…