BitPay’s New KYC Threshold for European Customers

As of May 9th, 2023, BitPay has updated its KYC (know your customer) identity verification threshold for EU-based customers paying with cryptocurrency. 

Customers paying a BitPay invoice are now required to complete our one-time identity. verification process BitPay ID, on transactions ≥ 1,000 euros.  Previously, EU-based customers were required to complete verification on all transactions, regardless of transaction value.

This update was made to comply with changing industry standards and regulations.

BitPay ID for EU customers

BitPay ID verification for BitPay Dashboard is performed by Onfido. Onfido provides Identity Verification Services. To provide their services to BitPay, Onfido collects certain information from users. For example, when verifying the identity of a user, Onfido asks for an image of the user’s identity document as well as a picture or video of their face. Onfido then verifies whether the identity document is genuine and whether the photo or video of the user’s face appears to match the photo on the identity document. If yes to both, the user’s identity is verified.

Read more about the BitPay ID verification process.