Bitpay Introduces Terms And Conditions Which Has A Lot Of New Restrictions
Bitpay is set to ban payment to merchants of explicit content, cloud-mining and gambling after updating its term of use early this month. When bitcoin was being created, it was created with the aim to save the money of people from the control and restriction of regulators, banks and governments. Most companies in the ecosystem should be using more of ethos, however they are trying to become popular like Bitpay and introduce better standards in the business world of today.
Bitpay, a global bitcoin payment service provider which has its headquarters in Atlanta, Georgia, recently improved its Terms of Use agreement on the 2nd of February. The binding agreement indicates that the use of the firms services has various important restrictions that include the sale of explicit sexual content. More restrictions mentioned were; the sale of narcotics (that is the sale of illegal drugs), research chemicals or any controlled substances, cash or cash equivalents and virtual currencies. They also added items that infringe or violate any intellectual property rights such as copyrights, trademarks trade secrets, or patents. Ammunition, firearms, explosives, that includes fireworks, or weapons regulated under applicable law or as determined by Bitpay is also restricted. There are also regulations on transactions that show the personal information of third parties in violation of applicable law, transactions that support pyramid, Ponzi, or other get rich quick schemes and transactions that are related to cloud-mining. More prohibited activities are providing credit repair or debt settlement services, any service which compete with Bitpay, and finally the sales of Kratom or Nootropics.
The terms also state that if you use services related to one of the following restricted activities, it will be subjected to internal review and are only allowed to transact when given the go ahead by Bitpay itself. One of the activities include the engagement in Foreign Exchange, Money Service Business activities or E-wallets. The engagement in sales of bitcoin mining hardware and provision of currency exchange services. Also the transactions that are related to purchases of annuities or lottery contracts, lay-away systems, banking, offshore banking, transactions to finance, investing, investment related products. Finally, transactions that involve gambling or any other activity with an entry fee and a prize, however it is limited to casino games, sports betting, horse or greyhound racing, lottery tickets, other ventures that facilitate gambling, and sweepstakes.
However, Bitpay has given people a two months notice to find an alternate payment provider if an individual does not agree to the new terms of use, that is before the 25th April.
