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.
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.