Bitpay Bans Payments to Merchants of Explicit Content, Cloud-Mining and Gambling.

Crypto News

Change is inevitable, especially in this internet world. With so many people doing transactions online it is only fair that they get the best way to move their money. What was needed was a peer-to-peer electronic cash system. This was what Satoshi Nakamoto described in this whitepaper and Bitcoin was born. It created decentralized trust. Companies working in such environment are supposed to be following the rules and regulations, policies of this peer-to-peer system but as they endeavor to wind up more standard, more companies like Bitpay, embrace more common principles in the business world. BitPay payment processor has banned prohibited activities on its platform.

In the wake of refreshing their terms of use to ban explicit content, cloud-mining and gambling on Feb. 2, BitPay has started putting the ban into impact this week.

The company’s contract states that the use of the company’s services is subject to several important restrictions, including the sale of explicit sexual content.

Following are the important restrictions:

  • Your use of the Services will not relate to the following prohibited activities:
  • Sales of narcotics, research chemicals or any controlled substances.
  • Sales of cash or cash equivalents, including items used for speculation or hedging purposes (such as derivatives), and the sale or trade of virtual currencies.
  • Items that infringe or violate any intellectual property rights such as copyrights, trademarks, trade secrets, or patents.
  • Ammunition, firearms, explosives (including fireworks), or weapons regulated under applicable law or as determined by us.
  • 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.
  • Transactions that are related to cloud-mining.
  • Provide credit repair or debt settlement services.
  • Explicit sexual content
  • Sales of Kratom or Nootropics.

After announcing this ban, Bitpay is now searching for websites that don’t follow its terms and conditions and suspending the relationship with them. Some people have reported in community forums that the company has given two months to find an alternative and leave.

BitPay bans adult content, gives 2 months to switch

Porn creator Saffron has received a message from Bitpay that reads: “Due to a recent update in our Terms of Use, we will soon no longer be processing payments for merchants which provide sexually explicit content. We understand that switching payments processors can be a costly change for any business. You will have two months to find an alternative payments provider before your Bitpay accounts is disabled. Your account will be disabled on April 25,2018.”