Bitpay Bans Payments to Merchants of Explicit Content, Cloud-Mining and Gambling
Bitcoin was originally created to free people’s money from the control and censorship of regulators, banks and governments. Companies in the ecosystem are supposed to be infused with this ethos, but as they strive to become more mainstream some, like Bitpay apparently, adopt the more prevailing standards in the business world.
Terms and Conditions
Additional “prohibited activities” include the sales of narcotics, research chemicals or any controlled substances; cash or cash equivalents, and virtual currencies; items that infringe or violate any intellectual property rights; ammunition, firearms, explosives (including fireworks) or weapons; transactions that show the personal information of third parties; transactions that support pyramid, Ponzi, or other “get rich quick” schemes; transactions that are related to cloud-mining; credit repair or debt settlement services; any services which compete with Bitpay; and the sales of Kratom or Nootropics.
The company’s Terms also list “restricted activities,” which are subject to internal review and only allowed when expressly authorized by Bitpay. These include Forex, Money Service Business activities or E-wallets; selling bitcoin mining hardware; Currency exchange services; and transaction that are associated with purchases of lottery tickets, lay-away systems, banking, offshore banking, finance, investing, investment related products or gambling.
Two Months’ Notice
Following the recent update, Bitpay is apparently searching for websites that don’t follow the Terms and terminating the relationship with them. At least one porn creator has reported in community forums that the company has given her two months to find an alternative and leave.
How should online merchants of sexually explicit content react to this news? Tell us what you think in the comments section below.
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