Bitpay Bans Payments to Merchants of Explicit Content, Cloud-Mining and Gambling – Bitcoin News

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

Bitcoin wasgoed originally created to free people’s money from the control and censorship of regulators, banks and governments. Companies ter the ecosystem are supposed to be infused with this ethos, but spil they strive to become more mainstream some, like Bitpay evidently, adopt the more prevailing standards ter the business world.

Terms and Conditions

Bitpay, the digital asset service provider based ter Atlanta, Georgia, updated its Terms of Use agreement on February Two. The strapping contract states that the use of the company’s services is subject to several significant confinements, including the sale of explicit sexual content.

Extra “prohibited activities” include the sales of narcotics, research chemicals or any managed substances, contant or contant equivalents, and virtual currencies, items that infringe or crack any intellectual property rights, ammunition, firearms, explosives (including fireworks) or weapons, transactions that voorstelling the private 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 challenge 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 permitted when expressly authorized by Bitpay. Thesis 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 latest update, Bitpay is evidently searching for websites that don’t go after the Terms and terminating the relationship with them. At least one porn creator has reported ter community forums that the company has given hier two months to find an alternative and leave.

Saffron has uploaded a screenshot of a message from Bitpay that reads: “Due to a latest update ter our Terms of Use, wij will soon no longer be processing payments for merchants which provide sexually explicit content. Wij understand that switching payments processors can be a costly switch 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.”

How should online merchants of sexually explicit content react to this news? Tell us what you think te the comments section below.

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