BitPay breaks the unwritten rule, begins banning prohibitted activities
When Bitcoin was launched, it sparked a new financial revolution, due to it’s anonymous nature. This was deemed as the rise of a new era, where you can transact without anyone finding out, what it is for and who it is for.
But BitPay. a crypto-currency payment provider has started to go against this unwritten rule of crypto-currency, by banning certain users for what it claims as transactions for prohibited activities.
Earlier, in the first week of February, BitPay had updated it’s Terms of Service, stating that they would be banning payments prohibited activities. And by the end of February they have started doing just that.
Here’s the excerpt from their Terms of Service, which states what all activities are considered fraud.
“sales of narcotics, research chemicals or any controlled substances; sales of cash or cash equivalents […]; the sale or trade of 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; provide credit repair or debt settlement services; any services which compete with BitPay; explicit sexual content; sales of Kratom or Nootropics.”
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