Bitwage Now Stops USDC Payments For US Residents

Key Points:

• Bitwage, a cryptocurrency payroll company, will no longer accept USD Coin (USDC) payments from US citizens due to increased regulatory scrutiny.
• Customers must withdraw USDC from their wallets by July 13 or risk their accounts being reset, requiring them to re-register their wallets and bank accounts.
• Bitwage will continue to support other cryptocurrencies like Bitcoin (BTC) and stablecoin alternatives for US citizens, while the new policy has no impact on non-US residents.

Bitwage, a cryptocurrency payroll company, just informed in an email to its clients on July 5 that it would no longer accept USD Coin (USDC) payments from US citizens.

The move follows heightened regulatory scrutiny of the crypto market in the United States. Financial authorities in the United States have increased regulatory measures against key cryptocurrency companies, including Binance and Coinbase, in the last month. Crypto firms are concerned about compliance and regulatory obligations as a result of their measures.

Bitwage has notified its customers that if they do not withdraw USDC from their wallets by July 13, their accounts will be reset. This implies that customers will have to re-register their wallets and bank accounts before receiving their next salary.

“If it is reset, you will have to set up your wallets and bank accounts again before we can deposit your next paycheck,” according to the announcement.

Nonetheless, the company said that US citizens might continue to receive payments in other cryptocurrencies, such as Bitcoin (BTC), and stablecoin alternatives, such as CUSD (Celo), Tether’s USDT, and DAI. According to Bitwage, the new policy has no effect on non-US residents.

Bitwage’s move comes just days after the firm announced a collaboration with Vibrant, with the goal of providing smooth and zero-fee USD stablecoin payments to remote employees globally.

According to the company’s website, Bitwage has handled more than $200 million in payroll payments and has over 50,000 employees enrolled on its platform. Bitwage is headquartered in San Francisco and provides payroll services in the United States, Europe, Latin America, and Asia.

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Harold

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