PayPal started blocking cryptocurrency users

PayPal, a company operating online payments system, started freezing accounts of users engaged in activities related to any digital currency.

The company has already expressed its negative attitude towards cryptocurrency market so this subsequent step appears to be quite logical.

PayPal reports that these accounts were suddenly frozen and users funds were temporarily blocked for 180 days. Those users who do not obey official terms of use may expect their accounts to be closed without a possibility to appeal.

However, all these extreme and tough measures follow PayPal rules. There it is mentioned that the company has a right to terminate a particular account or freeze funds whenever it considers it appropriate. And there is literally no possibility to appeal.  

Even after termination of this 180-day period PayPal is still entitled to keep the money “frozen” for another similar period. Then the company will make a decision whether to terminate an account forever.

Furthermore, those users who actively sell any kind of digital currency via PayPal now are considered to be “currency dealers or exchanges”.


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