PayPal Bans User For Trading Crypto Very Frequently
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PayPal Bans User For Trading Crypto Very Frequently

November 26, 2020      Vandana Malik

PayPal bans a user account from using the platform as crypto trading on the account was very frequent than usual. TheCoolDoc, a U.S.-based Reddit user, had claimed to receive PayPal’s message for banning the account due to potential risk. According to the user, there have been very frequent transactions from the account, which was around 10 transactions within a week. The payment firm is now looking for a proper explanation for each transaction done through this particular account. 

The user had claimed that the account has been flagged because PayPal believes that they sold $10,000 within a week. The firm has replied to this by stating that the user cannot use any service of the platform from now on.

PayPal Places Banned Account Funds on Hold

The user stated that the total funds of $462 have been put on hold by PayPal for 180 days. There is a limit for crypto purchases that the platform has imposed. The users were able to make the crypto purchases of $10,000 in one week, however, this limit has now been increased to $20,000 per week. The user whose account had been banned claims to not have exceeded this weekly limit. 

The user claims:

“I genuinely 100% know I did nothing wrong and it’s a misunderstanding because they think I made 50+ buy/sell transactions in a span of 1 week of items when it’s just crypto.”

Problem Handling Crypto Transactions 

On November 12, PayPal allowed the eligible U.S. users for crypto trading and payments. However, it is noticed that the platform is facing many difficulties in handling the crypto transactions. According to the users, it is taking a lot more time than usual to process a simple transaction. Some have also claimed that this problem might be because the platform is not charging any transaction fees for crypto until 2021. It is not a proper crypto exchange and not charging transaction fees might be causing them some huge losses. 

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#Funds on Hold #Paypal #Problem Handling Crypto Transactions #TheCoolDoc #very frequent transactions
Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.