PayPal Banned Cryptocurrency Trader’s Account

Payment giant PayPal closed the account of a user who wanted to transact with cryptocurrency. The user, who expressed his grievance on Reddit, said that the reason for the closure of his account was that the transaction he made was considered a “product sale”.

PayPal had a great repercussion in the cryptocurrency industry by announcing that it will support transactions with cryptocurrency recently. However, a PayPal user explained that he experienced a great grievance on the platform and explained all the problems he had with PayPal on Reddit.

A cryptocurrency user named TheCoolDoc tried to do day trading (daily trading) through his PayPal account. PayPal user, who frequently trades according to daily price movements, made a transaction of 10 thousand dollars throughout the week. However, PayPal did not take into account the daily traders in the cryptocurrency service that it has just started to develop. PayPal software, which found that this user made frequent transactions during the week and the value of the transactions exceeded $ 10 thousand, assumed that this user sold a good / product and blocked his account.

“The PayPal system marked my account as the reason that I made a transaction worth $ 10 thousand in a week.”

He said over and over that he was trading cryptocurrencies

He prepared a photographic application letter to review the transaction and emphasized that he was trading with crypto money by writing “PayPal Crypto” at the beginning of every transaction he made. The user who submitted his application to the technical department received the following answer from PayPal:

“After our investigation, we have decided to permanently block your account due to potential risks. You will no longer be able to make transactions with PayPal. ”

The $ 462 in the user’s account was held by PayPal for 180 days. Believing that he did not do anything wrong, the user stated that the $ 10 thousand transaction he made definitely did not exceed the PayPal limit. Due to intense demand, PayPal increased the weekly limit of transactions to be made with crypto money from 10 thousand dollars to 20 thousand dollars.

Couldn’t get the support she expected from the phone

Calling PayPal and talking to an authorized name, the user reviewed all the transactions made and almost pleaded with the person on the phone to open their account. However, the official said that the decision made as a result of the examination cannot be appealed.

“The person on the phone actually tried to help. He simply understood that I was day trading, and although he did everything he could, it didn’t work. ”

Stating that they will tell about their experiences on platforms such as Twitter and Coindesk in order to prevent other users from being victimized, the user finally said:

“There is no real justice for the innocent in some parts of the world.”

The user may have burdened the PayPal system

In the news shared by CryptoPotato on the subject, it was emphasized that the PayPal user named TheCoolDoc may have made a costly transaction. Reportedly, because PayPal is a platform that does not charge transaction fees, the $ 10,000 day trading the user makes in a week may have been costly for the platform.

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