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> Paypal also dodges issues of "being a bank" (...) AFAIK Paypal is a bank in the EU.
by jakobegger 7y ago
> Paypal also dodges issues of "being a bank" (...)
AFAIK Paypal is a bank in the EU.
- ineedasername 7y agoOh, that's right. They got a banking license in one of the EU countries, which allows it to operate as such throughout the EU. If that move was necessary to operate as they do withing the EU, i.e., if they cannot simply be money stores without being a bank even if they're not using fractional reserve, then Facebook too would need to register as such.
- freetanga 7y agoYes. Fully licensed Bank in Luxembourg. No branches though.