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That's sort of the problem. Paypal is acting more and more like a bank, yet they're investing millions in lobbyists to make sure they don't become a bank, legal
by goodweeds 15y ago
That's sort of the problem. Paypal is acting more and more like a bank, yet they're investing millions in lobbyists to make sure they don't become a bank, legally. If they were a bank they would be accountable and would fall under all of the rules and regulations that banks must follow, and they wouldn't be abe to withhold funds from their customers so readily.
- bluelu 15y agoThey are a bank here in Luxembourg. Part of this that they have to know their customers. They can't allow someone without proper ID verification to collect a few hundred thousands of dollars through simply providing an email account and a name.
- zerostar07 15y agoI was just gonna say that. Paypal Europe is a registered bank based in Luxembourg, and subject to all kinds of bank regulations.