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In the US, it's supposedly because they don't accept and hold deposits. That is, you can't give PayPal $1m of your money to hold, you can only use it to make bu
by petercooper 14y ago
In the US, it's supposedly because they don't accept and hold deposits. That is, you can't give PayPal $1m of your money to hold, you can only use it to make business transactions. The FDIC also justified this in a hearing on the matter by saying: "PayPal does not physically handle or hold funds placed into the PayPal service"