PayPal user account blocked due to Bitcoin trading
A user of the PayPal Bitcoin trading service reports that his funds are blocked for 180 days – What has he done?
A PayPal user reported on Reddit that his account was blocked loud Crypto Trader because of trading Bitcoin and other crypto currencies
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Only a few weeks ago PayPal announced the launch of its crypto service, which already enables all US citizens to buy and sell crypto currencies.
Now that a PayPal account has been blocked, a heated discussion breaks out in the crypto community. According to Reddit user TheCoolDoc, PayPal has permanently restricted its account functions due to a „potential risk“.
Too much Bitcoin trading is prohibited
The user stated that he had made at least 10 transactions within one week. In addition, he had bought when prices fell and sold when prices were high. PayPal now requires an explanation for each transaction.
Furthermore, the user believes that PayPal blocked his account because they thought he had sold items worth $10,000 in one week. He then sent his ID to PayPal for verification and wrote that the transaction was a crypto transaction only.
Within a few hours, PayPal sent a message saying that TheCoolDoc could not process any more transactions. The user stated that the remaining balance on the account was $462. Furthermore, he never wants to use PayPal for the purchase of Bitcoin and Co. again in the future.