Topic: CoinGator - page 2. (Read 20367 times)

There was a post on Reddit that came from a PP employee showing that they are told to ban/deactivate accounts that are allowing BTC -> fiat -> BTC trades without a proper transmitter license. I don't know where it is off the top of my head but someone else might.

Sorry to open a 2 week old thread but I actually got a phone call from PayPal about me selling .25 bitcoins and receiving money for it through them. They said that their policy is against any currency exchange and they see bitcoins as a real currency. I had to print off a statement and have it notarized and fax it back to them stating that I will never do it again. And if I did they will deactivate my account.

This service did not sell bitcoins?

I'm not sure. I was just commenting on what the others was saying about PayPal not allowing purchases and trades.

ibfr33k

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There was a post on Reddit that came from a PP employee showing that they are told to ban/deactivate accounts that are allowing BTC -> fiat -> BTC trades without a proper transmitter license. I don't know where it is off the top of my head but someone else might.

Sorry to open a 2 week old thread but I actually got a phone call from PayPal about me selling .25 bitcoins and receiving money for it through them. They said that their policy is against any currency exchange and they see bitcoins as a real currency. I had to print off a statement and have it notarized and fax it back to them stating that I will never do it again. And if I did they will deactivate my account.

gektek

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Quote from: Matthew N. Wright on June 17, 2013, 11:25:42 AM

There was a post on Reddit that came from a PP employee showing that they are told to ban/deactivate accounts that are allowing BTC -> fiat -> BTC trades without a proper transmitter license. I don't know where it is off the top of my head but someone else might.

ooo ic ic...ty ty!

ranlo

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Quote from: gektek on June 17, 2013, 11:07:55 AM

Depends what is the exact issue with paypal. But probably fine outside US.

The problem is that PayPal says if you trade BTC for fiat or fiat for BTC, you have to register as a money transmitter (which was estimated at $250k earlier in this thread).

I don't think it was PayPal that says you need to register as a money transmitter...its just the general law...that you need to register as a money transmitter...PayPal doesn't really care one way or the other. I thought the $250k was just for the fees to become a 'transmitter'...? But maybe I read it wrong earlier...?

There was a post on Reddit that came from a PP employee showing that they are told to ban/deactivate accounts that are allowing BTC -> fiat -> BTC trades without a proper transmitter license. I don't know where it is off the top of my head but someone else might.

Those "I got an email from.." posts cannot be verified an attempts to do so are ignored usually so take those with a grain of salt and don't assume they are legit.

Oh, it was a scanned document that was supposedly passed down to employees... could still be faked but never know.

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Quote from: gektek on June 17, 2013, 11:07:55 AM

Quote from: gektek on June 17, 2013, 11:07:55 AM

Depends what is the exact issue with paypal. But probably fine outside US.

The problem is that PayPal says if you trade BTC for fiat or fiat for BTC, you have to register as a money transmitter (which was estimated at $250k earlier in this thread).

I don't think it was PayPal that says you need to register as a money transmitter...its just the general law...that you need to register as a money transmitter...PayPal doesn't really care one way or the other. I thought the $250k was just for the fees to become a 'transmitter'...? But maybe I read it wrong earlier...?

There was a post on Reddit that came from a PP employee showing that they are told to ban/deactivate accounts that are allowing BTC -> fiat -> BTC trades without a proper transmitter license. I don't know where it is off the top of my head but someone else might.

Those "I got an email from.." posts cannot be verified an attempts to do so are ignored usually so take those with a grain of salt and don't assume they are legit.

ranlo

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Activity: 1988

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Depends what is the exact issue with paypal. But probably fine outside US.

The problem is that PayPal says if you trade BTC for fiat or fiat for BTC, you have to register as a money transmitter (which was estimated at $250k earlier in this thread).

I don't think it was PayPal that says you need to register as a money transmitter...its just the general law...that you need to register as a money transmitter...PayPal doesn't really care one way or the other. I thought the $250k was just for the fees to become a 'transmitter'...? But maybe I read it wrong earlier...?

There was a post on Reddit that came from a PP employee showing that they are told to ban/deactivate accounts that are allowing BTC -> fiat -> BTC trades without a proper transmitter license. I don't know where it is off the top of my head but someone else might.

gektek

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Activity: 237

Merit: 100

I rave ... whats your excuse?!?

Depends what is the exact issue with paypal. But probably fine outside US.

The problem is that PayPal says if you trade BTC for fiat or fiat for BTC, you have to register as a money transmitter (which was estimated at $250k earlier in this thread).

I don't think it was PayPal that says you need to register as a money transmitter...its just the general law...that you need to register as a money transmitter...PayPal doesn't really care one way or the other. I thought the $250k was just for the fees to become a 'transmitter'...? But maybe I read it wrong earlier...?

ranlo

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Activity: 1988

Merit: 1007