PayPal UK To (Temporally) Halt Bitcoin and Crypto Purchases

Lucius

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Quote from: pooya87 on August 16, 2023, 10:28:31 AM

Jokes aside PayPal does own a considerable percentage of the global online payment options and if some day it ceased to exist the shops and businesses using their service have to find an alternative which is where Bitcoin comes in and can take it all. That means PP's demise is a good news for bitcoin Tongue

This may seem simple at first, but if it ever comes true, it will be in the somewhat distant future, considering where PP is currently and where Bitcoin is. It is still much easier for the average user to pay with PP, and in addition, he has guaranteed protection that he will get what he paid for, or he will get his money back.

The protection of the buyer who would pay directly with BTC does not actually exist, and here again we have to rely on payment processors who again in some way actually play the role of an intermediary and can be a problem if they require KYC or refuse the transaction for the reason that the coins are not clean.

If PP and similar companies were to cease to exist for some reason, the market would certainly look for an alternative, but with all these so-called stablecoins and CBDC, it somehow does not seem to me that Bitcoin will be the first choice.

bbc.reporter

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My prediction. The future of Paypal in the cryptospace will be their stablecoin to cryptocoin swaps. Your fiat in their platform will need to be converted to PYUSD if you want to buy crypto. On Paypal UK, I reckon might begin to allow bitcoin and other cryptocoin purchases again when they are ready to issue their stablecoin for UK accounts and only allow cryptocoin purchases through their stablecoin.

In any case, Paypal has also signed a partnership with Ledger hardware wallet.

After launching an Ethereum-based stablecoin last week, PayPal, the $70B global payments firm, has launched a new fiat on-ramp for U.S. users in partnership with Ledger, a leading hardware wallet maker.

Ledger Live users can now purchase BTC, ETH, LTC, and BCH via a PayPal account, subject to state laws. PayPal noted that users who have previously purchased crypto via a PayPal account can access the service without undergoing additional identity verification.

Source https://thedefiant.io/paypal-teams-up-with-ledger-on-fiat-onramp-for-us-users

acroman08

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Quote from: tread93 on August 16, 2023, 07:19:44 PM

Wow, why is this not surprising me for some reason. It's a bad move on their part, pay pal is being pay passed by a ton of other way better choices like zelle. It was great that they finally allowed for you to transfer your BTC out of their custody recently, you used to not be able to do that. I wonder if in other countries they will follow suit, I'm guessing yes.

looking at other posts, I don't think it is a bad move and it looks like they really have no choice because they might get fined for violating new regulations that are being implemented(as far as I understand). besides, it is only temporary and crypto transaction on their platform would be back in early 2024(according to the image jrrsparkles posted).

jrrsparkles

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Quote from: Ever-young on August 16, 2023, 03:00:50 PM

Quote from: KiaKia on August 16, 2023, 12:47:22 PM

If this is true I expect such news to come from PayPal themselves, this looks more like a rumour or probably a fake news honestly, but let's put this aside for a minute, what difference does it make if PayPal go back on their words and say they are not supporting Crypto purchases anymore? To me I believe Bitcoin doesn't even recognise PayPal, it's fully centralized and whatever PayPal is doing it's for their company"a sake, to make more profits per year.

Also PayPal isn't the only way to get crypto and Bitcoin in the United Kingdom, there are few other ways and some crypto exchanges supports UK IP addresses, whatever happens with PayPal and their decisions I am less bothered, Bitcoin and Crypto payment will still do better someday with or without PayPal involvement.

About the news coming from Paypal it's self I don't know how verified it is but jrrsparkles posted something of that nature.

Regarding what different it will make, I only believe this will affect few individuals from the UK who uses Paypal as their major means of acquiring crypto in general for the main time they might appear to be some stranded but they will surely look for a way out as their are alot of means out their in acquiring crypto but centralized and decentralized means for those who like using them and for those who don't they will continue using the DEX as usual. but in regard to price impact, it wont even be notice as their is no major buying and selling going on on that place, those who will want to turn the news into fudz will surely fail with it, as Bitcoin market will still be up and running as it's suppose to be.

They may not have huge users for trading cryptos in their platform but it is definitely one of the biggest company and since the market is highly driven by sentiments which means there will be a downside for the prices but very short term as I said. UK is trying to suppress the crypto related platforms following US for some reasons even they managed to enforce most exchange to do the same and created separate exchange for the UK customers alone which indicates how much those big governments are concerned about giving full control to the people.

tread93

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Wow, why is this not surprising me for some reason. It's a bad move on their part, pay pal is being pay passed by a ton of other way better choices like zelle. It was great that they finally allowed for you to transfer your BTC out of their custody recently, you used to not be able to do that. I wonder if in other countries they will follow suit, I'm guessing yes.

tbct_mt2

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Quote from: jrrsparkles on August 16, 2023, 10:41:59 AM

I can't find any announcement regarding their trading halt on their official Paypal Newsroom but many reputed news posted about this so more likely it is true.

But it has nothing related to the crypto, it seems the PayPal has to align their policies according to the UK's regulatory framework so I guess it won't affect the prices to considerable extent.

They announced to re-enable cryptocurrency purchases for UK users in early 2024. I guess they are following requirements from UK government to comply with latest changes in regulations.

But from now till early 2024, many more changes in regulations which can not be known by Paypal so it's safe to not expect they will succeed with their Compliance efforts.

They wrote that user cryptocurrency will be safe and no fee charged if stored on Paypal till 2024, when they allow users to purchase cryptocurrency again. But to be safer, we should move our cryptocurrency from Paypal accounts and store them in our self custodial wallets.

Reminder: do not keep your money in online accounts

DooMAD

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I'll assume it's tied to this new "Consumer Duty" the FCA are rolling out. More "nanny-state" bullshit and an absolute ballache to comply with. I have to deal with it at work and it basically boils down to taking measures to demonstrate that the customer understands what it is they're buying. Presumably, until PayPal have such measures in place, they can't sell technical and intangible financial instruments such as crypto.

Wimex

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Quote from: Frankolala on August 16, 2023, 10:40:48 AM

PayPal is weak in the crypto market and they don't have much volume which will make their halting on bitcoin and other cryptocurrency not affect the price of bitcoin to dump. I don't think that a small exchange like them has any significant influence on bitcoin price.

There are big exchanges that will come up with such news that instantly,you might begin to see the dump in Bitcoin price. If PayPal temporary halt cryptocurrency transactions,it will only affect them as they will loose more customers and not the entire crypto market. The halving is near and such news is weak to turn the movement of bitcoin downward. People are only saying from their own understanding and don't forget it is impossible to predict the next movement in bitcoin price.

This is true, you can't create controversy over things like this, it's obvious that if PayPal stops receiving bitcoin nothing interesting and shocking will happen, first of all because of what you say

Quote

PayPal is weak in the cryptocurrency market and doesn't have much volume, which will mean that its detention in bitcoin and other cryptocurrencies will not affect the price of bitcoin downloads

and second, because in addition to the fact that there are other platforms that can be used to exchange bitcoin for centralized currency, there is the fact that not only It is the United Kingdom that tries to restrict this asset as far as it can, there are other territories that intend to do this and so far I have not seen that it greatly harms bitcoin, what is more, they have caused by cornering it and preventing the people can use it, is that interest in bitcoin increases, making its control impossible and thus raising its value, so news like this instead of scaring those who live in fear of losing, should see it from another more realistic perspective.

Ever-young

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Quote from: KiaKia on August 16, 2023, 12:47:22 PM

If this is true I expect such news to come from PayPal themselves, this looks more like a rumour or probably a fake news honestly, but let's put this aside for a minute, what difference does it make if PayPal go back on their words and say they are not supporting Crypto purchases anymore? To me I believe Bitcoin doesn't even recognise PayPal, it's fully centralized and whatever PayPal is doing it's for their company"a sake, to make more profits per year.

Also PayPal isn't the only way to get crypto and Bitcoin in the United Kingdom, there are few other ways and some crypto exchanges supports UK IP addresses, whatever happens with PayPal and their decisions I am less bothered, Bitcoin and Crypto payment will still do better someday with or without PayPal involvement.

About the news coming from Paypal it's self I don't know how verified it is but jrrsparkles posted something of that nature.

Regarding what different it will make, I only believe this will affect few individuals from the UK who uses Paypal as their major means of acquiring crypto in general for the main time they might appear to be some stranded but they will surely look for a way out as their are alot of means out their in acquiring crypto but centralized and decentralized means for those who like using them and for those who don't they will continue using the DEX as usual. but in regard to price impact, it wont even be notice as their is no major buying and selling going on on that place, those who will want to turn the news into fudz will surely fail with it, as Bitcoin market will still be up and running as it's suppose to be.

Cryptomultiplier

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Quote from: CryptoHeadlineNews on August 16, 2023, 11:26:17 AM

Quote from: jrrsparkles on August 16, 2023, 10:41:59 AM

I can't find any announcement regarding their trading halt on their official Paypal Newsroom but many reputed news posted about this so more likely it is true.

But it has nothing related to the crypto, it seems the PayPal has to align their policies according to the UK's regulatory framework so I guess it won't affect the prices to considerable extent.

If what is written in this image above is the legit news, then I don't see anyhow a temporary pause of crypto purchase on Paypal in UK affect Bitcoin in general, as it's just UK and not the entire world at large, meaning if Paypal stop working, there are many other alternative people living in UK will be able to use in buying & selling of Bitcoin, and as such nothing to worry about, but to be on a safer side, just withdraw your funds or re-deposit it on a different wallet until issue resolved.

Quote

PayPal has announced that it will temporarily pause crypto buying services in the UK starting from Oct. 1, 2023, with a planned resumption in early 2024.
The latest decision, outlined in an email to select users on Aug. 14, comes in response to new regulatory requirements by the UK Financial Conduct Authority (FCA).

Calling up the Fed to get permission. https://t.co/fqaC1Dv4rE https://t.co/IiMNIeXxYv

— Simon Dixon (@SimonDixonTwitt) August 15, 2023
While crypto buying will be unavailable during this period, users can continue to hold and sell their cryptocurrencies. However, PayPal did not clarify whether users can transfer cryptocurrencies to other wallets or exchanges, a feature that currently seems limited to US users.

...The decision to pause the buying services comes as PayPal aims to comply with new regulations introduced by the UK FCA.

https://coinmarketcap.com/community/

I do know and understand that this unexpected development from Paypal is in compliance with King Charles granting the UK SEC regulators and UK FCA the authority to allow use of cryptocurrency for payments, but users data information will be collected, as well as transaction details and taxing.
This is one issue that has been a concern with the government of several countries, trying to link crypto to fiat, stating it is to reduce money laundering, but seeing it didn't work as planned, they came up with CBDC. Now that didn't get much attention as crypto currency has and they decide to allow it, but it must be taxed and regulated like fiat.

PayPal issue isn't going to really affect much, because several crypto exchanges do exist and has made sure the use of cryptocurrency for payments or for purchase as asset possible.

Flexystar

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Eh, that’s not really official source to trust for something like big as Bitcoin and it’s financial decisions. There are not really proper references over the internet for this news. Anyways, even if this is true I am not sure what to make about this event? Is this something big that we should really care for because it doesn’t seem major change. The UK was surely not properly sourced country for Bitcoin and it’s growth considering they have been up and down in terms of their decisions.

Moreover, PayPal being privately run company with only single country operation being taken down (also only in terms of Bitcoin) it doesn’t really gonna affect anything or anyone. Just the news of morning tea that will end in sink soon.

HeRetiK

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Quote from: AHOYBRAUSE on August 16, 2023, 09:40:50 AM

By the way, years ago paypal blocked my account because I logged in from too many IPs. That's what happens when you travel a lot. Even when I proved I am me they still made it supper difficult. I somehow got to withdraw my money closed my account. Just a joke site for me.

That's part of the reason why I got into Bitcoin in the first place. I didn't even use PayPal much at the time, so it rather confused than bothered me, but it first taught me about monetary sovereignity (or rather the lack thereof on an individual level).

Quote from: Silberman on August 16, 2023, 12:51:32 PM

Quote from: ImThour on August 16, 2023, 11:47:13 AM

Yea sure, Bitcoin to 40k will never happen again. That's what people said when Bitcoin was at $400, they said it will never go back up to it's ATH. Guess what happened? It made a new ATH every cycle. Now coming back to the topic of PayPal, they are just a joke to be honest. They should not be associated with Bitcoin or any Crypto at all. Companies or Exchanges like Coinbase and Binance are preparing their own endpoints which can be easily integrated in your website for business payments.

People making those comments are simply blind to the history surrounding bitcoin, anyone that has some time can probably find posts in which people claimed bitcoin will never reach a particular price only for those people to be proven wrong over the years, besides it is not as if 40k is an insurmountable mountain or anything like that, bitcoin is just 11k away from it, and with the huge volatility that we know can emerge out of nowhere then reaching that price again is a certainty.

If anything that kind of mediocre FUD just makes me more bullish.

Die_empty

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Quote from: CryptoHeadlineNews on August 16, 2023, 11:26:17 AM

Quote from: jrrsparkles on August 16, 2023, 10:41:59 AM

I can't find any announcement regarding their trading halt on their official Paypal Newsroom but many reputed news posted about this so more likely it is true.

But it has nothing related to the crypto, it seems the PayPal has to align their policies according to the UK's regulatory framework so I guess it won't affect the prices to considerable extent.

If what is written in this image above is the legit news, then I don't see anyhow a temporary pause of crypto purchase on Paypal in UK affect Bitcoin in general, as it's just UK and not the entire world at large, meaning if Paypal stop working, there are many other alternative people living in UK will be able to use in buying & selling of Bitcoin, and as such nothing to worry about, but to be on a safer side, just withdraw your funds or re-deposit it on a different wallet until issue resolved.

The UK is becoming one of the most unfriendly countries for crypto business. The recent clamp down on Bitcoin ATMs in the UK claiming that they are not registered is an indication of their unfriendly stance. Meanwhile, they came up with stringent regulatory policies that will suffocate crypto businesses in the country. The UK is a big financial market and Paypal is a major player. But the effect of this temporal stopping of bitcoin transactions will have minimal effect on the price of bitcoin and hopefully, they will resume operations after they have fulfilled the regulator's requirements.

Silberman

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Quote from: ImThour on August 16, 2023, 11:47:13 AM

Yea sure, Bitcoin to 40k will never happen again. That's what people said when Bitcoin was at $400, they said it will never go back up to it's ATH. Guess what happened? It made a new ATH every cycle. Now coming back to the topic of PayPal, they are just a joke to be honest. They should not be associated with Bitcoin or any Crypto at all. Companies or Exchanges like Coinbase and Binance are preparing their own endpoints which can be easily integrated in your website for business payments.

People making those comments are simply blind to the history surrounding bitcoin, anyone that has some time can probably find posts in which people claimed bitcoin will never reach a particular price only for those people to be proven wrong over the years, besides it is not as if 40k is an insurmountable mountain or anything like that, bitcoin is just 11k away from it, and with the huge volatility that we know can emerge out of nowhere then reaching that price again is a certainty.

KiaKia

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If this is true I expect such news to come from PayPal themselves, this looks more like a rumour or probably a fake news honestly, but let's put this aside for a minute, what difference does it make if PayPal go back on their words and say they are not supporting Crypto purchases anymore? To me I believe Bitcoin doesn't even recognise PayPal, it's fully centralized and whatever PayPal is doing it's for their company"a sake, to make more profits per year.

Also PayPal isn't the only way to get crypto and Bitcoin in the United Kingdom, there are few other ways and some crypto exchanges supports UK IP addresses, whatever happens with PayPal and their decisions I am less bothered, Bitcoin and Crypto payment will still do better someday with or without PayPal involvement.

Faisal2202

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TBH most of the fud starts from the tg groups I myself joined in many groups and once I read some news from one and read some feedback or comments on that news I fell for there shit even if they are a common group of people (collude) who are making these comments to elevate the sentiments of people so that they could make the new topics. I am not saying anything to hurt you but they do make you think and made you make this topic here.

Well, I also made many topics to hear from others but mostly in my Local thread because most of the time if the news is not accurate then I do not share it but if that's original then I try to share it. But here in your scenario I am not seeing any official news till now. But I hope that is not true even if it proves to be true then nothing could even stop BTC from reaching $40k still after such news because there is big and better news on the way than this shit what if they banned the Buying of BTC then people will directly or indirectly find an alternative.

The point is the balance or the flow will never stop things like buying and selling will never stop.

edit* news is confirm

SmartGold01

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Quote from: Fivestar4everMVP on August 16, 2023, 08:27:58 AM

Though I particularly find this comment amusing, and sure disagree, but then, i just wanna find out what you guys think, do you think such news as this, coming from a company like PayPal, has the strength enough to stunt the price growth of bitcoin?

PayPal to me doesn't have such capacity to influence the market and control the bitcoin and besides does it has any direct market such ( trading whereby someone will buy and sell through the app or their official website) that could possibly influence bitcoin price, if they suspend their service.
No! I didn't see that capacity or market volume to control bitcoin price if they announced their suspension of operation, even as that, stronger things (events) had already happened to the market but yet did survive the market pressure there's no way bitcoin could face any strong rejection in price.

Btw, there are some comments you aren't meant to take into heart or action since you didn't know the experience of such poster as I believe such comment could be likely be dropped by newbies or an amateur who doesn't know what they are saying ( such group are comprises with lots of individuals) so such comment are inevitably to come over time.

cabron

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They said to suspend it for a bit since Oct.1 but resuming may depend on the UK Financial Conduct Authority's (FCA) new regulation. There are still lots of users using Paypal though so most probably this contributes to the dump today besides the Spot ETF decision moved to 2024.

For all we know they don't have enough BTC for users who wants to withdraw so they halt purchasing and withdrawals but they allow selling BTC to them. It would not be surprising.

DaveF

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It's not like they are the only way to get BTC / crypto in the UK
Plenty of other options. But, they are so large that they probably do have a lot more casual crypto users then we think they do, just because of their size.

Oh, I want to get BTC
I already have a PP account.
Yes my crypto friends tell me to go elsewhere and that the PP rates are not great. But I have an account and it's quick and simple.

That kind of thing. We all have inertia over things like this even if we don't want to admit it. And it costs us. But we do it anyway.
From using a credit card that may not have the best rewards to not moving money to and account with better interest rates to buying crypto at PP.
It just falls to the convenience factor.

Now, lets see if the halt is real or just something that has spread.

-Dave

ImThour

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Bitcoin Bottom was at $15.4k

Yea sure, Bitcoin to 40k will never happen again. That's what people said when Bitcoin was at $400, they said it will never go back up to it's ATH. Guess what happened? It made a new ATH every cycle. Now coming back to the topic of PayPal, they are just a joke to be honest. They should not be associated with Bitcoin or any Crypto at all. Companies or Exchanges like Coinbase and Binance are preparing their own endpoints which can be easily integrated in your website for business payments.

Topic: PayPal UK To (Temporally) Halt Bitcoin and Crypto Purchases (Read 293 times)