Topic: PayPal UK To (Temporally) Halt Bitcoin and Crypto Purchases (Read 284 times)

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.

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

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).

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.

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.

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

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. 

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   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.

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.  

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.

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. 

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).




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

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.

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 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.

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

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.

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.

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

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.

Wait, are there people who think that PayPal (temporarily) stopping the crypto purchases can actually somehow affect bitcoin price? Bitcoin held very well even FTX collapse/scam, this market is way more mature than 3-4 years ago but if someone thinks that PayPal has some kind of power in crypto world then we still have a long, long way to go...

This is an authentic news. However it is a temporary pause and not a complete shut down of the service. The cryptocurrency in UK is unregulated, I believe they have hit a roadblock there. But that might not be entirely true. Let's wait and watch!

However, I do not see a reason for a price dump due to this reason. Paypal doesn't control a huge volume of transactions in crypto market. So I also disagree to the statement which says bitcoin will not hit 40k again.

The only thing that I can think of regards to this is who are still using PayPal to purchase bitcoin? Didn't someone in this forum posted about the issues that they've when they used PayPal to buy bitcoin there? And if this is going to be true and that there's a possibility that it might affect the prices, I guess it's a high time for us to accumulate as much USD we have right now because you don't want to miss out when the price of bitcoin plummets.

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.

PayPal has an indirect relationship with the cryptoindustry, which leads to the conclusion that they don't have a strong influence on cryptocurrencies and forces that can stop the  growth bitcoin price. Paypal only recently (relatively) began to introduce crypto, which doesn't at all make them flagships in this industry, whose actions or related to them may affect the current state of affairs.

The user's comment in that chat looks funny.

This is another indicator that the statements of those who are not experts in the industry should not be taken seriously (the opinions of experts should also be treated with some degree of doubt). In general, everything is the same: those who don't understand prophesy bitcoin limit in the N-sum, but after a while bitcoin will still surprise everyone with its new indicators.

Indeed, PayPal already looks like a dinosaur, which many have not even heard of, don't know what it is and, of course, have never used it, despite hundreds of millions of users (that's just how many of them remain active at the current time). Now there are plenty of other alternatives. The introduction of cryptocurrencies into their system on the part of the paypal looks not only like an attempt to keep up with modern trends, but also to survive in its niche.

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.

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.

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

This news may have some effect only on people from the UK (apparently only temporarily), but some geniuses like those we see on social networks draw completely meaningless conclusions from everything. Whether it's trolls or those who can't regret not knowing about Bitcoin before, it's completely pointless to waste time with them - history has proven that they've always been wrong, I have no doubt that it will be the same this time.

I will not say what I think about those who think that PP or someone else can influence Bitcoin, but I will just say that many live in various delusions - what would happen if PP ceased to exist - maybe the world would sink into chaos and hopelessness

Neh... This ain't that much-hyped news to keep BTC down. I want to know the real news if it is true or not. But if it's true, who TF cares? To me, these are some drama that takes place before every Bitcoin Halving. We have heard lots of news regarding the Bitcoin ban in many countries before. Has that affected the market that much? Well a little, but after some time, it was back to normal. Market sentiments are real and news like this does influence people, but it is short-lived. Those who put ban on Bitcoin will be the first to accept it when the time will come.
Before every halving, those who are in power will spread fuds in order to dump Bitcoin's price. That way they can fill their bags with less money. These news are not worth it if you are focusing on the long-term plan. It will fade away soon enough.

The news says that paypal will only temporarily stop BTC and crypto purchases for U.K customers, and they can resume using paypal for such purchases as early as early next year: https://www.usnews.com/news/technology/articles/2023-08-16/paypal-to-halt-uk-crypto-sales-until-2024

Nevertheless, paypal is not even a crypto exchange, and i don't know the average number of people in the U.K who purchase BTC through paypal for people to even think that this will cause a dump in BTC's price, and as well stop it from rising above $40k, ridiculous! Though there are a lot of weak hands that might be moved by this, but i can't imagine they will be so gullible as to sell in numbers that will be noticed in the price of BTC.

Yeah, I never connect Paypal and crypto in any way.
I am surprised it was even possible to buy it via paypal, in the long run crypto will take many of Paypal's customers away I think. It's just more convenient. You always have access to your money. Nobody can just randomly block your account (of course if you store your crypto at an exchange this still might happen). And the fees are better as well.

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.

I don't think PayPal is yet relevant enough in the crypto space to have any meaningful impact by halting trading. We've been through much, much worse in that regard. Bitcoin did well before PayPal started acting as an exchange, Bitcoin will do well after.

And that is assuming there is some merit to this claim to begin with.

My take on this first is that we should hear this announcement from their official website before knowing how true it is, we cannot trust the news channels hundred percent, knowing that fake news also has it own contributions on the cryptocurrency network today in creating a diversion, since from the he screenshot you give made mention of this being effective starting from October, i think we still have a little more time to get this confirmed or for PayPal to revert it decision as well if it's true, but we should for the mean time eliminate the aspect that says bitcointalk will not surpass $40,000 am sure these people making this claim were upto something against bitcoin or PayPal.

I don't think it is what they predict, rather it is what they hope for.
At times like this when the price hasn't had any big move (up or down) the traders start getting antsy because they can no longer make profit and most importantly they can't predict the next move. Their best bet is for bitcoin to drop, specially those who love shorting bitcoin. Hence their negative waves talking about "dump"; they are just trying to make some quick profit.

LOL

I'm getting 2017 flashbacks where some people said "BTC to $1k will never happen again".

Directly? Absolutely not. Because PayPal is an actual exchange where people trade bitcoin to have an effect on the price. It also doesn't share enough of the market volume to have any effect even if it were an actual exchange!
Indirectly? Maybe, if these idiots' FUD could scare some other idiots into panic selling but so far I haven't seen any major moves so the chances are low.

It is in the news this morning that PayPal UK will halt purchase of Bitcoin, and other crypto currencies, on their platform beginning from the 1st of October, I've not really confirmed how authentic this news is, but it was posted on telegram by a news channel/group I am a member of and following ..

Many have been posting all sort of comments like "dump", which means to them, the news may likely affect the market negatively and lead to a dump, which I personally do not agree with though, since like one guy in the comment asked "what is PayPal?" , that is to say that, PayPal is unknown to some people, and for many of us here, PayPal is an outdated payment system or should I call it a service rather..



But then again, one particular comment caught my attention, a user by the username "You", posted this comment, and i quote .



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?