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PayPal requests ID post-purchase for cryptocurrency
| Basic Information |
| Release Year
|
1998 |
| Product Type
|
|
| In Production
|
Yes |
| Official Website
|
Paypal.com |
An introductory paragraph starting with "PayPal requests ID post-purchase for cryptocurrency is a ...[1]". When writing the article, insert text in the space below this box, and then delete this tip box (and the other tip boxes below). In the visual editor, just click on a box and press backspace to delete it. In the source editor, simply delete the double curly brackets, and the text inside them.
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Consumer-impact summary
Overview of concerns that arise from the conduct towards users of the product (if applicable):
- User Freedom
- User Privacy
- Business Model
- Market Control
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Incidents
Add one-paragraph summaries of incidents below in sub-sections, which link to each incident's main article while linking to the main article and including a short summary. It is acceptable to create an incident summary before the main page for an incident has been created. To link to the page use the "Hatnote" or "Main" templates.
If the company has numerous incidents then format them in a table (see Amazon for an example).
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This is a list of all consumer-protection incidents related to this product line. Any incidents not mentioned here can be found in the PayPal requests ID post-purchase for cryptocurrency category.
Example incident one (date)
When using Paypal, consumers are able to create an account for cypto use without uploading a government ID. This is known as KYC or "Know your customers". While this is a legal requirement for most large financial institutions to report crypto transactinons, Paypal has used this, knowingly or unknowingly, as a means of collecting funds from unaware users.
Paypal does this by requiring less invasive information to create an account. After account creation a user is then able to purchase or transfer crypto into their account without additional screening. Paypal proceeds to block any transfers, withdrawals, or sales of crypto until much more invasive KYC is performed. Users MUST submit photos of a government issued ID or other identifying documents.
At this point, the funds are effectively locked away and out of reach to users that do not have or wish to present the necessary documentation for various reasons.
To avoid this issue, nearly all other large institutions which offer crypto purchases require the KYC upfront.
Even if this problem only manifests in a small percentage of user experiences, there will be a not small number of users that lose their crypto due to this process. The amount of Crypto being effectively seized by Paypal by denying withdrawal despite accepting a deposit is sure to be large.
A verifyable report of this instance is linked. This flawed system was also witnessed and tested first hand months prior to writing this article. Paypal has been contacted about this multiple times and has not responded favorably.
- Main article: link to the main CR Wiki article
https://www.reddit.com/r/privacy/comments/188iy03/i_created_a_paypal_account_and_received_payment/).
Example incident two (date)
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Products
This is a list of the company's product lines with articles on this wiki.
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See also
Link to relevant theme articles or companies with similar incidents.
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References
