The leading digital payment platform, PayPal, has reportedly suspended a user over suspicious Bitcoin transactions. The company launched the cryptocurrency services a few days ago, and the development today probably marks the first time where a customer is suspended due to digital currency. Meanwhile, PayPal’s entry into the cryptocurrency market was considered a huge milestone owing to its prominence around the world.
Already, it is recording massive volumes in Bitcoin transactions.
PayPal Red-Flags Suspicious Bitcoin Trades
According to the affected user (TheCoolDoc on Reddit), the company suspended the account because he made too many Bitcoin transactions. Meanwhile, the user claimed that he only conducted about ten crypto transactions within a week. He usually bought at lower prices to sell only when the cryptocurrency price increases.
However, things got suspicious as the user began processing about $10,000 worth of crypto transactions in a week, which wasn’t seen of him in the past six years. Due to this, the account got suspended by the company, which notified him that he wouldn’t be able to make use of the account going further. PayPal is known for maintaining strict measures in monitoring transactions, even for fiat currencies. A violation of their transaction rule can cause the suspension of users’ accounts.
However, the user still maintained he didn’t violate the company’s rule, adding that PayPal had raised the weekly crypto transaction limit from $10,000 to $20,000.
PayPal records high crypto transactions
PayPal’s move into the crypto market is seen as a huge step toward more adoption for Bitcoin and other cryptocurrencies. The company has been making massive Bitcoin purchases lately as user demand rose incredibly. The CEO of Aussie Nuggets News, Alex Saunders, tweeted on Thursday that PayPal recorded more than $56 million in daily Bitcoin transaction volume.
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