PayPal Fines Up To $2,500 For Intolerance: Bitcoin Fixes This
The User Agreement lays out terms and conditions for services users are allowed to use with funds from PayPal, allowing the censoring of its customers’ money.PayPal has a fine in place for “intolerance” for up to $2,500 embedded into its terms and conditions.Located in PayPal’s User Agreement, the company states:“You acknowledge and agree that $2,500.00 U.S. dollars per violation of the Acceptable Use Policy is presently a reasonable minimum estimate of PayPal’s actual damages.” The Acceptable Use Policy includes a clause that warns against....
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Paypal or Bitcoin? Or Both? The diaspora of arguments touting Bitcoin's superiority over Paypal is endless. There are economic incentives for buyers and sellers, large and small, to use Bitcoin vs Paypal. Simultaneously, there are still infrastructure gaps that may prevent the efficient use of Bitcoin over Paypal at this time. Today, I will focus on why I (me, me, me), and by extension why you, should use Bitcoin instead of Paypal. Centralized Vs. Decentralized. Any Paypal user, whether a buyer or a seller, will at some point run into issues with Paypal's centralized structure. For....
A South Korean province has seized cryptocurrencies worth over $5 million from 1,661 investors who were more than $12 million in arrears on their fines in total. The seizure followed an investigation of nearly 30,000 companies and individuals as well as their cryptocurrency holdings at four exchanges.
Korean Province Confiscates Cryptocurrencies for Unpaid Fines
The South Korean province of Gyeonggi, the most populous province in the country, announced last week that it had seized 6.1 billion won ($5.14 million) in cryptocurrencies from 1,661 people who were 14.4 billion won in....
Top U.S. banks have racked up almost $200 billion in fines and penalties over the past 20 years from illegal activities in 395 major legal cases. Bank of America tops the list, followed by JPMorgan, Citigroup, and Wells Fargo, according to a new report, which also covers Morgan Stanley and Goldman Sachs. Big Banks’ $200 Billion in Fines Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo have collectively racked up $195 billion in fees and penalties, according to Washington-based advocacy group Better Markets. The fees and penalties from 395....
Local police in a suburb of Seoul have the authority to seize crypto in order to clear the balance of delinquent fines from traffic violations. A South Korean town near Seoul has been successfully operating a pilot program that allows police to seize crypto from the exchange accounts of individuals with delinquent traffic fines.Gunpo, a city of about 275,000 in the northwestern Gyeonggi province was selected by the national government to execute the pilot program in 2022 which an Aug. 16 report from the JoongBoo Ilbo news outlet stated was a way to collect delinquent funds in an “untact,"....
After more than a decade of being part of eBay Inc. , PayPal will return to the stock market as an individual company. Shares of PayPal (PYPL.O) jumped up 11% in value as people anticipate the company’s return to NASDAQ. With that rise, and adjusting for market stabilization, PayPal is now valued at about $52 Billion. Online payments have changed considerably since 2002 when eBay acquired PayPal, and the popularity of PayPal has lead to a relationship that hinders the potential of PayPal. Processing over $235 billion in 2014, PayPal handles some massive transaction volume on a daily basis,....