Earlier this week, PayPal users received an official-looking email blaster as a warning against the use and trading of cryptocurrency on their platform. In which it said, the trade and transfer of cryptocurrency is prohibited under the company’s Acceptable Use Policy and asked users to stop using their PayPal account for cryptocurrency transfers to continue using the platform.
The platform is almost two decades old and is seen as cryptocurrency’s biggest competitor and rakes in billions in revenue. But has been sending out mixed signals to its users. It is common knowledge now that PayPal has filed for a blockchain patent and with that news in mind, this cryptocurrency warning comes off as the company being a little confused.
And users took to Paypal’s community page for clarification.
Many users, worried about the warning, reached out to the company through their customer service numbers, Reddit and other social media platforms and most of the representatives of the company have called the email a fake and reassured the company’s commitment to continue serving their clients. On the community page, the issue raised by community members has been marked as solved, by Paypal. However, users are still wary of the warning and apprehensive as to where it came from.
A Reddit user even confirmed with Paypal’s customer support team that the emails were fake –
While a lot of companies are withdrawing their initial support, for instance, Google and Facebook, in the last couple of months alone, it won’t be surprising if PayPal turns around and enforces the action threatened in the warning a couple of weeks or months down the line. But at this point, no official comment or statement has been made on any of their social media accounts, as they, apparently, prefer to deal with it as individual complaints instead of creating a ‘frenzy’. And on closer inspection of their Acceptable Use Policy, there is no mention of cryptocurrency, let alone something that prohibits it.
What is now clear is that the email was faked and reflects no real intention of Paypal’s intent to discontinue service for users involved with cryptocurrency, but the real issue which is now at hand is the how and who. And users are eagerly waiting for all the company’s social media handles for an official statement.
People view PayPal as one of the pioneers in decentralizing the effectiveness of the financial sector and as the cryptocurrencies biggest competitor.