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Thread: PayPal is a lawbreaker

  1. #1

    Default PayPal is a lawbreaker

    In Europe PayPal are registered as a bank and are operating illegally in Europe.

    It is European law that a bank must be based in the state (European country) that it does most of its business, being the United Kingdom and not Luxembourg. The reason PayPal are in Luxembourg is for tax saving purposes, however they are not allowed to be located there due to European law and regulation.

    PayPal obviously do not care which laws they break.

  2. #2

    Default

    If I remember correctly PayPal was not allowed to classify themselves as a bank? Instead, they had to "store and protect" their money at other banks. This was in the United States though, maybe things are different in other countries?

  3. #3
    Join Date
    Jan 2014
    Posts
    280

    Default

    Paypal are a "cash handling organisation".

    They are not a bank and they are not operating illegally.
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  4. #4
    Join Date
    Mar 2014
    Posts
    178

    Default

    Why do people always assume Paypal is a bank? It's not a bank and if they were, they would have been found out by now if they were supposedly operating illegally.

  5. #5
    Join Date
    Mar 2014
    Posts
    171

    Default

    Paypal has nothing in common with a bank. My bank actually helps me on the phone and tries to resolve my problems. And my bank's agents speak fluent English and can understand my explanation of the problem and work to find a solution.

    If Paypal was a bank, they wouldn't treat customers like dirt and they wouldn't read from a script.

  6. #6
    Join Date
    Jan 2014
    Posts
    280

    Default

    Quote Originally Posted by ACSAPA View Post
    Paypal has nothing in common with a bank. My bank actually helps me on the phone and tries to resolve my problems. And my bank's agents speak fluent English and can understand my explanation of the problem and work to find a solution.

    If Paypal was a bank, they wouldn't treat customers like dirt and they wouldn't read from a script.
    Haha, you definitely made me laugh with this!
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  7. #7

    Default

    Paypal's headquarters are US based, right? So I think there should be tight regulations placed on them in the country of origin. That way they'd be forced to play by the rules in all the countries they operate in. But since no such regulations are applied to them in the US they do as they please globally.

  8. #8

    Default

    Paypal is actually not a bank. It does not compare to a bank in a lot of ways for example it does not do any fractional-reserve banking. Therefore it cannot be regulated as a bank.

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