January 21, 2021

Cryptheory

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PayPal cryptocurrency service: can users trade and hodl crypto?

2 min read

  • PayPal says it allows its users to buy and sell cryptocurrency 
  • Allegedly blocked user’s account nsacted in Bitcoin for trading crypto

When PayPal announced its intention to integrate Bitcoin trading into its gateway system, many crypto enthusiasts and analysts hailed the decision as a big plus for the crypto industry.

PayPal launched the buy and sell services to its United States users on November 13. This was in line with the financial institution announcement that it would allow its users to be able to trade and hold digital currencies.

Accordingly, when this service was launched by PayPal, the price of Bitcoin rose to its highest in recent time. The firm also went ahead to increase its users weekly limit to $20,000. This was driven majorly by the increased demand for the coin by investors.

In a bid to draw more users to their services, PayPal had also chosen not to charge their users any fee for holding, buying or selling cryptocurrencies in their account.

Bitcoin price soared massively when PayPal began to trade the coin. The price of the coin rose to $19,350 and its volume was well over $380 billion. 

Basically, the widespread use and adoption of the coin played a major role in leading to the increase in the value of the crypto asset.

PayPal blocks a user’s account

PayPal has blocked one of the accounts of its user alleging that the user broke one of the company’s security rules.

The financial behemoth has also gone on to block the user for the next 6 months.

The user, who is known as “TheCoolDoc” on Reddit, alleges that he was blocked for trading in crypto. According to him, the company blocked him because he made over 50 transactions in one week. He disclosed that his transactions were majorly in cryptocurrency.

He further added that he still has $462 in the account balance of the blocked account. He also said that the firm has offered him no explanation nor any ground to appeal the suspension. 

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