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PayPal Breaks Suspicious Bitcoin Trading

PayPal has reportedly suspended a user because of suspicious Bitcoin transactions.

The company’s crypto services just a few days ago, this development marks the first time a customer has been suspended due to digital currency. In the meantime, PayPal’s entry into the cryptocurrency market has been considered a huge milestone because of its prominence worldwide.

It is already recording large volumes in Bitcoin transactions.

Suspicious Bitcoin Trades in PayPal Stopped

According to the concerned user, the company suspended the account because he made many bitcoin transactions. The user also claimed that he conducted about ten crypto transactions in a week. He usually bought at lower prices to sell only when the cryptocurrency price increases.

But things got suspicious when the user began processing around $10,000 worth of crypto transactions in a week, which has not been seen of him in the past years. Because of this, the account got suspended by the company, and it alerted him that he will not be able to use the report further. PayPal is famous for maintaining strict measures in monitoring the transactions, even for the fiat currencies. A violation of their transaction rule can cause the suspension of the users’ accounts.

However, the user still insists that he didn’t violate the company’s rule, mentioning that PayPal raised the weekly crypto transaction limit from $10,000 to $20,000.

PayPal registers high crypto transactions.

PayPal’s venture into the crypto market seems to be a massive step toward adopting bitcoin and other cryptocurrencies. The company has been making large Bitcoin purchases lately as user demand spikes incredibly. Alex Saunders, the CEO of Aussie Nuggets News, tweeted last Thursday that PayPal noted more than $56M in daily Bitcoin transaction volume.

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