[hackerspaces] wikileaks - switching from paypal

Philippe Langlois philippe.langlois at gmail.com
Tue Dec 14 13:09:19 CET 2010

Paypal (as any bank) being "regulated" by bank regulation does not
mean they're not going to be evil:
they can hold sums "for your security" and require you some incredible
amount of paperwork and sending them tons of docs before unfreezing
your account. FYI, /tmp/lab still has 700 EUR there that even after
weeks of email battles and phone calls, and i'm never going to use
them again for any business, personal or anything.


On Tue, Dec 14, 2010 at 2:05 AM, Sébastien Spike <spike at wolfplex.home.kg> wrote:
> Paypal UK is now closed, as they switched to a single Paypal Europe
> entity for all the EU.
> [In US]
> Regulations are state-level:
> https://www.paypal-media.com/state_licenses.cfm
> [Paypal Europe]
> Their legal mentions -
> https://www.paypal.com/uk/cgi-bin/webscr?cmd=p/gen/mentions_eu-outside
> - say:
> "PayPal Europe is duly licenced as a Luxembourg credit institution in
> the sense of Article 2 of the law of 5 April 1993 on the financial
> sector as amended (hereinafter the “Law”) and is under the prudential
> supervision of the Luxembourg supervisory authority, the Commission de
> Surveillance du Secteur Financier, with registered office in L-1150
> Luxembourg.
> Since the service provided by PayPal Europe is limited to E-money,
> which does not qualify as a deposit or an investment service in the
> sense of the Law, customers of PayPal Europe are not protected by the
> Luxembourg deposit guarantee schemes provided by the Association pour
> la Garantie des Dépôts Luxembourg (AGDL)."
> On Tue, Dec 14, 2010 at 1:55 AM, Sébastien Spike <spike at wolfplex.home.kg> wrote:
>> Hi,
>> They are regulated for some years. e.g. Paypal UK is a regular bank.
>> On Mon, Dec 13, 2010 at 8:03 PM, Matt Goodman <meawoppl at gmail.com> wrote:
>>> PayPal is scraping for cash, because they know they are going to be
>>> regulated soon.
>>> --Matthew Goodman
> --
> Spike @ Wolfplex hackerspace
> http://wolfplex.hackerspaces.be
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