perfectshops wrote: This is in the news on Market Watch
PayPal shares slip on subpoenas in money-laundering probe
Published: Feb 8, 2017 5:17 p.m. ET
"PayPal shares fell 2.2% to $39.99 after hours. In a filing with the Securities and Exchange Commission late Wednesday, the company said it received subpoenas "seeking the production of certain information related to our historical anti-money laundering program."
Thank you for posting this - now
the closure of so many PTR related PayPal accounts makes more sense.
If PayPal are under pressure, then they will be sorting through their accounts to see who could be responsible for any kind of money laundering incidents. And up-front companies are deemed guilty by association (I mean association being what they do - as in PTR, not a connection with illegal sites)
PTR-land is full of scams and hypes, so it's logical to assume that in order to lessen the risk of PayPal being accused of aiding and abetting, they are clamping down on all sites of a similar nature which could be accused of money laundering, in order to protect themselves.
PTR is a logical place to target.
The more of what can be considered as grey area accounts PayPal can suspend/remove, before they have to produce the information requested in the subpoenas, the better chance PayPal has to continue trading and less likely they are to be prosecuted.
Much as we all hate what is going on and are hurting because of it, knowing the reasoning behind it takes some of the sting out of the situation.
So again, perfectshops, thank you for posting this information.