Re:PayPal ends business dealings with Alex Jones's Infowars
by jedberg on Friday September 21, 2018 @08:19PM
(#18043691)
I'm an engineer and not a lawyer, but from what I remember, the license lets them do some banking functions, but doesn't make them count as a full bank subject to all the banking regulations.
Re:PayPal ends business dealings with Alex Jones's Infowars
by dogma1138 on Friday September 21, 2018 @08:37PM
(#18043782)
PayPal EU is a bank registered in Luxemburg and their EU operations are regulated as one: http://www.e-comlaw.com/e-finance-and-payments-law-and-polic...
PayPal issues credit and loans and credit cards they are an issuing bank and they also serve as an acquiring bank for processing payments.
Their account balance may not count as deposit and as such that part might not be under banking regulations in the US but in the EU they are regulated as one.
IIRC they merged with x.com specifically because x had a banking license and they had gotten an EU license in the mid 2000’s.
Also banks can pick and choose in fact they do it all the time try asking for a loan form a bank as a porn production company or even opening a business account with one, most of them won’t touch you same goes for many other businesses.
Banks in some cases may not be allowed to deny services to individuals for non financial reasons they same does not hold true for businesses and organizations.