PayPal will be looking for ways to reassure the clients on its crypto platform after a user noted some unusual activity on his account. According to the user, his account was restricted after being found guilty of trading crypto too frequently.
In his statement, TheCoolDoc, the United States of America-based Reddit user, claimed the trading platform sent him a message that his account has been permanently limited from trading crypto due to some potential risk. According to the Reddit user, he made almost ten transactions a week as he purchased assets when the price was low and sold when the price was high.
Reddit user permanently suspended from trading
The user claimed that the issue with his account started after the payments platform asked him to explain why he had been making such transactions. “My account was flagged by the system after it thought I was making sales worth $10,000 every week when I have not even made such trades in the last six years that I have held my PayPal account,” TheCoolDoc said.
The user said he went further to follow all the processes highlighted by PayPal to recover his account, but he still could not. “After they told me to submit the details, I did and added my ID card to the documents for the review and tagged all the crypto transactions ‘crypto PayPal’ because I didn’t know what else to do at that moment,” he said.
After he submitted the documents for review, the user noted that PayPal then sent him a message that he will no longer be eligible to conduct any transaction on the platform. According to the User, PayPal then went ahead to put his remaining funds, $462, on hold for 180 days, but he said he has been able to withdraw the funds using another means.
Reddit user denies any wrongdoing
The Reddit user said that he did not breach the trade limit imposed on all the members on the platform. When the crypto service first went live, PayPal announced that members will only be allowed to trade with only $10,000 but has since released another publication.
It stated that the limit had been increased to $20,000 for platform users across the United States. In claiming his innocence, the Reddit user said that he was very sure he did nothing wrong, and everything was a misunderstanding on the part of PayPal.
He said that they thought he made more than 50 buy or sell transactions in a week when he traded in digital assets. Another User claimed that he has been having issues with the crypto platform days after the firm made it accessible for members across the united states. Also, PayPal announced that users on the platform would carry out free transactions on the platform up until 2021.