Please BAN currency / money / paypal / egold exchanges!

Discussion in 'Support & Feedback' started by mcfox, Nov 26, 2007.

  1. sundaybrew

    sundaybrew Numerati

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    #21
    I agree as well,

    All you see these days is " Buy a VCC TO get a paypal account"

    Then these dudes take money Via paypal, then transfer it via egold and there good.

    As for the Law part, Those were some good points Sammie, BUT paypal and the others are not part of the FDIC , so I think they are not allowed to be considered "banks"

    But then again, I could be wrong as well....
     
    sundaybrew, Nov 26, 2007 IP
    sawz and Shazz like this.
  2. samantha pia

    samantha pia Prominent Member

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    #22
    oh they are governed by EU law on all aspects of EU banking laws, with the only exception being, that all paypal members cash is held at your own banks clearing bank for you to use. i.e.
    you walk into your bank and pay in cash, your bank is responsible for your cash and has a deposit (with the bank of England £5 million for a bank)

    pay in a cheque and your bank sends that cheque to a clearing bank, that holds both the funds and cheque from both banks, i.e. your bank and the bank the cheque was issued from.

    they do not send cash pound notes to your bank for the cheque, the clearing bank holds the money and just moves the amounts from bank A to bank B in bulk, less what bank B is owed from bank A cheques.

    paypal has no bank branch to pay cash into. so paypal holds no real money, paypal funds are held at a clearing bank and it is the clearing bank that has to pay the deposit to the bank of England to work as a bank.

    therefore paypal do not have funds to loose because it holds no funds of it's customers. so it does not need to pay a deposit to the bank of england to operate in the uk, but is licensed within the EU.

    PayPal Inc. (which is a parent company of PayPal (Europe) S.à r.l. & Cie, S.C.A) was acquired by eBay in October 2002, and is located in California, USA.
     
    samantha pia, Nov 26, 2007 IP
  3. Matbell

    Matbell Guest

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    #23
    So can i know , what wrong i am doing while providing a service to transfer money from paypal to moneybookers?

    i am not getting which laws i break.
     
    Matbell, Nov 27, 2007 IP
  4. samantha pia

    samantha pia Prominent Member

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    #24
    can we add buying rep to this list?
     
    samantha pia, Nov 27, 2007 IP
  5. lpstong

    lpstong Notable Member

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    #25
    I agree with Samantha that there should be a ban of some sort, blanket or otherwise. Especially on the Virtual paypal cc and exchanges for paypal to moneybookers or Egold. I always thought it was money laundering and glad that Samantha did her homework on it and did a wonderful job of C&P the info. Now I know it is wrong and not a mere gut feeling/reaction.
     
    lpstong, Nov 27, 2007 IP
  6. chenzen

    chenzen Active Member

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    #26
    Maybe Shawn should start an alternative to Paypal or an exchange house considering the demand.
     
    chenzen, Nov 27, 2007 IP
  7. sundaybrew

    sundaybrew Numerati

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    #27

    Oh yea.......hahaha .....no ...already been suggested and they said nope, nope
     
    sundaybrew, Nov 27, 2007 IP