A user wanted to sell bitcoin at Binance platform Which provides the buying and selling of digital currencies between individuals using different payment methods, including the PayPal payment service, but this user lost all his money.

The user explained what happened to him on Reddit and how his account was banned and his money lost.

Where did this user start his words? by saying:

My account got banned and I lost over $10,000.

I learned how to P2P trading on Binance 3 months ago and wanted to give it a try.

I sold my bitcoin and started trading.

Things went well for a while, until…

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Transfer money between PayPal and bank account

The user with the nickname “Intelligent_Budget_5” used PayPal to transfer funds from the Binance P2P platform to his bank account.

This user stated that he recorded documents and images of approved transfer transactions, which executed approximately 20-30 transfer transactions.

This user reported that his account was banned after transactions, and said that he sent the documents for account transactions to PayPal and his account was opened again.

After a few weeks, he was still having the same problem, he received an email asking for some information, and his account got banned again.

As for the email sent by PayPal, here are some quotes from it:

The investor has the right to object.

Movements of funds in the user’s account must be audited.

It was also mentioned that the evaluation and settlement of the application could take a few months, and that PayPal would keep the balance in the user’s account smoothly.

PayPal also stated that the user can return all or part of his money as a result of the investigations that will be conducted, and also stated that it can confiscate all of it.

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PayPal closes another user’s account:

One Reddit user, TheCoolDoc, also mentioned that on November 25 his PayPal account was closed.

He said he made frequent remittances with a transaction value of over $10,000 worth of bitcoin.

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According to some trackers, PayPal does not charge fees for the aforementioned transactions that users make frequently, which is expensive for the company, so it intervenes and bans the account.

There are those who attributed the bans to Babel’s recent announcement of its new service supporting crypto, which wants to make it the only service exclusively directed to users, and to close other ports.

For your information, the above-mentioned users do not rely on the announced new PayPal service related to the support of cryptocurrencies, which is still limited to users of the United States of America.

Read also:

A wealthy person spends $400,000 worth of bitcoin on a yacht… Details here

Where will the bitcoin price go? Does it bounce up or keep going down?