PayPal has put an end to the account of domain registrar and web hosting company Epik due to the violation of its risk controls. It has prompted angry letters and blog posts from Epik with claims that the conservative bias was to blame for the same.
PayPal cut ties with domain registrar Epik due to its alternative currency, Masterbucks
Epik is best known for the support of the right-wing social media site Gab. In 2018, the site was barred by its hosting company, domain registrar, and PayPal after the discovery of anti-Semitic trades written by an alleged shooter at a Pittsburgh synagogue. Robert Monster, the Epik CEO, criticized it, calling it digital censorship by other sites.
PayPal cut ties with Epik due to Epik’s alternative currency Masterbucks. This currency can be used to purchase Epik’s products or can be converted into US dollars. As per reports, Epik did not take the necessary legal action to run the digital currency.
Epik’s Robert Davis calls PayPal’s decision “an abuse of power and overreach of de facto monopoly”
Robert Davis, the senior vice president of strategy and communications, called PayPal’s actions “an abuse of power and overreach by a de facto monopoly”, also questioning the timing of PayPal’s decision. He further stated in the blog post dated October 19th that PayPal’s direct effort to cut ties with the Epik’s payment service has come in just two weeks before a Presidential election.
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In a statement, PayPal has stated that they have sophisticated risk controls that can alert their teams of any violative activity occurring on their platforms. The company then reviews every matter independently basing its decision on the management of risk and compliance.
PayPal set to acquire cryptocurrency-related companies in 2021
Last week, there were reports that PayPal is working to acquire several cryptocurrency-related companies. There are ongoing talks with BitGo, a digital asset platform. Although, a deal has not been finalized. People familiar with the deal have said that PayPal could also explore other acquisition targets.
PayPal has confirmed its plans to enter the cryptocurrency market in 2021. It expects support from the sale, transfer, and storage of cryptocurrencies. These also include Bitcoin (BTC) and Ethereum (ETH).