Post
Topic
Board Bitcoin Discussion
Re: Bad reputation
by
Nwada001
on 11/04/2025, 19:22:30 UTC
They lost a court case in the US, and were ordered to pay something like $500 million in compensation to users ( I may have remembered the amount incorrectly). They managed to suppress the reports of this, and I have tried many times to find them without any luck. I wish I had taken a copy., as I can't even remember the jurisdiction. It was as a result of this that they moved the company out of America, and into a less litigious environment.
If the case you are talking about is the case filed against PayPal in 2015 by the Consumer Financial Protection Bureau (CFPB), the total fine was around $25 million, of which $10 million was to be paid as civil fines and the remaining $15 million was to be paid to consumers (customers) for their wrongful treatment of their customers, as during that time there were a lot of unresolved complaints from customers about them about policy violations and funds withheld and asset frozen.