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PayPal terminates service with a conservative domain registrar for alleged money laundering

October 26, 2020

PayPal has terminated its services for the domain registrar Epik, allegedly due to the risk of money laundering from its “alternative currency” Masterbucks, according to a Mashable article.

In a series of open letters Robert Davis, Senior Vice President for Strategy and Communication at Epik, He suggested that the motive behind the measure is to remove the platform from conservative voices.

Epik offers Gab services for Gab and Proud Boys, among other right-wing websites. The Proud Boys domain was recently forged to send threatening emails allegedly from Iran to democratic voters.

PayPal terminates service with a conservative domain registrar for alleged money laundering
PayPal terminates service with a conservative domain registrar for alleged money laundering

The Masterbucks coin is presented as Epik’s solution to a “conventional lack of liquidity”., which he claims is “one of the greatest structural challenges facing the domain industry today.”

Masterbucks can be used for transactions within the Epik network or converted into US dollars. An archived version of Epik’s Masterbucks website also promotes the coin’s tax perks, though it has since been removed.

An anonymous source cited by Mashable claimed that Epik failed to comply with legal requirements to operate this coin and encouraged tax evasion.. PayPal reportedly notified Epik of the issues over a month ago and tried to find a solution before the account was finally closed.

As Cointelegraph reported, Last week, PayPal announced its intention to enter the cryptocurrency marketand offers users the ability to make payments in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) in 2021.