Why We No Longer Accept PayPal ⇥ binkd.com

Adam Pedley writes on the Blinkd blog:

Soon after I received a notification saying my account was limited pending further information. I had to provide documentation on my business to comply with the Anti-Money Laundering and Counter-Terrorism Financing laws. As you know Binkd is really just a front for a large money laundering operation (this is sarcasm just to make that clear). During this time we could receive payments but couldn’t withdraw any funds. I sent off the information and was told to wait 72 hours. There were also some issues with providing the information and once they sorted them out I had another 48-72 hr wait.

Good riddance. I’ve used this quote from Elliot Jay Stocks before to allow clients to better understand PayPal’s role, and I think it’s worth repeating:

PayPal have all the power of a bank and yet none of the responsibility.