Paypal HK suspends payments to Hong Kong pro-democracy groups for ‘excessive risk’ – Bitcoin News

Paypal HK has reportedly stopped processing payments to the Social Democratic Union (LSD), according to a report from a Hong Kong democracy group. A pro-democracy group said it was “stunned” by the news and “one less way to go”. [to collect donations]”

Paypal reportedly suspends service to Hong Kong’s League of Social Democrats

Just recently, news publication Daily Wire discovered a draft of Paypal’s Terms of Service (ToS) agreement that has yet to be implemented. According to the ToS, if a user disseminates “false information” online, Paypal can fine the user up to $2,500, and the fine will be deducted from his Paypal account. However, Paypal stressed that the ToS was an error sent in error and that it has no plans to fine users. On Oct. 8, National Review spoke with his Paypal spokesperson, who said his ToS notice was sent in error.

A Paypal spokesperson told the National Review: “Paypal does not fine people for incorrect information. This language is not intended to be inserted into our policies. We apologize for any confusion this may have caused.”

The issue between the Social Democratic Party (LSD) and Paypal HK was reported via Facebook on October 12th at 3:39am ET.Featured in the news hong kong free press (HKFP) Contributor Peter Lee, He wrote that LSD is “one of Hong Kong’s remaining active pro-democracy groups.” When the Covid-19 pandemic began, China made it much harder for Hong Kong’s pro-democracy groups to thrive.

China introduced the National Security Law (NSL) in 2020, making it much easier to prosecute protesters seeking to strengthen Hong Kong’s autonomy. The HKFP report further explains that pro-democracy groups like the LSD are no longer able to use street booths to collect donations. The LSD’s external vice chairman, Chow Ka-fat, told his HKFP that Paypal had simply terminated payment services due to “undue risk”.

However, the payments giant did not disclose what the “undue risk” was, Chow told the publication. I explained that I can withdraw funds from “Even when doing business, companies seem to have to think in advance who they are going to do business with,” Chow told the news outlet. The LSD Vice-Chair added:

That kind of business freedom in the past is seemingly lost.

Hong Kong’s pro-democracy groups have had problems in the past with payment providers, especially Chinese banking institutions. In June 2019, Bitcoin (BTC) was trading at a premium during protests in Hong Kong. A study published the following year by Amun researchers found that stablecoins were being used in Hong Kong as a “capital control evasion vehicle.”

Following Chow and LSD’s clarification, HKFP’s Lee said the publication reached out to Paypal HK for clarification, but Lee’s report did not receive a response from the payment provider. The day before Premier Li’s report on October 11, the Hong Kong Democratic Council report LSD member Tsang Qingxin was fined HK$1,500 for littering after he was outside a government building calling for the resumption of public gatherings.

What are your thoughts on reports that Paypal HK has stopped serving the Social Democratic League in Hong Kong? Let us know what you think about this in the comments section below.

Jamie Redman

Jamie Redman is a news lead for Bitcoin.com News and a financial technology journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols currently emerging.