PayPal Terminates Its Services To Domain Registrar 'Epik'.

PayPal Terminates Its Services To Domain Registrar 'Epik'.

2020-10-26 | Robin Williams

PayPal Terminates Its Services To Domain Registrar 'Epik'.

PayPal has terminated its services to domain registrar Epik, allegedly due to a risk of cash laundering through its “alternative currency” Masterbucks, consistent with an official report by Mashable.

However, within a series of open letters, Robert Davis, Epik’s senior vice chairman of strategy & communications has suggested that the motive behind the move is to de-platform conservative voices.

Epik notably offered domain services to Gab and therefore the Proud Boys, among other far-right websites. The Proud Boys domain was recently spoofed to send threatening emails to Democratic voters, reported by Iran.

The Masterbucks currency is presented as Epik’s solution to an “absence of conventional liquidity,” which it claims is “one of the most important structural challenges affecting the domain industry today.”

Masterbucks are often used for transactions within the Epik network or converted to U.S. dollars. An archived version of Epik’s Masterbucks webpage also promotes the tax advantages of the currency, although this has since been shifted.

An anonymous source quoted by Mashable claimed that Epik had not fulfilled the legal requirements to run such a currency and was encouraging evasion. PayPal reportedly informed Epik of the problems over a month ago and had tried to return to an answer before finally terminating the account.

As reported earlier last week, PayPal revealed its intention to enter the crypto market, offering users the power to form payments in Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC] as well as Bitcoin Cash [BCH] by 2021.

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