You may have not realised but banks and any financial institutions have been deputised by the regulators to be the financial police. They need to ensure that none of their client use financial services to commit crimes or launder the proceeds of a crime, under the penalty of heavy (up to multi billions) fines. Particularly in the US.
I am pretty sure this is what is forcing paypal to do this. And also why I wish good luck to startups who think they will disrupt this massively over regulated industry.
You may have not realised but banks and any financial institutions have been deputised by the regulators to be the financial police. They need to ensure that none of their client use financial services to commit crimes or launder the proceeds of a crime, under the penalty of heavy (up to multi billions) fines. Particularly in the US.
I am pretty sure this is what is forcing paypal to do this. And also why I wish good luck to startups who think they will disrupt this massively over regulated industry.