NFT transactions above $10K not covered under PayPal’s seller protection program
Payment processor PayPal has now excluded NFT transactions exceeding $10,000 from its seller protection program as the nascent industry becomes riffed with scams and frauds.
Under the Seller Protection program, PayPal protects sellers’ transactions from chargebacks, reversals, and associated fees. The service, which is currently available for residents of the United States, covers mostly physical products.
However, NFT transactions above $10,000 will be excluded from the protection program starting March 21, according to the company’s latest policy update. The revised policy states:
“Art, media, antiques, or collectibles, in physical or digital form, as represented by a Non-Fungible Token (NFT), with a transaction amount of more than $10,000 USD or equivalent value in local currency as calculated at the time of the transaction.”
While PayPal has not stated the reason behind the move, it is likely looking to protect its users from illicit transactions and fraud. On February 14, UK’s tax watchdog Her Majesty’s Revenue and Customs (HMRC) seized three NFTs linked to a £1.4 million suspected value-added tax (VAT) fraud case.
The post NFT transactions above $10K not covered under PayPal’s seller protection program appeared first on Our Bitcoin News.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow