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PayPal is set to modify its protection policies for nft transactions, marking a surprising change from its previous support for the tokens.
According to its terms and conditions page, the payments giant is changing the parameters of its Seller Protection Program to exclude non-fungible tokens (nfts) with a transaction amount of $10,000 or more starting May 20.
He x=en_US&v=1&utm_source=unp&utm_medium=email&utm_campaign=RT002546&utm_unptid=c09814e8-fbef-11ee-b99a-3cecef476576&ppid=RT002546&cnac=US&rsta=en_US%28en-US%29&cust=&unptid=c09814e8-fbef-11ee-b99a-3cecef476576&calc=62d42c0952025&unp_tpcid=online-user-agreement-change-email&page=main%3Aemail%3ART002546&pgrp=main%3Aemail&e=cl&mchn=em&s=ci&mail=sys&appVersion=1.246.0&tenant_name=PayPal&xt=145585%2C104038%2C124817&link_ref=ua_upcoming-policies-full” data-type=”link” data-id=”https://www.paypal.com/us/legalhub/upcoming-policies-full?locale.x=en_US&v=1&utm_source=unp&utm_medium=email&utm_campaign=RT002546&utm_unptid=c09814e8-fbef-11ee-b99a-3cecef476576&ppid=RT002546&cnac=US&rsta=en_US%28en-US%29&cust=&unptid=c09814e8-fbef-11ee-b99a-3cecef476576&calc=62d42c0952025&unp_tpcid=online-user-agreement-change-email&page=main%3Aemail%3ART002546&pgrp=main%3Aemail&e=cl&mchn=em&s=ci&mail=sys&appVersion=1.246.0&tenant_name=PayPal&xt=145585%2C104038%2C124817&link_ref=ua_upcoming-policies-full” target=”_blank” rel=””>updated terms It emerged on March 21 and revealed that PayPal will no longer cover nft purchases under its buyer protection policy. Additionally, nft sales exceeding $10,000 will not be protected against false claims, chargebacks, or other scams that could harm sellers financially.
The development follows a previous limitation of support for nft sellers by PayPal, despite previously offering refunds for falsely advertised items and refunds for sellers affected by payment disputes and fraudulent refund requests.
PayPal's growing commitment to blockchain technology and digital assets has been evident, especially with the launch of cryptocurrency support on its platform in 2022 and a patent application for an nft purchase and transfer system that promises royalties to users. . However, these policy reviews suggest a cautious approach to the burgeoning nft market.
In November, PayPal revealed that it had received a subpoena from the US SEC regarding its US dollar-pegged stablecoin, PYUSD. Detailed in PayPal's 10-Q filing, the subpoena requested the production of documents and PayPal stated that it had cooperated with the SEC investigation.
