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PayPal and Bitcoin - Too big to prevent Money Laundering

Friday, 23rd October, 2020

The press is reporting that PayPal will start to accept Bitcoin and other Cryptocurrency as a funding source shortly.
See PayPal will now support Bitcoin trading and PayPal is the first to receive a conditional Bitlicense from the New York State Department of Financial Services.

We believe there is a reason that cyber-criminals performing ransomware attacks shutting down hospitals and businesses ask for payment in Bitcoin.
The reason is anonymity - which Bitcoin and other cryptocurrencies enforce by design and their purpose.

Bitcoin and other cryptoasset transaction histories can be traced through a transaction chain, that is certainly true.
But this ability is worthless when subsequent transactions can take place anonymously in jurisdictions which are impenetrable, before releasing the cybercurrency back into circulation - and as Bitcoin is global this cannot be avoided. So white-washing dirty money is too easy with Bitcoin and cryptoassets.

As a company, Transpact.com will only allow its escrow service to be used for purchases of cryptoassets if it can be demonstrated to us that those cryptoassets have no connection to the proceeds of crime. And to date, despite many, many enquiries, this has never successfully been achieved.

If true, it is really distressing that PayPal have apparently decided to accept Bitcoin as a funding source, as this will enable every criminal and his dog to find innovative ways to integrate their illicitly and anonymously obtained Bitcoin into the massive PayPal global infrastructure, and launder their criminal assets. The size and reach of PayPal makes this in our view inevitable.

And PayPal is an example of a firm which is too big to prosecute on these failings. Since the majority of transactions it handles through Bitcoin funding sources will be legitimate, it will be able to say that the laundering of the proceeds of crime through its acceptance of Bitcoin and other cryptoassets is a necessary price to pay.

But this is to ignore the very problem that PayPal is facilitating. At the moment it is very hard to get rid of large scale Bitcoin or other cryptoassets of size which were gained through crime.
But once PayPal accepts Bitcoin as a funding source, this problem will likely disappear, and criminals who shutdown businesses, local governments and hospitals (sometimes causing death) through ransomware and other attacks will be laughing all the way to their eventual very real bank accounts.

Our 10 Year Anniversary

Friday, 1st November, 2019

It is 10 years since the Payment Services Regulations 2009 came into effect in the UK on 1st November 2009 – thanks to the EU.

And so 10 years since we were able to commence our world-beating innovative escrow service from that date.

In the last 10 years, as Europe's leading escrow service, we have safeguarded many millions of Pounds (£'s), Euros (€'s) and Dollars ($'s) for our customers for many hundreds of thousands of transactions.

Escrow is the only method of payment which fully secures both the payer and the payee, 100%. And so escrow is the future of payment.

During those 10 years, we have overseen the secure transfer of some amazing goods and services and deposits.
Whether artworks, construction, employment services, domain names, tickets, etc., etc., our staff find working for an escrow company exciting and beyond interesting.
For confidentiality reasons, we cannot and will not provide details of many of the most interesting transactions we have handled, but take it from us they were fascinating.

One of the most interesting sides of our business is when we occasionally come into contact with crooks and fraudsters attempting to use our service to defraud. Most of the time, fraudsters avoid using escrow like the plague because the escrow process by design protects buyers and sellers from fraud and loss. But occasionally a truly stupid criminal tries to place their fraudulent transaction through genuine escrow.
We are immensely proud of our 1-star review on TrustPilot from a frustrated fraudster, who failed to con a vulnerable consumer out of $10,000.

The same feelings are not felt towards money launderers, who constantly try to find ways to place the proceeds of crime or obscurely sourced funds through our service. We set-up and operate our service around an anti-money laundering core, and it is a tiresome and repetitive chore to repeatedly turn away payment which has dubious connection. We have eliminated money laundering through our service, and we will endlessly continue to do so.

So here's to our next ten years of protecting businesses, consumers and others, here's to many more fascinating transactions, and here's to continuing as Europe's leading escrow service.

PSR - Payment Systems Regulator - and Push Payment Scams

Thursday, 1st March, 2018


Escrow companies authorised by the FCA must never be unclear or misleading

Thursday, 30th November, 2017


Transpact.com offers Best Payment API for
Online Marketplaces
Act now before PSD2 starts in Europe on 13th January 2018

Thursday, 28th June, 2017


Another Glowing Testimonial

Thursday, 18th May, 2017


Welcome to TrustMark - Government Endorsed Standards Body

Wednesday, 28th October, 2015


We've added a fee calculator

Monday, 7th June, 2015


Open Letter to BBC MoneyBox

Monday, 29th September, 2014


Transpact.com on BBC Radio 4.

Thursday, 3rd July, 2014


UPDATE 6 - Cyber Crime UK - It's so easy !

Sunday, 29th June, 2014


UPDATE 5 - Cyber Crime UK - It's so easy !

Tuesday, 24th June, 2014


UPDATE 4 - Cyber Crime UK - It's so easy !

Wednesday, 11th June, 2014



European Escrow Organisation letter to FINCEN (USA) -
A Money Launderers' and Terrorists' free-for-all if Escrow Unregulated

Tuesday, 10th June, 2014



UPDATE 3 - Cyber Crime UK - It's so easy !

Monday, 28th April, 2014



UPDATE 2 - Cyber Crime UK - It's so easy !

Friday, 25th April, 2014



UPDATE - Cyber Crime UK - It's so easy !

Sunday, 20th April, 2014



Cyber Crime UK - It's so easy !
Anatomy of a high-return cyber crime

Tuesday, 8th April, 2014



No Chargebacks !
Low Value Pricing (2.9%) Revolutionises Retailing

Thursday, 20th March, 2014



UKTI (UK Trade & Investment - a UK Government Agency) now endorses use of FCA authorised escrow services:
Article: How to clinch overseas sales (and also get paid)

Monday, 20th January, 2014



Mike Freer MP, our Local Member of Parliament, Assists

Thursday, 20th June, 2013



Transpact.com service model copied by Escrow.com.
Imitation is the sincerest form of flattery.

Friday, 5th April , 2013



Transpact.com, world's leading domain escrow service ?

Friday, 21st December, 2012



Another BBC Apology ?

Thursday, 15th November, 2012



The world leader in art markets partners with Transpact.com

Thursday, 9th February, 2012



Payment without delay across the EU

Monday, 9th January, 2012



Welcome AutoTrader - Transpact.com's latest website partner

Tuesday, 13th December, 2011



The Metropolitan Police recommend use of FSA Authorised escrow providers

Monday, 7th November, 2011



Why we raised our Prices for large payments

Tuesday, 4th October, 2011



MRI machines to Stethoscopes - MedWow.com

Friday, 9th September, 2011



FSA Registration offers little or no comfort

Monday, 8th August, 2011



More Websites use Transpact.com's API to integrate Escrow services into their websites

Monday, 11th July, 2011



Fraudster's access to Debit Card Details -
BBC gets it terribly wrong again !

Thursday, 16th June, 2011



HM Treasury replies Again

Monday, 6th June, 2011



HM Treasury replies

Wednesday, 4th May, 2011



Welcome BondPay.co.uk

Monday, 4th April, 2011



Government-linked Organisations getting it wrong ?
Bank / Credit Card Details Disclosure

Tuesday, 8th March, 2011



Response from HM Treasury ?

Friday, 4th February, 2011



An open letter to the Financial Secretary to the Treasury

Monday, 3rd January, 2011



Welcome MyArtBroker.com

Wednesday, 1st December, 2010



When should you use Transpact - Section 75 of the CCA

Friday, 22nd October, 2010



Partner Websites

Monday, 12th September, 2010



The Guardian

Friday, 23rd July, 2010



Exceptional Protection

Tuesday, 6th July, 2010



Tenancy Deposits - Is yours an Assured Shorthold Tenancy ?

Wednesday, 2nd June, 2010



Redsky Design - Web Designers Extraordinaire

Thursday, 22nd April, 2010



First Transpact blog

Monday, 19th April, 2010