Crypto Sale Funds Hold

[ariesboy33305]

Why is crypto sale funds being held again for three days? It was my understanding that the hold was more for your first crypto sale, but NOT for every other transaction!  My last sale of ETH was for a larger amount, and that went immediately to my PayPal balance. I made this transaction logged into my personal Paypal account and it verified me using both facial ID and password. I am now losing money on a reinvestment opportunity due to hold and I was planning on doing this transaction on PayPal as well.  It's only $1,500 and not some five or six-figure transaction which would be more understandable.   This is no different than ransomware and feels more like short-term theft by PayPal....hope the mainstream media doesn't get ahold of this.   Is there a way of knowing BEFORE I do a sale if the funds are going to be held from me or not??  And I have read the 'Cryptocurrency on PayPal FAQ' which was not helpful.  And my app seems to think that this was an eBay transaction and I need to update my shipping address to get my money???!  I bought and sold crypto on CashApp and funds were always available instantly because I was verified by the app.  That's the point of verification....so we don't get our funds held from us.  It appears that PayPal is 'floating' our money for short-term investments of their own.  I would much rather pay fee for the transaction in exchange for not having the funds withheld from me and causing me to potentially lose hundreds in a missed re-investment opportunity.  So far, not a good experience on Paypal Crypto compared to other exchanges.   Also, it appears that resolution center is not accepting new tickets....keeps saying there is something wrong on their end.   Yeah, right!   Thank you for you prompt attention to this issue.

[paujones]

Just wish I had looked into this after my first Crypto sale payout was held for 7 days.   Our of 6 buys - nothing was every help when they pulled the money from my bank.  When I sold, 4 times, I only had 1 that was not held.  All the other sale transactions were held from 3 to 7 days.  I filed disputes each time and appealed them with zero recourse.  Im moving to Coinbase.  

[asdkljsklaj]

PayPal is being deceptive on their website about how long it will take to get your money when you sell cryptocurrency:

"How long does it take to receive money from selling Cryptocurrency?
Usually, the money you receive from selling Crypto will be available instantly in your PayPal Cash or PayPal Cash Plus balance. As with all PayPal transactions, Crypto sales are subject to review and could be delayed or stopped if there's an issue."

Source: https://www.paypal.com/us/smarthelp/article/FAQ4398

Paypal wrote to me about the delay in receiving the proceeds from the sale of cryptocurrency:

"In an effort to reduce payment friction with cryptocurrency, holds may be placed on transactions related to the buyer sending payments to our cryptocurrency vendor.  In other words, it is necessary for us to hold funds from the cryptocurrency seller while we wait for the buyer funds to clear."

Please let me know if and when a class action lawsuit is formed! 

[ELDAVIS]

I'm willing to take part in any class action suit filed against PayPal. I live in Massachusetts and have contacted the Massachusetts Attorney General's office about this matter.

[christena1223]

I'm from RI. I think Elizabeth Warren would hear about this hold.

[ELDAVIS]

I am actually a follower of hers. Good idea. Even though I don't like the government getting involved with cryptocurrency I will reach out to her. This policy of PayPalsy must stop.

[ajb323]

I'm glad I found this thread. Just sold my BTC and ETH and will be moving to voyager. The fees on Paypal are ridiculous and now that I know they hold funds, I will not be buying through them again. This is ridiculous. 

[christena1223]

Voyager is much better

[Nudata]

My PayPal crypto experience in a nutshell.  Bought $2000 of BTC and ETH for $2030 each and waited 24 hours (during the correction) for it recover the PayPal fee.  I have no reason to use this PayPal service again until a few things improve that being offering sell limits and crypto addressees.

After experiencing 7 and 10 day holds trying out Coinbase and Gemini and my own bank with wires, I thought I would try PayPal.  I had already experienced wanting to pull out of other exchanges due to coins not offered, then not being able to move assets into the next exchange due to holds on original deposits.   I tried to find details about holds with PayPal prior to my purchase but didn't find them.  I was hoping for no holds but 3 days is actually better than Coinbase or Gemini. 

I hope to see Paypal add sell limits so people can sell at preset limits (recovering the PayPal fee) then hold sold crypto in an address book where it can be transferred at cheaper fees.  Everyone is tired of seeing hundreds of dollars eaten up in transaction fees on the crypto exchanges.  PayPal should do what they do best...make changing (any) currency easy and cheaper than the competition.  Give us sell limits and crypto addresses please.

[flowerbot2099]

Not my first time selling crypto, but having 200$ suddenly on hold when I need that money tomorrow added to my linked card to pay for transportation... it's frustrating.

[m_stone0803]

Same. My first sale went straight to my PayPal balance and my second sale is still on hold. After those funds are released I’m going to sale all of the crypto I have with PayPal and move it over to a platform that allows me to trade and offers more options. PayPal was a good first dip in the crypto waters, but it’s time to get into a playground that has a merry-go-round.