Trust me, you will not be allowed to close your account if limitation has been out on it already, the only only you've got not is to follow it through to the end. Of course, you also have the option of abandoning the account too but that's if you are willing to do so. I will however suggest to do the best you can to come clean and let PayPal know that you have no fraud intention or any ulterior motive in mind as regards your account with them, and the only way I believe you can do that is by appealing your case with them. Try and be in touch on phone and explain yourself, be as forthcoming with your answers to all the questions you are asked as possible. I believe they should review your case and probably reactivate your account if they found out that you have no ulterior motives with your account.
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