Paypal is fraudulently claiming you can buy cryptocurrency, when you in fact, can not. I can't even believe the level of fraud a company as large as paypal is engaging in here. When you "buy crypto" on paypal, you are actually NOT buying any actual cryptocurrency at all! What you are ACTUALLY buying, is essentially a stock/security which is tied to the price of crypto, that paypal fabricated out of thin air. Its a fabricated stock/security, completely made up by paypal, that bypasses ALL stock regulations and the stock market.
So to give an example. If you go and buy $20 of bitcoin on paypal (which paypal charge you fee for, wow), you DO NOT get $20 worth of bitcoin. What they do, is take your $20, and put it in a separate paypal account (which they write "CrYpTo" above it to make you believe its real), and then they tie the value of that account, to the price of the "crypto you totally purchased". You are unable to BUY anything using the cryptocurrency. Cryptocurrency is a CURRENCY. If it is unable to be traded for products, services or given as a gift to someone else, it is NOT A CURRENCY, and thus NOT cryptocurrency! You don't have a crypto wallet. You cant spend or trade any crypto. You can not accept crypto from someone else. You do NOT have crypto! You are like, buying a "promise of cryptocurrency", not actually buying real cryptocurrency. Paypal is just saying "just trust us, you TOTALLY have crypto", despite having absolutely NO access to any of it at any time! All you can do, is transfer your money, into the separate fake account, and transfer it back. Each time you do, paypal takes some of it. Its is fraud and a scam.
No where does paypal say, the crypto you are buying, is not real. No where do they say you are buying a type of made up stock, rather than a currency which can be spent. In fact they literally say "Buy, sell and trade with crypto through paypal". Except you can do none of those things. On that ground alone, its false advertisement. However, the bigger issue is the fact they are selling FAKE crypto! This has multiple FTC violations written ALL over it.
