PayPal to Levy Fines for Gambling, Porn
13 Sep 2004
"The new policy, which takes effect Sept. 24 and applies to both buyers and sellers, marks the first time PayPal has imposed fines for violations of its use policy, spokeswoman Amanda Pires said.
"In addition to fines that could be applied to each violation, PayPal may take legal action to recover losses in excess of the fines, Pires said in an interview.
"PayPal processes transactions on the Net and at one time had received almost 10 percent of its revenue from online gambling. But it halted the practice under regulatory pressure after its acquisition by eBay in 2002 and now prohibits the processing of gambling and adult transactions. Now it has decided to enforce that policy with fines..."