Paypal changes
Discussion
Moving to the UK and applying to be under the FCA:
https://www.paypal.com/uk/webapps/mpp/ua/upcoming-...
'Subject to PayPal UK Ltd becoming duly authorised to conduct its regulated activities in the United Kingdom by the Financial Conduct Authority (“FCA”), PayPal (Europe) S.à r.l. et Cie, S.C.A. intends to transfer all services provided to its users in the UK (including users resident in Guernsey, Jersey, the Isle of Man and Gibraltar) to its affiliated company, PayPal UK Ltd, on 1 November 2023 or such other date as we may communicate to you (the “Transfer Date”) by posting a notice having immediate effect on this Policy Updates page.
With effect from the Transfer Date, PayPal UK Ltd will assume all the rights and obligations of PayPal (Europe) S.à r.l. et Cie, S.C.A. in relation to our UK users including those under the PayPal User agreement.
PayPal UK Ltd is in the process of applying to be authorised by the FCA as an electronic money institution under the Electronic Money Regulations 2011 for the issuance of electronic money. PayPal UK Ltd is also applying to be authorised and regulated by the FCA in relation to its regulated consumer credit activities under the Financial Services and Markets Act 2000. It should be noted that some of PayPal’s products in the United Kingdom, including PayPal Pay in 3, PayPal Working Capital and Cryptocurrency services, are not regulated by the FCA.'
Is this a result of Brexit or some other motive?
https://www.paypal.com/uk/webapps/mpp/ua/upcoming-...
'Subject to PayPal UK Ltd becoming duly authorised to conduct its regulated activities in the United Kingdom by the Financial Conduct Authority (“FCA”), PayPal (Europe) S.à r.l. et Cie, S.C.A. intends to transfer all services provided to its users in the UK (including users resident in Guernsey, Jersey, the Isle of Man and Gibraltar) to its affiliated company, PayPal UK Ltd, on 1 November 2023 or such other date as we may communicate to you (the “Transfer Date”) by posting a notice having immediate effect on this Policy Updates page.
With effect from the Transfer Date, PayPal UK Ltd will assume all the rights and obligations of PayPal (Europe) S.à r.l. et Cie, S.C.A. in relation to our UK users including those under the PayPal User agreement.
PayPal UK Ltd is in the process of applying to be authorised by the FCA as an electronic money institution under the Electronic Money Regulations 2011 for the issuance of electronic money. PayPal UK Ltd is also applying to be authorised and regulated by the FCA in relation to its regulated consumer credit activities under the Financial Services and Markets Act 2000. It should be noted that some of PayPal’s products in the United Kingdom, including PayPal Pay in 3, PayPal Working Capital and Cryptocurrency services, are not regulated by the FCA.'
Is this a result of Brexit or some other motive?
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