| Head of Security  Join Date: May 2005 Location: The Cradle of Liberty Gender:  Posts: 11,854 Country:  Points: 54,633, Level: 100 | Level up: 0%, 0 Points needed |  |  PayPal Receives Banking License PayPal receives banking licence - Wikinews
The online payment service PayPal has received a banking licence in Luxembourg, promoting it to the status of a bank. As a consequence PayPal will move their headquarters to Luxembourg.
Since 2004 PayPal had the status of an Electronic Money Issuer supervised by the U.K. Financial Services Authority. Having an official bank status opens new prospects for the company: "This will allow us to actively scout retailers in different European countries. With our British licence, we could only do that in the U.K. itself, and in other countries we could only react to requests of the retailers themselves," Christopher Coonen, General Manager of PayPal Southern Europe and Benelux, explained. Fight the good fight, and die with the enemy's heart in your hand. http://www.armysailor.com http://www.tadpolenet.com/techblog
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