That depends on the activity you are referring to. However, closing your account will not prevent Paypal from reversing a previous transaction, if they choose to do so.
If your transactions were good and your buyers not dishonest, you should have little to worry about. If one of your buyers used a fraudulent method of payment to purchase something from you and Paypal must reverse the payment, they would take it from your Paypal balance, then your bank, then your credit card (whichever worked first and whichever they had access to). If your account is closed, they can still attempt the reversal of a transaction that took place prior to your account being closed.
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