Paypal & Coinbase withdrawal - ON HOLD

[s11ckd]

Well well well… Looks like Paypal are holding large payments coming in from Coinbase.
Has anyone else experienced this?

I sold some Bitcoin and withdrew £5000 from Coinbase to my Paypal account and they have put a hold on it until the 10th of July. I have taken small amounts from Coinbase before and the only delay I had was from Paypal to my bank account (48 hours).

They have never “held” the payment before.

I spoke to their customer service and they were no help at all and asked me to send them docs proving the source of the funds.

I am a day trader so what information do you think I should provide to them?

Thanks in advance.

[phaz0rz]

I'm assuming Paypal is worried about the funds being charge-backed by Coinbase since it's such a large amount.

The only way I know of for you to prove the source of funds would be to show
- the transaction where you originally bought the crypto
- any conversions you've done to that crypto
- the transaction where you requested that coinbase transfer the funds to Paypal.

Personally I would just wait it out and try not to stir this up any. It could end badly for you if Paypal realizes this is something you have a regular habit of doing.

[s11ckd]

Thanks for that!

I thought Coinbase jumped through a lot of hoops to get a UK banking license and it was pretty big news when they added the paypal withdrawal option.

I think it will be best to wait it out, I used to sell on ebay a long time ago and I know what Paypal can be like.

I've been hit with the 180 day hold, really don't want that to happen this time.