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PayPal has canceled its services at the Epik domain registrar, presumably due to the risk of money laundering through its “alternative currency” Masterbucks, according to a Mashable article.
However, in a series of open letters, Robert Davis, Senior Vice President of Strategy and Communications at Epik, He suggested that the reason behind the measure is to remove the platform from conservative voices.
Epik provides domain services to Gab and Proud Boys, among other far-right websites. The Proud Boys domain was recently forged to send threatening emails to Democratic voters, presumably from Iran.
Masterbucks coin is presented as Epik’s solution to the “conventional lack of liquidity”, which according to him is “one of the major structural challenges affecting the domain sector today”.
Masterbucks can be used for transactions within the Epik network or converted into US dollars. An archived version of Epik’s Masterbucks website also promotes the coin’s tax benefits, though it has since been removed.
An anonymous source quoted by Mashable said Epik had failed to comply with the legal requirements to run said coin and was encouraging tax evasion.. PayPal reportedly notified Epik of the issues over a month ago and tried to find a solution before permanently deleting the account.
As reported by Cointelegraph, last week PayPal announced its intention to enter the cryptocurrency market, offering users the ability to make payments in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) in 2021.
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