PayPal has included its cryptocurrency liabilities in the latest annual report, citing”unique risks associated with cryptocurrencies.”
“Due to the unique risks associated with cryptocurrencies, including technological, legal, and regulatory risks, we recognize a crypto asset safeguarding liability to reflect our obligation to safeguard the crypto assets held for the benefit of our customers,” PayPal wrote in the recent filing.PayPal stores customers’ cryptocurrencies through a third-party custodian, the company noted in the filing.
“We cannot be certain that these contractual obligations, even if duly observed by the custodian, will be effective in preventing such assets from being treated as part of the custodian’s estate under bankruptcy or other insolvency law.”
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