posted on May 15, 2007 03:58:51 AM new
PayPal announced they are to become a bank headquartered in Luxembourg known as PayPal Europe Sàrl & Cie, SCA (PayPal Luxembourg). All European PayPal accounts will be transferred to the new Bank on 2nd July.
The change also means that they’ll no longer be regulated by the FSA but will be regulated as a bank by the Commission de Surveillance du Secteur Financier (CSSF), the Luxembourg equivalent of the FSA.
