PayPal has stopped offering Epik’s domain registration services, claiming it was because of the risk of money laundering through Masterbuck’s “alternative currency”, according to an article on Mashable.
However, Robert Davis, senior vice president of strategy and communications at Epik, suggested in a series of open letters that the move was motivated by the cancellation of the Conservative vote.
Epik in particular offers services for the Gab and Proud Boys domains, as well as other right-wing extremist websites. According to reports from Iran, the Proud Boys domain recently allowed itself to send threatening e-mails to democratic voters.
The Masterbucks coin is offered by Epik as a solution to “the traditional lack of liquidity”, which it claims is “one of the biggest structural problems affecting industry today.”
Masterbucks can be used for transactions on the Epik network or converted to USD. An archived copy of the Masterbucks Epik website also promotes tax relief for the currency, even if that page is removed.
A named source for Mashable claimed that Epik did not comply with the legal requirements for handling such a coin and encouraged tax evasion. PayPal reportedly informed Epik about the problems over a month ago and tried to find a solution before they finally closed the account.
As reported by Cointelegraph, PayPal last week announced its intention to enter the cryptocurrency market by giving users the ability to make payments in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) in 2021.