Company preferred to keep confidential information which it felt was competitively sensitive
After PicPay and Pagseguro, PayPal submitted last Wednesday (30) a reply to the questionnaire of the Administrative Council for Economic Defense (Cade) in the enquiry aimed at investigating anti-competitive conduct by banks against cryptomaniac companies.
The information given by the payment company is confidential. According to the document attached to the administrative enquiry on Thursday morning (01), Paypal asked that access to the information highlighted in grey be restricted to Cade.
The only response that was made public was that „PayPal has no additional information that it considers relevant to the investigation“.
The company stated that it „remains at the disposal of that d. Superintendency General to provide any further clarification that may be necessary“.
As to whether the company has already identified illicit transactions carried out by Bitcoin Future or to report on „the security and tracking standards observed by your company in relation to transactions carried out by crypto brokers,“ nothing has been made public.
PayPal said that „this is competitively sensitive information“ and asked that these answers be left only between the company and the body that regulates competition in the market.
Other answers to Cade
In addition to PayPal, Cade had also offered PicPay, GetNet, PagSeguro, Stone Pagamentos and Mercado Pago. The way PayPal respond to Cade was similar to that of PagSeguro, which last Monday (28) had also requested secrecy of their information provided.
The conduct of PicPay, however, was different. The first payment company that submitted a response to Cade’s administrative enquiry, publicly exposed that „so far we have not identified illicit operations carried out by a broker of cryptoactives“.
PicPay, however, said that despite this it had already detected „a financial pyramid that had as a front the operation of cryptomorphs, which was duly reported to Coaf. Unlike PayPal and PagSeguro, PicPay has also revealed its security measures to prevent money laundering and terrorist financing.
So far only three payment companies have answered Cade’s questionnaire. The agency is still waiting for answers from GetNet, Stone Pagamentos and Mercado Pago.