Paypal is specifically noted to be affected by government regulation, but from the perspective of oversight, not an inability to keep up with compliance like QIWI. The filings highlight both eBay and Paypal's commitment to excellence and here is their view on fraud: "Failure to deal effectively with fraud, fictitious transactions, bad transactions, and negative customer experiences would increase our loss rate and harm our business, and could severely diminish consumer confidence in and use of our services" - as can be seen, Paypal takes fraud seriously and its risks are much more stringent than QIWI's aforementioned inability to prevent manipulation or deal with fraud/compliance. Please take a review of risks noted by eBay here.