PayPal is the world’s largest online payment processor, and as such, exclusion from their platform is a major blow for any online business.

The most detailed answer I have found by PayPal about banned businesses comes in their Acceptable Use Policy, last updated in July of 2015.

PayPal’s policy, broadly speaking, prohibits two sorts of transactions:

Transactions related to dangerous, illegal or violent activities or items, such as:
Stolen Goods
Hate speech or Racial Intolerance
Copyright Infringement
Sexually-oriented materials or services
Certain weapons or knives

Transactions related to scams or high-risk finances, such as:
Pyramid schemes
“Get rich quick” schemes
Multi-level marketing programs
Off-shore banking
Currency exchanges or check cashing businesses
Anything for the purpose of bribery or corruption

PayPal also includes a list of businesses which require approval, such as:
Charitable donations
Stock and bonds
Alcoholic beverages
E-cigarettes or non-cigarette tobacco products
Prescription drugs or devices

For a full list of businesses which are banned or require approval, consult PayPal’s Acceptable Use Policy.
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