I used to run a TV show torrent tracker and we processed well over $1m/year through PayPal. We had our own account exec. They didn't give a fuck for some reason. They even had their own login to the site.
They were styled as "donations" towards the running costs. In exchange people got to boost their upload/download ratio in their favor, or get a fancy star next to their name, etc.
While the bulletproof hosting we had wasn't cheap, we were still making an enormous profit.