No. Paypal is not a bank and is not bound by the regulations of such. There is no one to go to.
http://news.cnet.com/2100-1017-858264.html is an admittedly old story on the matter, but this hasn't changed that I know of. All I can do is not use them.
But I'll leave it at that so as not to derail the thread. Unfortunately, it seems as if entering the freebie code doesn't stop the demand for a credit card number that I am not willing to provide.