Paypal’s New Policy Allows Company to Fine Users $2,500 for Spreading “Misinformation,” Terms of Service Condemned and Called “Abomination” – Bitcoin News

A new Paypal user policy that allows the company to fine users $2,500 for spreading “misinformation” has caused a stir on social media platforms. After November 3, anyone posting or posting information or content to “promote misinformation” will be subject to the penalty.

Paypal’s new user agreement clause says you can get $2,500 in funds from users who spread ‘misinformation’

Reportedly, the payment services corporation Paypal plans to update its user agreement with a new clause added that fights against so-called “misinformation”. A new update added to the restricted activity section of Paypal’s user agreement shows that people who post hate speech or misinformation “may expose you to damages, including liquidated damages of US$2,500.00 per violation, which may be debited directly from you.” your Paypal account.” The Daily Wire first discovered the upcoming terms of service (ToS) agreement.

Prohibited acts include “sending, posting, or publishing any message, content, or material” that “promotes disinformation,” the payment company warns. Of course, the news was not very well received by the general public, with a significant number of social media posts criticizing Paypal’s decision to implement the new user agreement. Canadian lawyer David Anber wrote: “[Hey Paypal] You have 30 days to explicitly waive this abomination of a policy or I will permanently close my account just like millions of others I am sure. Your subjective views of ‘misinformation’ or ‘discrimination’ do not entitle you to your customers’ money.”

Also, the Paypal news caught the attention of Tesla executive Elon Musk. When one individual wrote that the new ToS news was “troubling” and “this is why we need Platform X more than ever,” Musk answered “100%”. Bitcoin supporters, of course, turned to their Twitter handles and exclaimed that “bitcoin fixes this”. A large number of people in social networks. begged others to “close their Paypal accounts” and “boycott” the payment services company.

“Paypal’s new policy allows it to withdraw $2,500 from user accounts for promoting ‘misinformation’, the Biden administration made it easier for the government to spy on Americans, the FBI is acting like the KGB”, Pedro González wrote on Saturday. “Venmo is owned by Paypal, which is owned by Ebay. Get away from the 3 ASAP,” another person tweeted. Several people asked how Paypal decides what information is or isn’t “disinformation,” and many people said that the current times are similar to a communist regime. A person wrote:

And who decides what “disinformation” is? Why, Paypal, of course. I am sure they will be fair. Twitter will restrict your account if they don’t like what you post. PayPal has authorized [itself] to assess monetary fines for misconduct. Welcome to the Soviet Union.

Paypal’s long history of withholding funds and censoring financial transactions

Paypal has long been accused of censorship and choosing sides based on the company’s own subjective assessments and, of course, state mandates. In late July last year, PayPal revealed that it had partnered with the nonprofit Anti-Defamation League (ADL) and said it planned to study financial transactions that financed extremism and anti-government groups.

In 2010, Paypal and other financial giants blocked Wikileaks from receiving donations, prompting Julian Assange and the nonprofit to use bitcoin. In 2019, Paypal cut ties with sex workers taking advantage of the adult web portal Pornhub, and in that time, 100,000 adult performers were stranded. In 2020, PayPal merchants selling products associated with the eight-legged micro-animals called tardigrades or “moss piglets” ran into trouble with the payment processor because a Balkan arms dealer used the name tardigrade.

According to Eric July, owner of Rippaverse comics, two months ago Paypal gave him significant problems when he sold Rippaverse comics using Paypal and credit cards. At the time, PayPal withheld $1.2 million, and on October 6, July said that after making an erroneous mistake of returning only half of the funds to him, “the other half was released” and “there was no official statement.” Paypal as to why.” After much hassle, July recovered “all funds initially withheld” and further emphasized that his company would “never use Paypal again.”

The Rippaverse comics owner added:

It’s a shit company and I recommend that small business owners especially avoid using them.

Tags in this story

$2500 fine, Anti-Defamation League (ADL), Balkan arms dealer, censorship, communist regimes, Daily Wire, Elon Musk, Elon Musk’s response, Eric July, free speech, hate speech, Julian Assange, disinformation, Paypal, Paypal company, Paypal policy, PayPal User Policy, Pedro González, Porn Center, Rippaverse Comics, Soviet Union, Tardigrades, user policy, Wikileaks

What do you think about the controversy surrounding Paypal’s upcoming ToS agreement that says it can fine accounts for spreading misinformation? Let us know what you think about this topic in the comments section below.

jamie redman

Jamie Redman is the news lead at News and a fintech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for News about the disruptive protocols emerging today.

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