New Paypal Policy Lets Firm Fine Users $2,500 for Spreading ‘Misinformation,’ ToS Condemned and Called an ‘Abomination’ – Bitcoin News

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

Paypal’s New User Agreement Clause Says It Can Pull $2,500 in Funds From Users That Spread ‘Misinformation’

The payments services corporation Paypal reportedly 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 or publish hate speech or misinformation “may subject you to damages, including liquidated damages of $2,500.00 U.S. dollars per violation, which may be debited directly from your Paypal account.” The Daily Wire first discovered the upcoming terms of service (ToS) agreement.

The prohibited acts include “the sending, posting, or publication of any messages, content, or materials” that “promote misinformation,” the payments company warns. Of course, the news wasn’t taken too kindly by the general public, and a significant number of social media posts critized Paypal’s decision to implement the new user agreement. David Anber, a Canadian lawyer wrote: “[Hey Paypal]You have thirty days to either explicitly repudiate this policy, or my account will be permanently closed along with millions of other accounts I’m sure. Your subjective views on ‘misinformation’ or ‘discrimination’ don’t entitle you to your clients’ money.”

Elon Musk, the Tesla executive, was also interested in the Paypal news. When an individual wrote that the new ToS news was “worrying” and “that’s why we need the X platform more than ever,” Musk responded “100%.” Bitcoin supporters, of course, took to their Twitter handles and exclaimed that “bitcoin fixes this.” A great number of people on social media begged others to “close their Paypal accounts” and “boycott” the payment services company.

“Paypal’s new policy lets it pull $2,500 from user accounts for promoting ‘misinformation,’ the Biden administration made easier for the government to spy on Americans, the FBI is acting like the KGB,” Pedro Gonzalez wroteSaturday. “Venmo is owned by Paypal which is owned by Ebay. Pull away from all 3 ASAP,” another person tweeted. A number of individuals asked how Paypal decides what information is “misinformation” or not, and people many said current times are akin to a communist regime. One person wrote:

And who decides what “misinformation” is? You’d be surprised at Paypal. Their fairness is assured. Twitter will restrict your account if they don’t like what you post. Paypal is authorized [itself]You can assess fines monetary for bad behaviour. You are welcome to the Soviet Union.

Paypal’s Long History of Holding Back Funds and Censoring Financial Transactions

Paypal has been accused of censorship for a long time now and picking and choosing sides based on the firm’s own subjective valuations and of course, state orders. Paypal disclosed that it had partnered with Anti-Defamation League, a non-profit organization. It also stated it intended to examine financial transactions that fund extremism and other anti-government organizations at the end July 2013.

Wikileaks received no donations from Paypal or other financial companies in 2010. This led to Julian Assange’s move towards Bitcoin and the blocking of Wikileaks by other financial corporations. Paypal ended all links to adult web portal Pornhub sex workers in 2019. This meant that 100,000 adult performers were freed from their responsibilities. In 2020, Paypal merchants who sold products associated with the eight-legged micro-animals called tardigrades or “moss piglets” had issues with the payment processor because the name tardigrade was used by a Balkan arms dealer.

Eric July, the owner of Rippaverse Comics claims that Paypal granted him two months back his Rippaverse comics. significant issuesWhen he sold Rippaverse Comics, he used credit and Paypal. At the time, $1.2 million was put on hold by Paypal and on October 6, July said that after making an erroneous error of only paying him back half of the funds, “the other half was released,” and “there was no official statement from Paypal as to why.” After a huge hassle, July got back “all of the initially held funds” and he further stressed that his firm would “never be using Paypal again.”

Rippaverse Comics Owner added:

It’s a piece of sh*t company and I recommend that small business owners especially avoid using them.

In this story, tags
$2500 Fine, Anti-Defamation League, Balkan arms dealer. Censorship. Communist Regimes. Daily Wire. Elon Musk. Elon Musk reply. Eric July. Free Speech. Julian Assange. Julian Assange. Julian Assange. Julian Assange. Pedro Gonzalez. Pedro Gonzalez. Porn Hub, 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? Comment below and let us know how you feel about the subject.

Jamie Redman

Jamie Redman, the News Lead for News, is a Florida financial technology journalist. Redman joined the cryptocurrency community in 2011 and has been an active participant ever since. Since 2011, Redman has been an active member of the cryptocurrency community. Redman has contributed more than 6000 articles to News since September 2015. These articles are about disruptive protocols that are emerging.

Credits for the image: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Tero Vesalainen /

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