$2,500 fine for sharing false information

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Just under a week before the midterm elections in November, a new PayPal account update will come into effect, which has caused an outcry on the internet – and also prompted condemnation from the former president of PayPal, David Marcus.

What is happening: PayPal is updating its Acceptable Use Policy, with the update taking effect November 3. You might think to yourself, well, I’m not using my account with the financial services company for anything improper or illegal, so what should I be worried about? Here’s why that’s not necessarily true:

PayPal says it’s expanding its existing list of prohibited activities to include “sending, posting, or posting messages, content, or materials that meet certain criteria.” All the details are explained here, but PayPal is basically ready to start imposing a fine when users are found to have shared “misinformation” or promoted content deemed “discriminatory” or encouraging “hate”.

PayPal account update

The list of prohibited activities is broader than that, but it is above all the ban on sharing “misinformation” that gives many people pause. Additionally, PayPal reserves the right to charge $2,500 from your PayPal account for each violation of this new, expanded Acceptable Use Policy.

The new PayPal rule will fine you $2,500 per meme. conspiracy

Marcus, for his part, called the new policy “madness.” A tweet from him on Saturday, October 8 read in part: “Private company can now decide to take your money if you say something they don’t agree with. venture capitalist David Sacks stepped inin response to Marcus: “Withdraw your money from PayPal now.”

As news of this PayPal change began to spread over the weekend, FCC Commissioner Brendan Carr described what’s happening here as “Orwellian.”

“PayPal reserves the right to take your money if you post a message that PayPal deems to be ‘misinformation'” he tweeted. “That’s why it’s so vital that state and federal legislatures pass laws prohibiting discrimination by tech companies and protecting free speech.”

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