BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Business

New PayPal’s User Fining Policy Recalled After Company Retracts “$2500 fine for Misinformation” Statement

BlockNews Team by BlockNews Team
October 12, 2022
in Business, Crypto, Media
Reading Time: 5 mins read
A A
Paypal-Logo
1
SHARES
13
VIEWS
Share on TwitterShare on Reddit

In this era of social media, when everyone’s watching to point out even the slightest mistake, big companies and corporations have been cautious not to make any slip-ups. 

You might also like

Around The Block – MAR 24 Week in News

Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption

UK to Mandate Declaration of Crypto Holdings in Tax Forms

Some fail, though. 

In the case of PayPal’s new policy, users would be fined “$2,500 for misinformation.” The approach, which was quickly taken down, resulted in an uproar and severe backlash on social media platforms, especially Twitter. 

PayPal

PayPal, Paypal Holdings, Inc. is an American finance company operating an online payments system. The company supports online money transfers and payment as an electronic alternative to the paper method of using checks for withdrawals and deposits. 

The PayPal service is used by merchants, vendors, companies, and individuals needing various financial services. It is compatible with twenty-five global currencies and available in more than 200 countries and regions. 

While PayPal’s international transfer charge is up to 5% if the individual uses PayPal credit, a linked bank account, or a credit or debit card, it is touted as one of the best options for online transactional activities.  

“Was touted,” it seems, as complaints about the company’s biased actions come to light. 

PayPal’s Acceptable Use Policy

According to the policy, users would be fined up to $2,500 for misinformation. And the fined funds would be withdrawn from their PayPal account.

While the policy agreement was quickly taken down, leaving users to wonder if it was included, some Twitter users promptly commented that they had seen the policy before it was retracted. 

One Twitter user posted a screenshot where the error in question was stated, with the indicated date suggesting that the policy was intended to go into effect on Nov 3. 

“Violation of this Acceptable Use Policy constitutes a violation of the PayPal User Agreement and 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 accounts) as outlined in the User Agreement,” the screenshot read. 

As expected, netizens weren’t too happy with the news, with many voicing their complaints to the company through emails and others promptly closing their accounts without waiting for an explanation. 

“BoycottPayPal” and “Delete PayPal” were trending topics on Twitter over the weekend, and mixed opinions accompanied Tweets from popular users who either supported the motion or opposed it. 

Among the voices expressing their complaints, the former president of PayPal and LightSpark CEO was quick to express his displeasure. 

“It’s hard to openly criticize a company I used to love and gave so much to. But PayPal’s new AUP goes against everything I believe in. A private company now gets to decide to take your money if you say something they disagree with,” he stated in a tweet. 

PayPal says the notice was “sent in error.” 

From PayPal’s end, a spokesperson told Axios on Sunday that “An AUP notice recently went out in error that included incorrect information.”

They explained that PayPal would not be fining users for misinformation, and the language wasn’t intended to be included in the use policy.

Among the prohibited activities in the new Acceptable Use Policy included “the ending, posting, or publication of messages, content, or materials that meet certain criteria.”

This Isn’t the First Time PayPal 

The recent backlash on PayPal brought to light other issues the finance technology company has had with other groups, including the “Gays Against Groomers-” a movement opposing the sexualization of children. 

The organization was banned from PayPal and Venmo. 

We’ve never gotten a violation before. They said that we violated their user agreements, which, we’re not sure what in the deal we broke,” Jaimee Mitchell- the founder- stated. They expressed displeasure over the online payment company banning them, not other shoddy organizations. 

A Twitter user commented on another issue between PayPal and Colin Wright- the editor of Reality’s Last Stand, where the company de-platformed Wright despite the absence of policy violations. 

The user chalked it up to “private-sector social credit,” explaining that the decision was purely “political.” 

PayPal Stocks Decline 

It seems that the multinational finance company has been at the center of a significant decline in stock prices since the beginning of the year.

PayPal’s stock price has fallen by 52.2% since January, and its market value decreased by nearly $114 billion to $104.3 billion in the same period. 

Tags: cryptoMediaPaypal
TweetShareShare

Recommended For You

Around The Block – MAR 24 Week in News

by BlockNews Team
March 24, 2023
0
Around the Block

Introduction In this recap of the crypto world, we will explore the events and news that had the most significant impact in the past week of March 20th....

Read more

Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption

by BlockNews Team
March 24, 2023
0
quicknode

QuickNode is leading the charge as Web3 is poised to revolutionize the world, but it needs its "WordPress moment" to accelerate positive disruption. Blockchain technology can upend manual-intensive...

Read more

UK to Mandate Declaration of Crypto Holdings in Tax Forms

by BlockNews Team
March 24, 2023
0
parliment

The government hopes to close regulatory gaps and stop illegal operations by enacting rules that address various parts of the industry. The requirement to disclose cryptocurrency holdings in...

Read more

The Fed Increases Interest Rates By 25 Basis Points- Impact On Crypto Prices

by BlockNews Team
March 24, 2023
0
The Fed Increases Interest Rates By 25 Basis Points- Impact On Crypto Prices

Crypto prices display rapid fluctuations as the U.S. Federal Reserve hikes interest rates by 0.25%. Investors remain upbeat about the medium-term outlook of Bitcoin and the wider crypto...

Read more

Telegram Enables USDT Stablecoin Payments on the Tron Network

by BlockNews Team
March 24, 2023
0
Telegram

Telegram integrates USDT-TRON (TRC20) into its platform, allowing users to send the stablecoin to their contacts seamlessly and without transaction fees. Telegram's venture into cryptocurrencies began with the...

Read more
Next Post
Bitbase

Spanish Crypto ATM Company Bitbase Eyes European and Latam Expansion

Related News

Meta-Logo-with-People

Meta to Cut 11,000 Employees And Extend Its Hiring Freeze Through Q1 of 2023

November 9, 2022
chainlink

Chainlink Announces the Launch of New Powerful Developers Platform

March 3, 2023
Mango-Markets-Logo

Solana: Mango Markets Exploited For $100M

October 12, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Around The Block – MAR 24 Week in News March 24, 2023
  • Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption March 24, 2023
  • UK to Mandate Declaration of Crypto Holdings in Tax Forms March 24, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?