PayPal in hot water over a policy that fines users for false information

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PayPal lands itself in hot water over introducing a new policy that lets PayPal deduct $2500 from a user’s account over spreading false information.

New UAP (User Acceptable Policy) will be applicable from 03 November. PayPal intended to fight fake news, false information as well as hate speech through such restrictive measures. However, the policy didn’t land very well as social media erupted as the policy was updated.

The policy was not well received by social media and many notable people including Elon Musk who is the previous co-founder of Paypal encouraged people to withdraw money from Paypal as a strong disagreement to the new policy. David Sacks also shared similar thoughts.

David Marcus who led Paypal in the past also criticized the policy with a heavy heart while Elon Musk endorsed his statement.

After strong backlash from social media and notable people, PayPal eventually backtracked from the new UAP and issued another statement. The new statement confirms that PayPal will not deduct $2500 from a user account over spreading misinformation and the previous user acceptable policy issued was an error.

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