A week before the midterm elections in November, a new PayPal account update will take effect that has sent the internet into an uproar. This has also drawn criticism from PayPal’s former president, David Marcus.
What’s happening: PayPal is updating its acceptable use policy, with the update taking effect on November 3. You might say to yourself, “Well, I don’t use my account with the financial services company for anything wrong or illegal, so what do I have to worry about?” Here’s why that might not necessarily be true:
PayPal stated it would start levying a fine when customers are found to have shared “misinformation” or promoted content that is deemed to be “discriminatory” or promoting “hate.”
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There is a broad list of prohibited actions, but the prohibition on sharing “misinformation” is giving many people pause. In addition, PayPal reserves the right to debit $2,500 from your PayPal account for each violation of this new, expanded acceptable use policy.
New PayPal rule will positive you $2500 per meme. from conspiracy
In response to the new policy, Marcus said that it was “insanity” and that people should get their money out of PayPal.
The recent change in policy regarding paypal described by FCC commissioner Brendan Carr as “orwellian” refers to the fact that paypal now has the right to take away your money if you post a message that they deem as “misinformation.” Carr emphasizes the importance of state and federal legislatures passing laws that would prevent companies such as paypal from discriminating against users based on their speech.