{"id":25825,"date":"2022-10-10T15:40:17","date_gmt":"2022-10-10T10:10:17","guid":{"rendered":"https:\/\/coinswitch.co\/switch\/?p=25825"},"modified":"2022-10-10T15:40:17","modified_gmt":"2022-10-10T10:10:17","slug":"paypal-retracts-policy-after-it-sparks-twitter-rage","status":"publish","type":"post","link":"https:\/\/coinswitch.co\/switch\/news\/paypal-retracts-policy-after-it-sparks-twitter-rage\/","title":{"rendered":"PayPal retracts policy after it sparks Twitter rage"},"content":{"rendered":"

Online payment network PayPal has withdrawn a recent policy change that sought to impose a fine of $2,500 on its users for spreading \u201cmisinformation.\u201d PayPal claimed that the policy update went \u201cout in error.\u201d<\/p>\n

The company was forced to retract the policy after the decision received significant social media backlash from the crypto community. David Marcus, CEO of Bitcoin-based startup Lightspark, and PayPal\u2019s former president, took to Twitter, raising his voice against the policy update. Part of Marcus\u2019 tweet noted<\/a> how it is \u201cinsanity\u201d for a private company to decide to take its user funds if the customer says something they disagree with. Following Marcus\u2019 tweet, Tesla chief executive Elon Musk said he concurred with Marcus and said PayPal was in the wrong here.<\/p>\n

Along with Marcus and Musk, Maple Finance co-founder Sid Powell also made comments on the incident, explaining to users that this is why they need to have custody over their own funds. He tweeted<\/a> that \u201cPayPal is a good example of why you need to custody your own funds. Your finances used to be decoupled from free speech. Now custodying your own funds is the only way to safeguard that right for yourself.\u201d<\/p>\n

The policy that was mistakenly published noted that PayPal\u2019s list of prohibited activities also included \u201cthe sending, posting, or publication of any messages, content, or materials\u201d that \u201cpromote misinformation\u201d or \u201cpresent a risk to user safety or wellbeing.\u201d If caught doing the same, users will face a penalty of $2,500, which will directly get deducted from their accounts.<\/p>\n

Taking cognizance of the community backlash, a PayPal spokesperson<\/a> reversed the company\u2019s recent policy update and asserted that the Acceptable Use Policy notice which recently went out was \u201cin error that included incorrect information.\u201d He further confirmed that \u201cPayPal is not fining people for misinformation\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"

Online payment network PayPal has withdrawn a recent policy change that sought to impose a fine of $2,500 on its users for spreading \u201cmisinformation.\u201d PayPal claimed that the policy update went \u201cout in error.\u201d The company was forced to retract the policy after the decision received significant social media backlash from the crypto community. David […]<\/p>\n","protected":false},"author":97,"featured_media":25826,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[7701],"tags":[6467,6536,8426],"class_list":["post-25825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-news","tag-paypal"],"acf":{"json_ld_schema":"\n[{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"@id\":\"https:\/\/coinswitch.co\/switch\/us-stocks\/wall-street-jottings\/#FAQPage\",\"headline\":\"Wall Street jottings: A personal, guided tour to investing in US stocks\",\"keywords\":\"Personal Guide, US Investing, \",\"datePublished\":\"2022-07-22T13:28:55+05:30\",\"dateModified\":\"2022-09-19T19:04:28+05:30\",\"dateCreated\":\"2022-07-22T13:28:55+05:30\",\"author\":{\"@type\":\"Person\",\"name\":\"Palak Malhotra\",\"description\":\"\",\"url\":\"https:\/\/coinswitch.co\/switch\/author\/palak\/\",\"sameAs\":[],\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/8a4eb1eaba29a875ba204825d6530ed2?s=96&d=mm&r=g\",\"height\":96,\"width\":96}},\"image\":[{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/coinswitch.co\/switch\/us-stocks\/wall-street-jottings\/#primaryimage\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings.jpg\",\"width\":\"1800\",\"height\":\"1080\"},{\"@type\":\"ImageObject\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings-1200x900.jpg\",\"width\":\"1200\",\"height\":\"900\"},{\"@type\":\"ImageObject\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings-1200x675.jpg\",\"width\":\"1200\",\"height\":\"675\"}]}]\n","json_ld_custom_schema":"","youtube_vodeo_url":"","seo":{"title":"","keywords":"","description":"","canonical":""},"blog_banner_image":false,"blog_coin":false,"download_the_app":{"button_value":"","button_url":""},"twitter_card":{"twitter_title":"","twitter_description":"","twitter_link":""},"maturity_tag":"","post_author":false,"guest_author":false,"hide_toc":true,"select_disclaimer":"Article Default Disclaimer","key_takeways":false},"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/25825","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/users\/97"}],"replies":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/comments?post=25825"}],"version-history":[{"count":2,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/25825\/revisions"}],"predecessor-version":[{"id":25831,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/25825\/revisions\/25831"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/media\/25826"}],"wp:attachment":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/media?parent=25825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/categories?post=25825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/tags?post=25825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}