by Kyle Becker, Becker News:
PayPal is backtracking amid blowback to a forthcoming user agreement that would have fined users $2,500 per infraction for perceived violations of “misinformation” or presenting “a risk to user safety or wellbeing.”
“An AUP notice recently went out in error that included incorrect information. PayPal is not fining people for misinformation and this language was never intended to be inserted in our policy,” PayPal’s spokesperson said. “We’re sorry for the confusion this has caused.”
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“PayPal now appears to be backing down after many users posted on social media that they will be closing their accounts,” DiscloseTV reported.
PayPal’s retraction of the ‘social credit score’ policy follows upon critical reaction from across the political spectrum, including from tech managers for rival digital banking companies.
David Marcus, cofounder of Bitcoin-based company LightSpark, and a former manager of Facebook/Meta digital transactions, strongly objected to the policy.
“It’s hard for me 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. Insanity,” Marcus said.
