This weekend social media lit up with a story that PayPal updated their Acceptable Use Policy (AUP) with terms that would allow that payment platform to penalize users up to $2,500 for various violations. This update came after the company originally announced that an update was coming back in September.
Although this new policy, which was apparently sent out in error, covered a wide range of potential violations, the one that has social media in a frenzy is the tidbit on promoting misinformation.
Even the company’s former president took a shot at the policy on Twitter.
PayPal’s user agreement stated they could take action on users who participated in restricted activities and those actions included holding on to users’ money indefinitely. A copy of this AUM can be found on the wayback machine, which stated “you will be liable to PayPal for the amount of PayPal’s damages caused by your violation of the Acceptable Use Policy” at the amount of $2,500 per violation.
After social media caught wind of the story, the company told the Epoch Times in an email, “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.”
The whole debacle has people on edge, as more stories come out related to Central Bank Digital Currencies (CBDCs), and the potential actions governments can take to seize the funds of ordinary citizens.
Information for this briefing was found via Twitter, the Epoch Times, and Paypal. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
SmallCapSteve started blogging in the Winter of 2009. During that time, he was able to spot many take over candidates and pick a variety of stocks that generated returns in excess of 200%. Today he consults with microcap companies helping them with capital markets strategy and focuses on industries including cannabis, tech, and junior mining.