The Latest Breaking News from PayPal

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The announcement came as part of a new policy that aimed to stop the spread of misinformation - but since then, the payment giants have been forced to turn their policies back.

PayPal has since done a U-turn following the backlash

Google searches for 'delete PayPal' skyrocketed following the firm's announcement that users could be fined for spreading misinformation

“A private company now gets to decide to take your money if you say something they disagree with. Insanity."

PayPal's policy announcement, which said users can be fined $2,500 for spreading misinformation, has now been retracted - and previous co-founder Elon Musk was among those criticising

The e-finance giant said that it was going to fine users over €2,500 for making false claims online

PayPal quickly retracted the new addition to its policy, which said that users could be fined up to $2,500

“A private company now gets to decide to take your money if you say something they disagree with. Insanity"

Co-founder Elon Musk was among those criticising the online payments giant