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IPFS News Link • Central Banks/Banking

Payment Processor Stripe Backs Off Dr. Malone After Legal Threat

•, by Zachary Stieber

Stripe earlier in March asked Dr. Malone, who has an EpochTV show, to "link the primary bank account for your business to your Stripe account," which would enable Stripe to review the account's "current account balance and transactions, as well as historical transactions," according to emails reviewed by The Epoch Times.

The request was part of "a routine credit review" of Dr. Malone's Substack, one email stated.

Stripe said that if the bank account was not linked, then it might block Dr. Malone from being paid.

The request "which deviated from Stripe's standard operating procedures, would have compelled Dr. Malone to provide extensive financial information from his business banking activities, including transactions and account balances spanning the entire history of his business bank account," Dhillon Law Group, which Dr. Malone hired to represent him in the matter, said in a statement.

After the legal firm reached out to Stripe, the company rescinded the demand, the law firm said.

"Financial service providers must tread carefully when requesting client data. It is critical to uphold the delicate balance between regulatory requirements and an individual's right to financial privacy," Mark Meuser, an attorney with the group, said in a statement. "We are satisfied with Stripe's decision to withdraw its request, allowing Dr. Malone to continue his valuable work without unnecessary intrusion into his business affairs."

Stripe has not responded to requests for comment. A Stripe spokesperson told The Federalist, "Stripe may, in certain instances, request users to link their bank account to assess businesses' liquidity as part of the underwriting process, but also allows businesses to submit a form with relevant information in lieu of linking their bank account."

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