I had this same issue.. I had pasted a paragraph of text and posted, and it had 'removed link' or something similar throughout the paragraph even though there wasn't a link in the post. 

I fixed it by changing the spam protection around, I can't remember exactly what I changed. I made it so it would only moderate the first post though.

 I made it so it would only moderate the first post though.

Where is that option, i can't find it.

ok, probably the option to moderate new users is on Tools / Spam Control "User is New (under hard spam control) during".

I had/have this to 3 but doesn't seem to hold any new user's post for moderation. Also the Registered usergroup has Can Pass Moderation to ON.

Under Tools > Antispam, here's what I have set for new users:

https://cl.ly/0B2U0j17333G

Then when a new user tries to post, the post appears in the WP Dashboard, under Forums > Moderation. I also see a number in a red circle on the Moderation menu item, indicating there are new posts to be reviewed.

I wish it would send an email (or give me the option) when a new post is awaiting review. Otherwise, I have to login and check periodically.

So the "can pass moderation" should be deselected" for moderate to work.  Just tried it. 

Also i got an email to moderate it.

@Wendell why you are not getting any email about moderation ?