Coinbase Shuts down Accounts Belonging to Gab and its CEO
January 7, 2019 11:21 am
Gab which is known to be an anti-censorship social media platform has reportedly been de-platformed by Coinbase. As said by the Gab team on January 5, the accounts of both Gab and its CEO, Andrew Torba, were shut down by Coinbase, one of the largest Bitcoin exchanges and wallets.
In the recent months, top payment processors such as PayPal and Mastercard are believed to have exercised censorship on famous political commentators and content creators, pressurizing subscription platforms such as Patreon to close down accounts of certain individuals.
One such instance involves Dr. Jordan Peterson, who shared that he was receiving $80,000 monthly through his Patreon account during a podcast. His account was closed for no good reason by Patreon without a warning or an explanation.
Meanwhile, Gab asserted that companies and governments wielding control over the global financial market inhibits the freedom of speech and promotes censorship. The decentralized monetary systems are the only solution to the censorship.
In a statement the company said:
“As predicted: the on ramps and off ramps (exchanges) are going to start censoring not only companies but also individuals. Coinbase has now banned both Gab’s merchant account and Andrew Torba’s account. Decentralized exchanges are the future. The next phase of the financial censorship as people move to bitcoin is censoring the on ramps and off ramps (exchanges). This will force and incentivize people to not use those ramps and instead only use bitcoin for all things. Keep censoring. It will only push people to bitcoin.”
If payment processors had forced Coinbase to shut down the accounts of Gab and its CEO, then Jack Dorsey, the CEO of Square, the payment giant controlled by Twitter, would have also faced troubles in providing Bitcoin support to Gab. But, Square’s Cash App made Bitcoin withdrawals for Gab, which raised concerns regarding Coinbase’s termination of the company’s accounts.