Crypto Giant Coinbase has banned merchant account of Andrew Torba, the founder of social media platform - Gab. The announcement was made from the official twitter account of Gab. This is the second time in one year, the exchange has banned Gab. The increasing amount of crypto censorship has forced crypto firms to follow the rules, while others are happy with the latest ecosystem rules.
As reported previously, Gab's business account on Coinbase was forcefully closed in December. The news also mentioned that why Gab is not able to gain attention is because it is known as a social network for people who are banned from main platforms due to their hate speech.
Lately, in October, the NY times said that Gab is a social network which was used by the shooter in Pittsburgh to post a final message before he attacked a temple. As soon as shooting was completed, Torba said that the shooter doesn't represent the broader use case of social media.
Bitpay, popular payment processor has also denied offering Gab service with a company statement, “the nature of your organization presents higher risks and we are no longer able to provide you our merchant processing service.”
Now, just after a month, social media firm, which consists of 100,000 Twitter followers, has mentioned that founder and CEO, Andrew Torba has lost his personal Coinbase account. The official twitter account of Gab stated that,
"As predicted: the on ramps and off ramps (exchanges) are going to start censoring not only companies, but also individuals."
Coinbase hasn't mentioned any specific reason for the closure of Torba's account. However, it allowed Gab Counter to withdraw all its crypto holdings and transfer it to an external account.
Decentralized Exchanges are the main future
Bisq, one of the popular exchanges for cryptocurrencies and fiat grabbed the opportunity to knock centralized bank, mentioning that Bitcoin has always allowed users "to be their own bank." Bisq asserted as Bitcoin encourages financial freedom, its platform enables users to become their own exchange, as trades can be done peer-to-peer without any censorship or any centralized shortcomings.
If Bitcoin allows you to "be your own bank," Bisq allows you to "be your own exchange."— Bisq (@bisq_network) January 5, 2019
YOU run Bisq on YOUR own machine and trade bitcoin P2P.
Censorship-resistance by design, not policy.
Gatekeepers have no business being in bitcoin.
Let's shun them! https://t.co/DMG9vAFZXm
Ran NeuNer ensured that the ban is almost same to the current banking system, saying that the Coinbase's goal to form a new financial system backfired. Bitlord, a popular crypto reporter from Australia said that this ban was "disgraceful", by considering Brain Armstrong's plan to form a free world.
Thus, various other exchanges grab the opportunity to claim that decentralized exchanges ultimately will overtake centralizes on-ramps, particularly if cases mentioned above continue to rise.