Gab.com and Andrew Torba Banned from Coinbase, Making the Case for Decentralized Exchanges
The popular virtual currency exchange Coinbase has banned the controversial social network Gab.com and its owner Andrew Torba from using the services provided by the company. Gab.com wrote a tweet informing about this situation.
Just a few hours before this issue, Gab.com wrote a tweet saying that the next phase of financial censorship as people move to bitcoin is censoring exchanges. According to the social network, if companies continue to censor individuals, the will keep moving towards Bitcoin (BTC). Gab.com has also expressed its support for decentralized exchanges that run without a centralized authority.
Torba has created this social media in order to avoid censorship on Facebook, Twitter and other mainstream social media sites. Gab has generated also some controversies since it allowed individuals to post whatever they wanted, including racist comments. In the past, the company was banned from both Apple and Google Play.
Although it is possible to question whether there was a lack of moderation on this site, Coinbase did not provide any clear information about why they took the decision to ban both Gab’s and Andrew Torba's accounts.
In many cases, centralized exchanges and platforms such as Coinbase have been highly criticized for taking arbitrary decisions regarding their users. In some cases, some individuals were banned without reasons or funds were frozen without explanation from the company.
Although Gab is able to gather support from the community, there are many individuals in similar situations that are not able to do anything with the exchange.
Currently, there are some companies that are trying to create decentralized exchanges and improve the services provided to users. However, these decentralized exchanges tend to have some issues with the user experience. Centralized exchanges work smoothly and have many other services.
One of the companies that are building a decentralized exchange is Binance, the popular virtual currency platform. According to CoinMarketCap, Binance has the second largest trading volume in the market. In the last 24 hours the exchange handled $676 billion.