Paypal Joins Growing List of International Financial Platforms to Ban GAB.AI
Paypal Joins Growing List of International Financial Platforms to Ban GAB
In early 2016, the world saw the rise of Gab.ai, a social messaging platform that was designed to cut through the social media monopoly that giants such as Facebook, Instagram have established over today’s media market. However, it has now come to light that Gab has lost access to its PayPal account for no apparent rhyme or reason— thereby limiting the firm’s financial freedom and flexibility.
Gab’s Recent Market History
Sometime during June this year, Gab was unexpectedly banned from carrying out its operations on US cryptocurrency exchange and wallet provider Coinbase. Now, Paypal, too has banned the social media platform from using its services for no apparent reason. As per a tweet released via the Paypal Foundation, a representative for the company wrote:
“(Gab) is now banned from Paypal ‘just because.”
In this regard, when Gab reached out to Paypal asking for a reason as to why it had been blacklisted from using Paypal’s services, a spokesperson for the company referred to the firms “right to terminate any account” as being the primary reason behind the deletion of the account.
The email signed off by saying that Gab should now look for “alternative payment processor to carry out its future transactions”.
As mentioned earlier, this latest ban comes just four months after Coinbase did a similar thing, thereby leading Gab CEO Andrew Torba to call out centralized exchanges (even referring to them as being “cancers”).
With that being said, this latest setback should be a minor one for Gab since it highly unlikely that it will take time for the firm to immediately find a new payment partner in the coming few days.
Lastly, it is also worth noting that over the course of the past few years, PayPal has earned a highly dubious reputation for itself amongst crypto enthusiasts (primarily due to its shady economic policies).