Using Coinbase to facilitate racism and hate is apparently no longer against the cryptocurrency platform’s rules under little-noticed revisions the company made to its terms of service several years ago.
Until August 2021, the “Prohibited Uses” section of Coinbase’s user agreement banned customers from wielding the platform to “incite, threaten, facilitate, promote, or encourage hate, racial intolerance, or violent acts against others.” That month, Coinbase stripped that section from the agreement.
“Coinbase quietly removing hate speech and racism clauses from its terms of service sends a clear message: Coinbase does not care about the safety and well-being of Black people who use their site,” said an emailed statement from Jade Magnus Ogunnaike, a vice president at Color Of Change, a civil rights group focused on inequity and technology. “Without strong content moderation policies, Coinbase will continue to put Black consumers, their own employees and stakeholders in harm’s way in order to enact a long broken vision for Big Tech.”
Coinbase’s move to strip its user agreement of language explicitly barring hate took place about a year after the company, amid national racial justice protests, banned internal discussion of nominally external political issues and promptly faced public accusations of racism from Black employees.
Financial tech companies, including both PayPal and Square, often have language in their user agreement policies banning their use to promote “hate” or “racial intolerance.” White nationalist Richard Spencer, for example, was banned from receiving money on Paypal in 2017 following the violent Unite the Right white supremacist rally in Charlottesville, Virgina. Prominent Islamaphobe Laura Loomer has also been banned from the digital payments platform.
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