Wikileaks Claims Coinbase Has Shut Down Its Online Store’s Bitcoin Account
“Wikileaks Claims Coinbase Has Shut Down Its Online Store’s Bitcoin Account” : The official Wikileaks online store says its Coinbase account has been suspended by exchanging crypto coins. Wikileaks, a repository of leaked documents that was central to a long series of international scandals before the 2016 presidential election, is now calling for a ‘Coinbase’ boycott.
The announcement, which was not confirmed by Coinbase, has angered the Bitcoin community, highlighting certain inevitable tensions as the cryptomoeda becomes increasingly popular. In a Twitter post that ‘Wikileaks’ Shop claims to have received from Coinbase, the exchange seems to cite the US government’s financial regulations as one reason for suspension. There is no indication, however, specifically of how Wikileaks allegedly violated these rules.
“ Bitcoin Account” : Bitcoin, of course, has gained in popularity partly because it can be used to circumvent existing regulations and financial systems, including banks. In fact, as commentator of veteran cryptomedeas Andreas Antonopoulos commented on Twitter, many politically engaged users were attracted to Bitcoin as a way to donate to WikiLeaks after it was cut by more traditional financial services in 2010.
“Wikileaks Claims Coinbase Has Shut Down” : Coinbase has drawn users to Bitcoin and other crypto-coins, making them easier to buy and use, but its status as a regulated business in the US means that it must comply with US financial regulations. A substantial part of the old defenders of Bitcoin remain skeptical of “Coinbase” and other intermediaries because of this exposure, and because many act as custodians of clients’ crypto-currency, undoubtedly increasing systemic risk in the event of its failure.
“ Coinbase Has Shut Down Its Online Store’s Bitcoin Account” : Coinbase’s suspension will not prevent Wikileaks from accepting payments or donations via Bitcoin, but the organization may have to devote more resources to dealing directly with its accounts, and will likely find it much more challenging to convert “Bitcoin” into currency, such as dollars.
In response, Wikileaks is calling for a “global blockade” of Coinbase this week.
“Wikileaks Claims Coinbase Has Shut Down Online Store’s Bitcoin Account” : Coinbase has not yet confirmed the suspension, but Fortune has contacted and will update that story with any statement from them.
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