It’s been about a week since news first broke that Coinbase had begun the process of disabling accounts associated with the controversial far-right website, The Daily Stormer.
At the time, it wasn’t clear how many accounts were impacted or how long the process would take. We now know that Coinbase has disabled at least a dozen accounts and that the process could take up to a week.
So why is Coinbase taking so long to disable these accounts?
There are a few reasons. First, Coinbase is a regulated financial institution and it has to comply with anti-money laundering lAWS.
NOTE: WARNING: Coinbase may disable your account if they suspect suspicious activity or violations of their user agreement. This could be for a variety of reasons such as suspicious payment activity, suspicious login attempts, or other potential security issues. If your account is disabled, you may not be able to access your funds. It is also important to note that Coinbase does not guarantee when or if your account will be re-enabled.
That means it can’t just shut down an account without knowing where the money is going.
Second, Coinbase is one of the most popular exchanges and it doesn’t want to risk losing customers. If it were to just shut down all of the Daily Stormer-associated accounts immediately, it would likely anger a lot of people who use the exchange.
Finally, Coinbase has to be careful about setting a precedent. If it shuts down accounts associated with The Daily Stormer today, what’s to stop it from shutting down accounts associated with other controversial websites tomorrow?
For now, it appears that Coinbase is taking a measured approach to this situation. It is carefully disabling accounts and working to ensure that the money is not going to support hate speech or violence.
How long this process takes remains to be seen, but it’s clear that Coinbase is taking its time to make sure everything is done right.
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