Wikileaks claims Coinbase shut down its shopping outfit without any explanation or warning.
Peeved over the move, Wikileaks is calling for a global blockade of Coinbase, calling it an “unfit member of the crypto community.”
Let’s get right to it.
Business not wanted
Coinbase’s action specifically relates to the Wikileaks Shop, which sells a host of gear, such as T-shirts, mugs and books. The store accepted cryptos.
The letter sent to Wikileaks by Coinbase states:
Coinbase is a regulated Money Service Business under Fincen [and is] obligated to implement regulatory compliance mechanisms. Upon careful review, we believe your account has engaged in prohibited use in violation of our Terms of Service and we regret to inform you that we can no longer provide you with access to our service.
The letter goes on to provide instructions for Wikileaks to withdraw its remaining balance, and ends:
We respectfully request that you follow the on-screen instructions presented when you log into your Coinbase account to send any remaining balance offsite to an external address.
While Coinbase, nor Wikileaks, revealed exactly what led to the store being shut down, you can glean from Coinbase’s letter that it has concerns about Wikileaks’ operations being legitimate. One of Money Service Businesses’ charges relates to preventing money laundering.
Clearly, this didn’t sit well with the notorious whistle-blowing outfit founded by the infamous Julian Assange, who’s now a fugitive from the law. He’s reportedly hiding out in London.
Wikileaks responded almost immediately upon receiving Coinbase’s notice. In a tweet, its officials called for the crypto community to stop using the exchange.
In response to Coinbase’s action, Wikileaks tweeted:
We have come full circle. Many people's interest in bitcoin started when Wikileaks was out under an extra judicial embargo by VISA, MC, PayPal and banks. Now Coinbase has repeated history. Oops. https://t.co/b8HQkoOwyQ