Gab to Use Square Cash App After Coinbase Ban

John Vibes

Earlier this week, CryptoGlobe reported that the controversial, censorship-free social media platform Gab was cut off from Coinbase without explanation.

Gab has had a series of challenging months, as a result of hateful content that they refuse to moderate on their website. Gab has become somewhat of a safe haven for people with extreme views who have been banned from more mainstream social media sites, but supporters say that that there must be some places on the internet that have zero moderation in order to preserve free expression and freedom of speech.

In October, Gab was dropped by Stripe and multiple web hosts after a mass shooter posted on the site before his attack. He posted on Facebook and Twitter also, but those sites did not receive any penalties.

Next, Gab turned to cryptocurrency for its censorship-resistant properties, but the company soon learned that these features are only guaranteed to users who hold the private keys to their wallets, and that these features are often forfeited when crypto is held on custodial services.

Without giving a reason, Coinbase closed the official account for the site, as well as the account of Gab’s co-founder Andrew Torba. In a post on Twitter after receiving news of the ban, Gab made a post on Twitter saying that "decentralized exchanges are the future," because crypto on/off ramps are very easily compromised.

Possible Alternatves

Gab seems to have moved onto Square's Cash App, according to a post made on Twitter this week.

However, Square is also a centralized company, which means that Gab could encounter the same problems again, especially if Square comes under enough pressure from the public and the rest of the industry.

New platforms are in development to serve users who might experience censorship, specifically activists and journalists. As CryptoGlobe reported, newscaster Ben Swann announced a new blockchain-based journalism project called Isegoria, which hopes to give a voice to some of the reporters who have been disenfranchised by the dominant social media websites.

Amun Gets Regulatory Approval to Offer Crypto ETPs to Retail Investors in EU

Switzerland-based fintech firm Amun AG has received regulatory approval to offer its cryptocurrency exchange-traded products (ETPs) in the European Union.

Currently, Amun offers nine cryptocurrency ETPs, including some base on bitcoin (BTC), ether (ETH), XRP, and more, in Switzerland and Germany via the Boerse Stuttgart, BX Swiss, and the SIX stock exchange. Now, the Swedish Financial Supervisory Authority (SFSA) approved its base prospectus to offer investment products tied to cryptocurrencies.

Exchange-traded products are a type of securities that track the price of an underlying asset, index, or another financial instrument. Amun’s cryptocurrency ETPs let investors gain exposure to various top cryptos without having to custody them and manage private keys.

The SFSA’s approval means the fintech firm can offer them not only in Sweden but also across the European Union. It isn’t currently clear on which exchanges in the EU the ETPs will be listed on.

Amun’s president, Ophelia Snyder, said the process took four months of consultancy period, and added:

The combination of strong demand for ETPs in Sweden – especially in crypto assets – among private investors and institutional clients and our strong expertise in these product categories create ideal conditions for Amun’s entry into the Swedish and European Union markets for ETPs

Amun’s press release notes the approval of the base prospectus shouldn’t be seen as an endorsement by the SFSA of the securities being offered, and that potential investors should dig into the prospectus before making decisions.

As CryptoGlobe report, thanks to Amun Switzerland’s SIX stock exchange listed the Amun Tezos ETP, which rewards investors with generated income thanks to the cryptocurrency’s Proof-of-Stake (PoS) consensus algorithm.

Featured image via Pixabay