Coinbase Describes PEPE as a Hate Symbol, Community Reacts

Coinbase Global Inc is in hot waters for recently describing the frog-character memecoin PEPE as a 'hate symbol' in an email

American cryptocurrency exchange Coinbase Global Inc is in hot waters for recently describing the frog-character memecoin PEPE as a ‘hate symbol’ in an email sent to its customers. Unfortunately, this has earned a counterblast from members of the Pepe community. 

It all started when a screenshot of the Coinbase email was shared on Twitter by prominent cryptocurrency influencer Borovik.eth on Wednesday. Asking his 96,000 followers, Borovik.eth wrote “Why is @coinbase sending out emails telling people that $pepe is an alt-right hate symbol??”.

The email mentioned a 2016 decision from the Anti-Defamation League requesting that the cartoon-characterised memecoin be placed in an association of hate symbols by alt-right groups. 

PEPE Fans Outraged By Coinbase Description

This description did not go down well with PEPE holders and investors, they became enraged and requested an apology from the crypto exchange. In addition, PEPE fans who hold a wallet with Coinbase were asked to start deleting their accounts. One pseudonymous Twitter user and solidity developer identified as Kenobi outright declared that he was closing his account with Coinbase.

He stated that he was moving all his assets in the audacious crypto exchange to the Winklevoss brothers’ Gemini exchange. 

#DeleteCoinbase Trends on Crypto Twitter

For Kenobi, PEPE is not a hate symbol, he therefore called out Brain Armstrong, Coinbase Chief Executive Officer (CEO) demanding that the ‘vulgar statement’ be retracted. He concluded his tweet with the hashtag #deletecoinbase.

Sadly, the hashtag has begun to trend amongst crypto Twitter. According to the Twitter analytics website TweetBinder, the hashtag has been included in about 41,529 tweets already and the number keeps growing. About two hours ago, it had only appeared in 14,000 tweets according to some sources. 

Crypto Exchanges Holds Different Opinions About PEPE

Top crypto exchange Binance decided to list PEPE amid the growing hype on May 5th. Indian cryptocurrency exchange WazirX also listed the memecoin on its platform a few hours later. Even Gemini exchange listed PEPE for trading on Tuesday, keeping an open-mind about the memecoin.

Generally, members of the public have been pushing that exchanges list the frog-themed memecoin. Evidently, some crypto exchanges have listened to their customers and listed PEPE while the others have shown no intention to do the bidding of their customers.

Coinbase has made no move to indicate that it may list the memecoin in the future. CoinDCX has denied plans to list PEPE stating that “We take our responsibility as a trusted platform very seriously, and we believe that listing PEPE could potentially put our users’ investments at risk,” the exchange said.