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Coinbase caught in racial discrimination

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Coinbase caught in racial discrimination

Coinbase caught in racial discrimination
CONTENT

  • Coinbase calls possible allegations of racial discrimination “a lie”

  • Warn in advance about the material from The New York Times, the exchange determined the concern for customers

  • Previously, the exchange was criticized for its one-sided “apolitical” mission

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The well-known American newspaper The New York Times published an article that highlights issues of racial discrimination in one of the top US crypto companies

At least eleven former black employees of the cryptocurrency exchange Coinbase have informed the HR department of racist or discriminatory treatment, writes The New York Times (NYT), citing those familiar. In a long piece, the publication covers the problems of racial discrimination in one of the leading US cryptocurrency companies.

Coinbase caught in racial discrimination

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In particular, one of the former black Coinbase employees, Alice Butler, who was in charge of recruiting, said in an interview with NYT that she repeatedly complained to her manager about her being excluded from corporate meetings and conversations, which made her feel invisible..

“Most color tech professionals know there is a diversity issue. However, I’ve never come across something like Coinbase, “Butler said..

Kim Milosevic, vice president of communications at Coinbase, said in an interview with NYT that there were only three official complaints registered with the exchange during the 2018-2019 period, and none from Butler. Milosevic also noted that all three complaints were investigated and found “unfounded”.

Butler herself noted that she was not told how to file a formal complaint, and Leylen Sawyer, a compliance analyst who is listed as one of the complainants, said in an interview with NYT that she had never spoken to a Coinbase investigator and was not informed about the results of the investigation..

No violations

Coinbase, even before the release of the material, called all accusations of discrimination “lies.” Coinbase stressed that the decision to warn about the NYT material in advance is due to “caring” about what its employees and customers think of the company..

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Nathaniel Popper, an NYT journalist, argues that these are far from the only incidents of discrimination at a tech company. According to one former black Coinbase employee who wished to remain anonymous, her manager told colleagues that she might be a drug dealer and carry a gun with her, using racist stereotypes..

Coinbase caught in racial discrimination

Another anonymous Coinbase employee said a colleague at a recruiting meeting generally described black employees as “less capable”.

It should be noted that earlier the exchange unilaterally announced its “apolitical mission” against the background of the presidential elections and protests of the Black Lives Matter movement, not caring about its image. Then, due to the company’s policy, about 60 employees, including several top managers, left the exchange..

Also, the exchange has repeatedly come under criticism due to unreasonably high commission costs compared to other competitors..

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