Why did discord ban R/wallstreetbets?

According to The Verge, Discord has banned the r/WallStreetBets server for allowing "hateful and discriminatory content after repeated warnings." It did not ban the server for financial fraud. We have also learned that Reddit's WallStreetBets subreddit has been set to private.

Why was wallstreetbets banned?

Discord says it did not ban the WallStreetBets server for financial fraud — rather, it was banned because it continued to allow “hateful and discriminatory content after repeated warnings.” The Verge gained access to the server and can confirm the claim that users of the channel were spamming hateful language, including racial slurs.

What's going on with discord?

Discord staff are actively working with the server’s team to help with moderation. At least one Discord staffer, who is now in the new WallStreetBets server, is also helping with infrastructure problems related to the rapid growth the community is experiencing.

What happened to R/wallstreetbets?

r/WallStreetBets describes itself as “like 4chan found a Bloomberg Terminal,” and many comments on the subreddit contain offensive language. Shortly after Discord banned the server, the moderators made the entire r/WallStreetBets subreddit private as well, taking it dark for nearly an hour.