He also pledged to donate $1 million to former National Football League star and Civil Rights activist Colin Kaepernick's Know Your Rights Camp. "I'm doing this for me, for my family, and for my country", the former co-founder captioned a video of his announcement.
The tech entrepreneur, who is the husband of Serena Williams, announced on Friday that he's taking a step back from the company he helped co-create. Reddit remains one of the most popular websites in the U.S. So, I have resigned as a member of the Reddit board.
Reddit is not the first social media platform to face criticism for its stance during these protests.
Huffman recently told Zachary Swanson, a cybersecurity researcher, that Reddit didn't want to be a "thought police" as it was a private entity.
Ohanian's resignation comes less than a week after former Reddit CEO Ellen Pao called out the current CEO Steve Huffman for not shutting down a subreddit that has been promoting Donald Trump.
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Mr Ohanian, who is married to black tennis champion Serena Williams, said he would be donating $1m (£800,000) to Know Your Rights Camp, a non-profit started by former National Football League quarterback Colin Kaepernick.
"As Reddit has grown, alongside much good, it is facing its own challenges around hate and racism", Huffman wrote. "You don't get to say BLM when reddit nurtures and monetizes white supremacy and hate all day long".
Huffman said that Reddit's current content policy basically boils down to nine rules for what people are not allowed to do on the platform, but it "lists only what you can not do, articulates none of the values behind the rules and does not explicitly take a stance on hate or racism".
I believe resignation can actually be an act of leadership from people in power right now. "We at Reddit are opting for the latter, and we will do our very best to be a part of the progress".