UK Banks Could Lose Licenses For Debanking Customers Based on Their Political Views
The British government is considering introducing stricter freedom of speech protections for banking permits after a public dispute involving Nigel Farage and Coutts bank. The government is expected to officially announce these measures soon.
Under the proposed rules, banks would be required to give customers three months notice before closing their accounts, and they must provide a clear reason for the account closure, allowing customers the right to appeal.
The catalyst for these potential changes was a disagreement between Nigel Farage, a politically conservative former politician, and Coutts, a private bank with royal family clients. Farage had his accounts closed, and leaked documents revealed that it was due to his conservative views not aligning with the values of the bank. UK Prime Minister Rishi Sunak condemned the move, emphasizing the importance of free speech in democracy.
Nigel Farage is known for supporting cryptocurrencies, praising Bitcoin for its anti-lockdown investment potential and criticizing traditional fiat currency. He appeared at the Bitcoin Amsterdam Conference in 2022, highlighting the advantages crypto has in terms of anti-inflationary qualities and immutable infrastructure compared to traditional banking.
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