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.
UK Banks Could Lose Licenses For Debanking Customers Based on Their Political Views
Subscribe to the CryptoWeekly Newsletter
Get the top stories, funding deals, technical analysis, cryptocurrency jobs and much more delivered to your inbox, every Monday morning.
September 16,2024
Worldcoin Being Investigated By Singaporean Authorities For Potentially Violating Regulations
September 16,2024
Flappy Bird May Be Revived In Web3 Format Despite Original Creator Not Being Involved
September 16,2024
Web3 Fundraising Deals - 10th To 16th September, 2024
September 15,2024
BTC Finally Starts To Recover As Total Crypto Market Cap Up By $70 Billion
September 14,2024
Coinbase Wrapped BTC Reaches Impressive Milestone In Just 24 Hours
September 13,2024
United States SEC Admits Several Cryptocurrencies Are Not Securities
September 13,2024
OpenAI Releases New AI Model Series To Support Smart Contract And Blockchain Capabilities
September 12,2024
Inaugural Congressional Hearing About DeFi Takes Place
September 12,2024
Cardano Hits New Network Milestones As Hoskinson Debunks Faulty Staking Claims
September 11,2024
Nucoin Will Be Discontinued As Holders Given Option To Convert To BTC Or USDC
September 11,2024
PayPal And Venmo Will Integrate Ethereum Name Service For Crypto Transfers
September 10,2024