Nigel Farage’s Bank Account Closure Spurs Louder DeFi Advocacy

Nigel Farage's Bank Account Closure Spurs Louder DeFi Advocacy

The voice for DeFi became louder after the news emerged that Coutts Bank closed the bank account of the former leader of the Brexit party, Nigel Farage. The closure was reportedly due to allegations of insufficient funds to maintain the account.

However, Nigel Farage strongly argued that his account was closed by Coutts Bank due to his politically exposed person (PEP) status. He expressed his concern that the “establishment” is trying to force him “out of the UK” by closing his bank accounts. 

PEP, which stands for Politically Exposed Person, refers to individuals who hold prominent public positions or are closely associated with such positions. Banks and financial institutions consider PEPs as higher-risk customers due to their potential involvement in bribery, corruption, or money laundering activities.

The demand for decentralized finance (DeFi) has gained significant traction on social media platforms, fueled by a recent incident that captured the attention of the crypto community. This incident highlighted the inherent benefits of DeFi, as it removes the need for intermediaries like banks. In the world of DeFi, users enjoy unparalleled freedom, as no one can impose bans or restrictions on accessing their funds, granting them complete control over their money. 

Nigel Farage stated that the bank did not provide a proper explanation for the closure of his bank account. Taking to Twitter, he cautioned other bank users, saying, “If they can do it to me, they can do it to you too.”

Following the closure of his account by Coutts Bank, Nigel Farage attempted to open accounts at various other banks. However, in a rather suspicious turn of events, his applications were rejected by a staggering nine banks, citing his classification as a “Politically Exposed Person” (PEP) under money laundering regulations. 

Farage viewed this as nothing more than the arbitrary actions of financial institutions and the government, all in the name of capitalism. Expressing his concerns on Twitter, he questioned the freedom of both netizens and customers, highlighting the perceived limitations imposed upon them.

In recent times, there has been a notable trend of individuals with connections to the Brexit party being subjected to scrutiny from both the government and financial institutions. Christina Jordan, a former Brexit Party MEP, has also come forward to share her own experience, revealing that her accounts were frozen by a bank. When Jordan sought clarification regarding this action, the bank provided an ambiguous response, stating that they were merely adhering to their legal and regulatory obligations. 

This sequence of events has raised concerns about the targeting of individuals associated with the Brexit party and has further fueled discussions about the motivations and actions of both governmental and financial entities involved.

Also Read: Calls for Decentralization Arise as Scotiabank Bans Jeremy MacKenzie

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