Zinger Key Points
- Nigel Farage plans to launch an initiative to address individuals being de-banked and identify the worst offending banks.
- Farage's motivation comes from his own experience of being dropped as a customer by a major UK bank, believed to be Coutts.
- This highlights the importance of exploring alternatives like Bitcoin, which offers financial inclusivity and control over funds.
Nigel Farage, former leader of the UK Independence Party, also known for his support of former President Donald Trump, on Thursday said he plans to launch an initiative aimed at addressing the issue of individuals being de-banked.
What Happened: Farage’s proposed exercise involves gathering cases of individuals who have faced account closures or banking restrictions, with the aim of identifying the worst offenders among the banks.
"I will soon be launching an exercise to gather together all of those that have been debunked. We will build a very large database of cases to find out which banks are the worst offenders," he tweeted.
The motivation behind the Brexit supporter’s initiative stems from his personal experience of being dropped as a customer by a major UK bank.
Last month, it was revealed through UK media reports that the bank in question was Coutts, a bank owned by NatWest that primarily serves wealthy clients. Farage believes that his account was closed due to his political views, while the bank cited “commercial” reasons.
Farage’s grievances go beyond his personal situation, as he claims that as many as 10 UK banks have refused to provide him with banking services. He asserts that these institutions are taking “political stances” and assuming the role of “moral arbiters.”
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Why It Matters: This highlights the importance of exploring alternative options like Bitcoin BTC/USD, which can serve as a savior by offering a censorship-resistant and inclusive financial ecosystem.
With Bitcoin, individuals have full control over their funds, without the risk of being debanked based on their political views or other factors. Its borderless nature allows anyone with internet access to participate in the global economy, regardless of their geographic location or traditional banking access.
Farage is a vocal supporter of Bitcoin. In an interview with Bitcoin Amsterdam in October 2022, Farage expressed his strong opposition to central bank digital currencies while advocating for Bitcoin. He emphasized the importance of personal sovereignty and criticized the idea of living in a cashless society. Farage stated, “If I’ve got the option of the pound under a central bank digital currency or Bitcoin on my cell phone, I know which one I will choose.”
Price Action: At the time of writing, Bitcoin BTC/USDwas trading at $29,257, down 0.21% in the last 24 hours, according to Benzinga Pro.
Photo Courtesy: Lev Radin On Shutterstock.com
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