Nigel Farage, the lizard-skinned British politician who kick-started Brexit, is a totem for crypto, whether he knows it or not, and his recent de-banking is a warning for us all. Banks have been de-banking people for decades, often with little warning or hope to appeal, and this disruption of someone’s ability to exist in modern society is especially felt in the crypto space. When the news first broke that Farage’s account had been closed by Coutts, a private bank owned by NatWest, he was made out to be a conspiracist who was being cancelled. However, after a BBC retraction, an apology from NatWest CEO Alison Rose and now her resignation, it can be said that politics was determinative in Coutts’ decision. Prime Minister Rishi Sunak even stuck his neck out for Farage, saying, “It’s not right for anyone to be denied financial services because they’re exercising their lawful right to free speech.”
Though we may loathe Farage, he has a right to a bank account, as much as he does his views. Rose’s only real crime was in lying to the public, the government and the bank’s investors, and had that not happened, how many people would be willing to say she made the right decision? This story is a reminder that decisions are always subject to contemporary prejudices, and that for all the other times that you can’t count on populist outrage, there’s crypto.