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Banks’ Privacy Violations Will Drive Users to DeFi Platforms, Experts Say

Press Releases Crypto News BeInCrypto Banks’ Privacy Violations Will Drive Users to DeFi Platforms, Experts Say

Some banks have quietly updated their policies to enable the monitoring of customers’ social media profiles. The change poses a severe threat to the privacy of bank users and provides yet another reason to consider decentralized alternatives.

According to a July 23 report in the Daily Telegraph, major banks have changed their privacy policies. Britain’s biggest high street lenders and several others have hidden language in their privacy policies allowing the culling of information from social media accounts. In the past, banks had claimed to avoid such checks on sites like Facebook and Twitter.

Banks Monitor Customers’ Social Media Profiles

High street banks now face mounting pressure to disclose the checks they conduct on customers. Particularly after Nigel Farage, the former UK Independence Party (UKIP) leader, discovered that the exclusive bank Coutts closed his accounts. The reason? The pro-Brexit maverick held views unaligned with the bank’s values.

A dossier put together on Farage included examples of his posts on Twitter. Farage is a controversial figure in the UK, having spearheaded the years-long campaign for Britain to leave the EU.

Learn more about privacy-focused cryptocurrencies: How do Privacy Coins Work?

The UK government is looking at three more banks, Metro Bank, Yorkshire Building Society, and American Express, for alleged account closures based on customers’ political views.

However, bank account closures aren’t always because of political reasons. Users of the crypto exchange Coinbase have reported that Bank of America has shut down their accounts. Presumably over an aversion to risky behavior.

The revelation

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Author: Josh Adams

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