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You are still beholden to a single party that can cut you off at a moments notice. Not in the UK, nor in Europe. Don't project your (presumably US) failed inst
by tremon 5y ago
You are still beholden to a single party that can cut you off at a moments notice.
Not in the UK, nor in Europe. Don't project your (presumably US) failed institutions onto the rest of us.
- hungryforcodes 5y agoPlease explain.
- dns_snek 5y agoThis is definitely true in EU (and presumably in UK as well). If your bank doesn't like the businesses you're interacting with, e.g. gambling sites or cryptocurrency exchanges, they can close your account without notice or recourse. And even if your account doesn't get closed immediately you are still subjected to invasive KYC procedures, even if you haven't done anything wrong. Failure to comply of course leads to your account being closed.
- f38zf5vdt 5y agoCompletely true. See "World-Check". [1] There are a number of these products and all the major banks use them to vet customers. [1] https://www.vice.com/en/article/pak7wb/exclusive-secret-blacklist-marking-innocents-as-terrorists-continues-to-grow https://www.vice.com/en/article/pak7wb/exclusive-secret-blac...
- kevinak 5y agoOf course it's true. You just haven't run into it. PS. I am in the EU. What kind of argument is that, anyway?
- emteycz 5y agoDefinitely in the EU (my own experience), and most probably in UK...