Bank chiefs have been summoned by City Minister Andrew Griffith to discuss how customers can be protected from being “de-banked” after Coutts terminated its relationship with Nigel Farage.
Mr Griffith is expected to write to the bosses of 19 banks, building societies and digital challengers warning that the government will “take all action necessary” to crack down on accounts being closed in response to customers’ political views.
He said that regulations around politically exposed persons, or PEPs, are “being applied in a disproportionate manner by some financial institutions”.
It comes after the former UKIP and Brexit Party leader received a 40-page dossier from the private bank Coutts – which is owned by NatWest Group – indicating that his bank account was closed because his views did not align with the firm’s “values”.
Andrew Griffith
Mr Farage said the bank regarded him as “xenophobic and racist” and a former “fascist” and accused the NatWest Group of passing his personal and financial data to the BBC.
Last week, the Treasury announced reforms designed to give customers greater protections, give them more time to challenge decisions or to find replacement banks.
New measures include making banks explain why they are shutting an account, and extending the notice period from 30 days to 90 days.
Read more:
Coutts hits back amid Nigel Farage bank account row
Key points from Coutts’ dossier
Nigel Farage calls bank’s apology ‘a start’ but ‘no way near enough’
While the reforms have yet to be enacted legally, they appear to have been accelerated in response to Mr Farage’s experience, which sparked outrage among senior Tory MPs.
Mr Griffith has told banks including NatWest, Lloyds Banking Group, Santander and HSBC that the government “expects” that “firms should seek to take action on this policy as soon as possible and make best endeavours to implement” it.
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Coutts apologies to Nigel Farage
Other chief executives expected to be called include those at TSB, Metro, Allied Irish, Danske Bank and Bank of Ireland, while the heads of digital finance outfits at Monzo, Starling, Chase, PayPal, Revolut and Wise will also be called to the Treasury.
In his letter Mr Griffith says: “I am calling a roundtable at the earliest opportunity to hear your views on how you and your firms will ensure that customers can access payment accounts without fear of being de-banked for their lawful expression, and necessary actions to be taken to implement the reforms announced.”
Mr Farage received an apology from NatWest chief executive Dame Alison Rose for “deeply inappropriate comments” about him in official papers.
In a statement on 20 July, Coutts said its policy does not “close customer accounts solely on the basis of legally held political and personal views”.
The government will decide by the summer on controversial proposals to charge some households more for their electricity than others, Sky News understands.
The energy secretary Ed Miliband has been mulling over plans for “zonal pricing”, which would see different regions of the country pay different rates, based on supply and demand levels in the local area.
The idea is to attract industry to build in low-cost areas, and incentivise new electricity generation in regions where people need it most.
Supporters say zonal pricing could lower everyone’s bills to some extent by making the system more efficient – but some would fall more than others.
Critics, including renewable energy generators, warn the plans would create a postcode lottery for bills and put investors off certain areas, risking jobs.
It is not yet clear how the changes would be passed on to household bills. But it could see people in the south of England pay much more than those in parts of Scotland – though not, the government hopes, more than they do now.
Mr Miliband is expected to make his recommendation to fellow government ministers in the coming weeks, before the government decides either way by the middle of this year.
They are keen to resolve the issue – which was also considered under the last Tory government – before businesses start bidding for fresh renewable power contracts in summer.
UK still ‘vulnerable and exposed’
It comes as the UK government hosts a summit on energy security in London today, lobbying other countries to leave fossil fuels behind.
Read more: UK clean energy vision collides with Trump’s fossil fuel frenzy
Mr Miliband said the government’s push to generate more clean power at home was as much about energy security as it was about fighting climate change.
“As long as energy can be weaponised against us, our countries and our citizens are vulnerable and exposed,” he said in a speech.
But he also said North Sea oil and gas would “continue to play an important role” in the UK energy mix, fuelling campaigners’ fears it may yet allow the Rosebank oil and gas field to go ahead, despite hurdles in court and the government’s own concerns.
Mr Miliband quoted a message from King Charles that said the “transition to more sustainable energy sources can itself lead to more resilient and secure energy systems”.
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Miliband reads King’s letter at summit
Trump’s representative invokes God
US President Donald Trump’s junior representative at the summit, acting assistant secretary Tommy Joyce, quoted the Bible in his address.
He urged delegates to “remember God’s golden rule, and that is that we should love our neighbour as ourselves”.
That means helping them out of poverty through access to affordable energy, according to Mr Joyce.
About 750 million people in the world still have no access to electricity, and team Trump says American oil, gas and coal are the answer.
However, a report by RMI suggests that new wind and solar are the cheapest option for new electricity in 82% of the world – though for some countries are hard to finance upfront.
Mr Joyce also continued Trump’s ongoing attacks on climate policies, criticising what he described as “so-called renewables” and the “net zero agenda”.
‘Most delicate debate’
Before the summit, a senior UN official said the idea that the switch to clean power compromised energy security and affordability “is just not true”.
“We really need to dispel this notion,” said the source, speaking on the condition of anonymity. “If you are dependent on volatile and expensive fossil fuel imports, fossil fuels equal energy insecurity.”
A senior official from Brazil, which in November is hosting the COP30 UN climate summit, also this week said there had been a “rather successful” attempt by some to frame energy security and the switch to clean energy as a question of “either/or”.
“We don’t believe it is.”
He called it “one of the most delicate debates” of the moment.
South Korean exchanges Upbit and Bithumb have suspended deposits for Synthetix (SNX) tokens after it was flagged by the Digital Asset Exchange Alliance (DAXA) for potential risks.
DAXA, the self-regulatory organization establishing industry standards for South Korean exchanges, designated SNX as a cautionary item.
Assets receiving this designation typically undergo rigorous evaluations to determine whether trading can continue or if delisting is necessary.
Exchanges may take action, such as adding a warning tag to the asset and urging investors to take caution when engaging with it. Trading platforms can also perform additional measures, like blocking deposits or suspending trading support temporarily.
Upbit and Bithumb block SNX deposits
In response to the designation, the biggest exchanges in South Korea said they are blocking deposits for SNX tokens on their platforms.
Upbit announced that it had added a trading caution ticker and suspended token deposits. The exchange said it had been monitoring the developments related to the Synthetix USD (sUSD) depegging. It added that this event may damage investors through potential volatility, as SNX is used as collateral for sUSD.
The exchange added that it had determined a lack of use cases for the asset, which may cause investors to suffer losses. Upbit said it would conduct a comprehensive review to decide whether to delist the asset or resume normal operations for the token.
Bithumb has also blocked deposits for SNX and added a cautionary tag for the token. However, the exchange said this decision could be overturned depending on internal circumstances. If the reason for the designation is resolved, Bithumb said it would lift the restrictions.
Korbit and Coinone also published investor alerts to caution traders. The two exchanges added cautionary tags to SNX tokens to alert investors who may want to trade the token.
Cointelegraph reached out to Synthetix for comment but did not get a response by publication.
Related: South Korean crypto emerges from failed coup into crackdown season
sUSD struggles to recover dollar peg
On April 10, the sUSD stablecoin dropped to a five-year low of $0.83 after struggling to maintain its dollar peg in the first quarter of 2025. With the stablecoin being collateralized by the project’s native asset, Cork Protocol co-founder Rob Schmitt compared the token to Terra USD (UST), which collapsed in 2022. However, Schmitt said that sUSD has a “more manageable” debt system.
On April 18, the stablecoin dipped further to $0.68, with SNX falling by 26% in a 30-day period. A Synthetix spokesperson told Cointelegraph that their team has short, medium and long-term plans to mitigate the risks.
On April 21, Synthetix founder Kain Warwick threatened SNX stakers with “the stick” if they didn’t take up a newly launched staking mechanism to fix the sUSD depeg. The executive said they may put extra pressure on stakers if they don’t see enough momentum on the newly implemented mechanism.
Since the warning, sUSD prices increased by 27%. On April 24, the stablecoin briefly reached $0.87. However, the token has still failed to recover its dollar peg.
Magazine: Uni students crypto ‘grooming’ scandal, 67K scammed by fake women: Asia Express
Shaquille O’Neal has settled with investors who claim losses from the collapse of cryptocurrency exchange FTX, according to an April 23 filing in the US District Court for the Southern District of Florida.
The settlement amount remains confidential, with terms expected to be disclosed after investors formally request preliminary court approval, according to court documents.
O’Neal and other celebrities and athletes were accused of promoting FTX and allegedly contributing to investor losses by endorsing the now-bankrupt exchange.
The case is part of a broader multidistrict litigation effort, where investors are seeking up to $21 billion in damages from FTX insiders, advisers and promoters, far exceeding the $9.2 billion available through bankruptcy proceedings.
Other celebrities embroiled in similar legal troubles for their roles in FTX include NFL quarterback Tom Brady, supermodel Gisele Bündchen, billionaire investor Kevin O’Leary, former NBA player Udonis Haslem, David Ortiz, Naomi Osaka and others.
Notably, FTX investors faced challenges in serving O’Neal with legal papers during the early stages of the lawsuit over his promotion of the collapsed exchange.
Lawyers representing the victims described O’Neal as “running from the lawsuit,” after multiple failed attempts to deliver court documents. Legal teams reportedly spent months trying to reach the NBA legend, resorting to creative methods, including attempting service during NBA games and at his residences.
Related: FTX former execs and promoters to settle class-action lawsuit for $1.3M
O’Neal finalizes $11 million settlement over Astrals NFT project
The settlement with FTX investors comes as O’Neal recently agreed to pay $11 million to resolve a class-action lawsuit tied to his involvement in the Solana-based Astrals NFT project.
In May 2023, O’Neal was served with the Astral NFT lawsuit during an NBA game at Miami’s Kaseya Center, formerly the FTX Arena. The class-action lawsuit involved his promotion of the Astrals NFT project, alleging that the NFTs promoted by O’Neal were unregistered securities.
In August 2024, a Miami federal court judge ruled that O’Neal would need to defend some of the claims brought against him in the case.
Astrals is a Solana-based project featuring 10,000 NFTs, a metaverse called Astralworld and a decentralized autonomous organization (DAO) with a governance token called Galaxy.
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