What’s happened with Nigel Farage’s bank accounts
Nigel Farage’s bank account being closed has now led to a BBC apology and NatWest’s boss resigning.
How did we get here – and why was the account really closed?
Here’s how the controversy unfolded.
• Nigel Farage’s account is closed
At the end of June, Mr Farage said a bank – later confirmed as Coutts – had decided to stop doing business with him.
He said a letter from the bank contained no explanation and he had then been told over the phone it was a “commercial decision”.
In the six-minute video posted on Twitter, he said losing his bank account was the equivalent of being a “non person” and that the decision may “fundamentally affect [his] future career and whether [he] can even go on staying living here in this country”.
“The establishment are trying to force me out of the UK by closing my bank accounts,” the caption read.
In a second Twitter video, he said he had been rejected from having bank accounts by nine different companies.
He said NatWest, the owner of Coutts, offered him an account after his announcement last week, but it was not suitable because it was a personal and not a business account.
MR Farage claimed banks did not want him as a customer due to him being a “politically exposed person“, or PEP.
A PEP is someone who holds or has held public office and therefore may be more susceptible to bribery or corruption.
• BBC claims Farage didn’t have enough money
On 4 July, a BBC report claimed the bank did not want his custom because he did not have enough money in his accounts.
The prestigious private bank requires clients to have at least £1m in investments or borrowing – including a mortgage – or £3m in savings.
The BBC reported that Mr Farage’s political opinions were not a factor in the decision.
But it turned out this wasn’t the case.
Pic: AP
• Coutts’ dossier on Farage
After Coutts first told him they were cutting ties, Mr Farage submitted a subject access request to them.
He then received a 40-page document detailing all of the evidence Coutts accumulated about him to feed back to its Wealth Reputational Risk Committee.
It revealed staff at the bank spent months compiling evidence on the “significant reputational risks of being associated with him”.
The main risks were:
- Reputational – as Mr Farage is “high profile” and “actively courts controversy”
- Financial crime – due to “alleged Russia connections”
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Farage: ‘I was shocked with the vitriol’
The document – reported on 18 July – suggested the move was taken partly because his views did not align with the firm’s “values”, including his position on LGBTQ+ rights and friendship with former US president Donald Trump.
Ultimately it concluded the Mr Farage’s views were “at odds with our position as an inclusive organisation”.
Prime Minister Rishi Sunak commented on the issue, tweeting: “This is wrong. No one should be barred from using basic services for their political views. Free speech is the cornerstone of our democracy.”
Read more:
Minister summons bank bosses after Farage account closure
Nigel Farage on ‘vitriol’ in Coutts’ dossier
• The BBC apologises
On 24 July, the BBC issued an apology to Mr Farage over the story “which turned out not to be accurate”.
In a statement, the broadcaster said: “We acknowledge that the information we reported – that Coutts’ decision on Mr Farage’s account did not involve considerations about his political views – turned out not to be accurate and have apologised to Mr Farage.”
• NatWest boss resigns
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NatWest boss resigns over Farage row
NatWest chief executive Dame Alison Rose resigned on 26 July after admitting to being the source of an inaccurate story about Mr Farage’s bank account.
The resignation was expected in the wake of briefings by Downing Street that she had lost the confidence of the prime minister and chancellor.
It came after she apologised to Mr Farage for the “deeply inappropriate comments” made about him in documents prepared for the company’s wealth committee.
She said the remarks “did not reflect the view of the bank”, which has now offered him “alternative banking arrangements”.
• 10 banks turned down Farage after Coutts closure
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Farage: ’10 banks turned me down’
Speaking to Sky News after Dame Alison’s resignation, Mr Farage said 10 banks had turned him down after Coutts decided to close his account.
The former Brexit Party leader would not name the banks, but said: “I don’t want to take on the whole industry.”
“You can’t exist in the world without a bank account,” he said. “You effectively become a non-person.”
• What could happen next?
Banks face a Treasury clampdown in the wake of the row over Mr Farage’s account.
Lenders will be forced to give customers three months’ notice of account closures and to provide a full explanation of the reasons under reforms expected to be unveiled soon, Sky News understands.
Politics
Met Police launches investigation into suspended Reform MP Rupert Lowe over ‘verbal threats’
The Metropolitan Police has launched an investigation into suspended Reform MP Rupert Lowe.
It comes after the party revealed they had referred him to police and stripped him of the whip on Friday, alleging he made “verbal threats” against chairman Zia Yousaf – which Mr Lowe denies.
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A spokesperson for the Met told Sky News they have now launched an investigation “into an allegation of a series of verbal threats made by a 67-year-old man”.
They added: “Our original statement referred to alleged threats made in December 2024. We would like to clarify that when this matter was reported to us, it referred to a series of alleged threats made between December 2024 and February 2025.
“Further enquiries are ongoing at this stage.”
In response to the update, Mr Lowe said he was unaware of the specific allegations but denied wrongdoing.
“I have instructed lawyers to represent me in this matter,” he said.
“My lawyers have made contact with the Met Police, and have made them aware of my willingness to co-operate in any necessary investigation.
“My lawyers have not yet received any contact from the police. It is highly unusual for the police to disclose anything to the media at this stage of an investigation.
“I remain unaware of the specific allegations, but in any event, I deny any wrongdoing.
“The allegations are entirely untrue.”
Why was Rupert Lowe suspended?
In a statement on Friday, Reform claimed it had received evidence from staff of “derogatory and discriminating remarks made about women” by Mr Lowe, 67, who was elected to his Great Yarmouth seat last year.
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Reform UK row: Who said what?
The statement also claimed Mr Lowe had “on at least two occasions made threats of physical violence” against Mr Yusuf and “accordingly, this matter is with the police”.
Mr Lowe denied the claims, describing them as “vexatious” and said it was “no surprise” that it had come a day after he raised “reasonable and constructive questions” about Reform leader Nigel Farage.
In an interview with the Daily Mail on Thursday, Mr Lowe had said Reform remains a “protest party led by the Messiah” under the Clacton MP.
Asked whether he thought the former UKIP leader had the potential to become prime minister, as his supporters have suggested, Mr Lowe said: “It’s too early to know whether Nigel will deliver the goods. He can only deliver if he surrounds himself with the right people.”
Read More:
The Reform row: What has happened and what has been said?
He also claimed that he was “barely six months into being an MP” himself and “in the betting to be the next prime minister”.
War of words escalates
Those words could have struck a nerve with Mr Farage after Elon Musk, the Tesla and Space X billionaire who has become one of Donald Trump’s closest allies, suggested the Reform leader “doesn’t have what it takes” and that Mr Lowe should take over.
The pair launched bitter personal attacks on each other in articles for the Sunday Telegraph, with Mr Farage accusing Mr Lowe of falling out with all his fellow Reform MPs due to “outbursts” and “inappropriate” language.
He also quoted Labour minister Mike Kane, who said after a confrontation with Mr Lowe in the Commons that his anger “showed a man not in charge of his own faculties”.
In his article, Mr Lowe repeated his claim there is no credible evidence against him, said he was the victim of a “witch hunt” and the Reform UK leadership was unable even to accept the most mild constructive criticism.
US lawmakers are set for a heated debate on stablecoin regulation, with key industry leaders expected to outline their vision for the future of digital asset oversight.
Charles Cascarilla, co-founder and CEO of stablecoin issuer Paxos, is scheduled to testify before the House Financial Services Committee, where he will urge lawmakers to establish “cross-jurisdictional reciprocity” in stablecoin regulations.
In his prepared testimony, Cascarilla flagged concerns about the existing hurdles in the adoption of Paxos’ Global Dollar (USDG) stablecoin due to it being issued via a regulated affiliate in Singapore.
“We fear that products like Paxos’ Global Dollar (USDG) stablecoin, issued by a regulated affiliate in Singapore, will languish while departments and agencies make their determinations,” Cascarilla wrote in his speech.
US must act to prevent regulatory stablecoin arbitrage
Cascarilla recommended US lawmakers strengthen the current “international reciprocity language” to include clearly defined, accelerated timelines for the US Treasury Department to designate overseas jurisdictions for stablecoin regulation.
“This timeframe would force swift action and prevent bureaucratic delays while guaranteeing thorough scrutiny of foreign regulatory regimes,” the executive said.
Cascarilla emphasized that potential delays in applying such action would be a major hurdle in the adoption and distribution of stablecoins like USDG in the US as well as cross-border operations.
“Reciprocity is not about lowering standards — it’s about raising them globally,” Cascarilla said, adding:
“By establishing a framework to recognize jurisdictions with comparable regulatory regimes — covering reserve requirements, AML measures and cybersecurity protocols — the United States can prevent regulatory arbitrage, where issuers exploit lax oversight abroad.”
Paxos stablecoins were deemed non-compliant in the EU
Cascarilla’s remarks come amid some Paxos-issued stablecoins facing compliance issues in the European Union following the enforcement of its crypto regulation framework, Markets in Crypto-Assets (MiCA).
Since the MiCA framework went into full force in December 2024, multiple crypto asset service providers in the EU — including Crypto.com and Coinbase — have announced the delistings of Paxos stablecoins, including Pax Dollar (PAX) and Pax Gold (PAXG).
While Paxos’ Cascarilla is now calling for the US to take urgent action in forcing a global framework for stablecoin issuers that are regulated outside of the US, some industry CEOs have urged all stablecoin firms to get regulated domestically instead.
In February, Circle co-founder Jeremy Allaire argued that all dollar-based stablecoin issuers should register in the US, citing consumer protection and fair competition in the crypto market. He stated:
“Whether you are an offshore company or based in Hong Kong, if you want to offer your US dollar stablecoin in the US, you should register in the US just like we have to go register everywhere else.”
Issued and regulated in the US, Circle’s USDC (USDC) stablecoin was officially approved as the first MiCA-compliant stablecoin in 2024.
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The X account of Meteora co-founder Ben Chow was reported to have been hacked after it posted a tweet reigniting the controversy around the launch of the Libra (LIBRA), Melania Meme (MELANIA) and Official Trump (TRUMP) memecoin tokens that ultimately led to his resignation.
On March 11, Chow’s X account posted an “official statement” about his departure from Meteora. The post called out DefiTuna founders Vlad Pozniakov and Dhirk, claiming the duo’s sole intention was to extract the maximum funds possible from various memecoin token launches, including MELANIA, Mates (MATES) and a Raydium launch.
“As a long time Solana builder, the reason I stepped down is because I am far too trusting for how parasitic the memecoin space is.”
Source: Ben Chow (Deleted post)
The controversial memecoin plot thickens for Meteora
However, Meteora’s official X account flagged the post as fraudulent, claiming that Chow’s X account was compromised and urged users to refrain from clicking on any links.
Chow did not respond to Cointelegraph’s request for comment. The fraudulent tweet has since been deleted after the account was recovered by Meteora.
Chow’s message contained alleged screenshots of WhatsApp conversations between Kelsier Ventures CEO Hayden Davis, Kelsier Ventures’ chief operating officer Gideon Davis, and Pozniakov discussing the MATES token, where one was quoted saying: “Yeah fellas tbh we are trying to max extract on this one.”
The legitimacy of the conversations could not be verified.
Source: Meteora
Meteora co-founder Zen, who has since taken up the role of CEO, said that Meteora’s X account was also compromised along with Chow’s:
“It’s true that someone gained access momentarily to our Meteora X account. We’ve since reset the account and now verifying.”
Investors were advised against clicking on any links shared from the accounts to avert financial losses.
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Implications of memecoin speculation in Argentine politics
Argentine President Javier Milei is facing calls for impeachment after endorsing a Solana-native LIBRA token. Milei’s endorsement caused the token’s value to surge from near zero to $5, briefly reaching a $4 billion market capitalization.
However, a massive sell-off event followed that caused LIBRA’s value to drop rapidly, wiping out millions in investor funds in the process.
Milei dismissed rug pull allegations, claiming that he regularly promotes business projects as part of his free-market philosophy. His endorsement of the KIP Protocol, the developers behind LIBRA, was a part of the broader policy.
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