[[unbanking]] [[debanking]]

!factcheck "this is hilarious. Harris admin flunkies try and pretend there's no systematic unbanking. meanwhile every crypto representative on the call says they've been unbanked. reset going great!"

The terms "unbanking" and "debanking" refer to the practice of banks closing the accounts of individuals or businesses perceived as posing a financial, legal, regulatory, or reputational risk. Here are key points related to debanking:

1. **Definition**: Debanking is the closure of bank accounts by banks that view the account holders as risky. This can be due to various reasons such as legal, financial, regulatory, or reputational concerns[1][2].

2. **Examples and Impact**:
- The practice has been observed in various countries, including the UK, the US, and Canada, with instances of banks closing accounts of individuals and businesses for reasons such as political beliefs, association with certain industries (e.g., cryptocurrency, adult entertainment), and ethnic background[1][4][5].
- In the UK, there has been a significant increase in debanking, with banks closing nearly 1,000 accounts daily in 2022, compared to about 45,000 in 2017[1].
- Debanking can have severe consequences, including financial ostracization and difficulty accessing essential financial services[3][4][5].

3. **Legal and Ethical Concerns**:
- There are concerns about the lack of transparency and the potential for discrimination in debanking practices. Banks often do not provide reasons for closing accounts, making it difficult for affected individuals and businesses to appeal the decision[3][5].
- The practice raises ethical questions about access to banking services and the impact on marginalized communities and free speech[4][5].

4. **Regulatory Actions**:
- In the UK, the Financial Conduct Authority (FCA) has investigated debanking practices and found that most account closures were due to commercial reasons rather than political beliefs. However, there are ongoing debates and calls for stricter regulations[1][4].
- Proposed regulations aim to require banks to give at least 90 days' notice before closing an account and to provide clear explanations for their decisions[4].

In summary, debanking is a growing concern that affects individuals and businesses perceived as risky by banks, often without clear explanations or opportunities for appeal. The practice raises ethical and legal questions about access to banking services and the potential for discrimination.

is it targeted at crypto entrepreneurs

is debanking targeted at crypto entrepreneurs