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This 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.

Completely 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-blac...

Of course it's true. You just haven't run into it.

PS. I am in the EU. What kind of argument is that, anyway?

Please explain.

Definitely in the EU (my own experience), and most probably in UK...