I have changed to the text area to the editor but editor options are not displaying on the edit profile page: https://www.awesomescreenshot.com/image/3922928/978db7d99c75182697444beee05f3c41
I have just tried in your staging site and works, see screenshot.
Joomla load the default editor for guests (you can set the public features from Extensions->Plugins->Tiny MCE), but if a user have a preferred editor then it load the user editor
You can add following CSS code
.privacy_policiesValue {height:100px;overflow:hidden;position:relative;}
.privacy_policiesValue:before{
content:"";
width:100%;
height:100%;
position:absolute;
left:0px;
top:0px;
background:linear-gradient(transparent, white);
}
.privacy_policiesValue .readmoretext{
content:"Read More" !important;
position:absolute;
right:5px;
bottom:5px;
text-align:right;
cursor:zoom-in;
}
.privacy_policiesValue.more{height:auto;}
.privacy_policiesValue.more:after,.privacy_policiesValue.more:before,.privacy_policiesValue.more .readmoretext{display:none !important;}
and following Javascript code
jQuery(document).ready(function(){
jQuery('.privacy_policiesValue').append('<span class="readmoretext">Read More</span>');
jQuery('.readmoretext').click(function(){jQuery('.privacy_policiesValue').addClass('more');});
});