Brexit: ‘We don’t want to diverge’ from EU, says Sir Keir Starmer

Published

2 years ago

September 22, 2023

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Sir Keir Starmer has declared “we don’t want to diverge” from EU rules in footage of a conference of centre-left leaders in Canada seen by Sky News.

The Labour leader went beyond his usual cautious formulations on Britain’s relationship with the EU at an event on Saturday alongside the Norwegian prime minister, Jonas Gahr Store.

Sir Keir argued that Britain’s relationship with the EU could be much stronger, while still remaining outside the bloc and outside the single market, “the more we share a future together”.

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The comments surprised EU diplomats, who believe they are significant.

Leading expert Charles Grant, director of the Centre for European Reform, said that the comments go further than what Sir Keir has said previously, and that Brexiteers might question the point of leaving the EU if the UK does not significantly deregulate.

This is likely to trigger a discussion about the nature of a relationship with the EU and questions from some about whether Britain can maximise the advantages of Brexit if it is largely following EU rules.

The comments are likely to be welcomed by some businesses who do not want to have to operate under multiple sets of rules. However, others who feel held back by EU bureaucracy are set to be disappointed.

The remarks were made on Saturday evening. Sir Keir was responding to a question from John McTernan, a former aide to Sir Tony Blair, at a conference for progressive leaders in Montreal.

“Most of the conflict with the UK being outside of the UK [sic] arises in so far as the UK wants to diverge and do different things to the rest of our EU partners,” the Labour leader said.

“Obviously the more we share values, the more we share a future together, the less the conflict. And actually different ways of solving problems become available.

“Actually we don’t want to diverge, we don’t want to lower standards, we don’t want to rip up environmental standards, working standards for people that work, food standards and all the rest of it.

“So suddenly, you’re in a space where, notwithstanding the obvious fact that we’re outside the EU and not in the [European Economic Area], there’s a lot more common ground than you might think.”

He said there were a lot of shared values and history with the EU, and that on security issues, and NATO, it was good that the conflict in Ukraine brought institutions together – “that has created a wider space in Europe for a discussion.”

Last week, Sir Keir shut down speculation he might join an EU quota system on migrants after he said he would talk to the bloc about a migrant returns deal.

These comments go much further than Sir Keir went in an interview with the Financial Times on Monday, when he reconfirmed that he would negotiate a better deal with the EU.

Almost everyone recognises the deal Boris Johnson struck is not a good one – “it’s far too thin”, Sir Keir said in an interview, adding: “As we go into 2025 we will attempt to get a much better deal for the UK.”

Mr Grant, who is one of the foremost experts in UK and EU relations, said the comments were new.

“I think if Keir Starmer wants to get the best deal with the prime minister, he’s going to have to prepare the ground, which is why he saw Emmanuel Macron last week, why he probably said some comments when he was in Montreal that were quite interesting,” he said.

“Because he’s trying to soften up the other world leaders, so they know what to expect when he becomes prime minister if he does.”

Next week, Mr Grant and the CER think tank will publish “a European strategy for Labour.”

Asked if he was surprised by Sir Keir’s comments, he said: “I don’t know whether it was intended or not, and maybe it just slipped out late on the Saturday evening.

“The fact that he hasn’t said anything quite similar in the UK is perhaps telling. Maybe what he thinks is that we shouldn’t diverge too much with the EU because he understands instinctively that it’s actually bad for businesses.”

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Asked if keeping EU rules would undermine the rationale of Brexit, Grant replied: “I think that some of the Brexiteers have a point.

“The only economic case really that backs up Brexit is the idea of Singapore-on-Thames. The idea that if you do leave the EU, you are free to have your own rules.”

Sky News approached Labour HQ ahead of publication.

“We’ve left the European Union and we’re not going back in any form,” a party spokesperson said.

“We don’t support dynamic alignment. We’re not joining the single market or the customs union. We will not be in a situation where we are a rule taker.

“Any decisions on what standards we follow will be made in the UK parliament.

“The Tories have not used Brexit to diverge on food, environmental or labour standards and if they have a plan to do so then they should come clean with people.”

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Trump tariffs squeeze already struggling Bitcoin miners — Braiins exec

Published

5 hours ago

April 4, 2025

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Trump tariffs squeeze already struggling Bitcoin miners — Braiins exec

The new trade tariffs announced by US President Donald Trump may place added pressure on the Bitcoin mining ecosystem both domestically and globally, according to one industry executive.

While the US is home to Bitcoin (BTC) mining manufacturing firms such as Auradine, it’s still “not possible to make the whole supply chain, including materials, US-based,” Kristian Csepcsar, chief marketing officer at BTC mining tech provider Braiins, told Cointelegraph.

On April 2, Trump announced sweeping tariffs, imposing a 10% tariff on all countries that export to the US and introducing “reciprocal” levies targeting America’s key trading partners.

Community members have debated the potential effects of the tariffs on Bitcoin, with some saying their impact has been overstated, while others see them as a significant threat.

Tariffs compound existing mining challenges

Csepcsar said the mining industry is already experiencing tough times, pointing to key indicators like the BTC hashprice.

Hashprice — a measure of a miner’s daily revenue per unit of hash power spent to mine BTC blocks — has been on the decline since 2022 and dropped to all-time lows of $50 for the first time in 2024.

According to data from Bitbo, the BTC hashprice was still hovering around all-time low levels of $53 on March 30.

“Hashprice is the key metric miners follow to understand their bottom line. It is how many dollars one terahash makes a day. A key profitability metric, and it is at all-time lows, ever,” Csepcsar said.

He added that mining equipment tariffs were already increasing under the Biden administration in 2024, and cited comments from Summer Meng, general manager at Chinese crypto mining supplier Bitmars.

“But they keep getting stricter under Trump,” Csepcsar added, referring to companies such as the China-based Bitmain — the world’s largest ASIC manufacturer — which is subject to the new tariffs.

Trump’s latest measures include a 34% additional tariff on top of an existing 20% levy for Chinese mining imports. In response, China reportedly imposed its own retaliatory tariffs on April 4.

BTC mining firms to “lose in the short term”

Csepcsar also noted that cutting-edge chips for crypto mining are currently massively produced in countries like Taiwan and South Korea, which were hit by new 32% and 25% tariffs, respectively.

“It will take a decade for the US to catch up with cutting-edge chip manufacturing. So again, companies, including American ones, lose in the short term,” he said.

Csepcsar also observed that some countries in the Commonwealth of Independent States region, including Russia and Kazakhstan, have been beefing up mining efforts and could potentially overtake the US in hashrate dominance.

“If we continue to see trade war, these regions with low tariffs and more favorable mining conditions can see a major boom,” Csepcsar warned.

As the newly announced tariffs potentially hurt Bitcoin mining both globally and in the US, it may become more difficult for Trump to keep his promise of making the US the global mining leader.

Trump’s stance on crypto has shifted multiple times over the years. As his administration embraces a more pro-crypto agenda, it remains to be seen how the latest economic policies will impact his long-term strategy for digital assets.

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Malta regulator fines OKX crypto exchange $1.2M for past AML breaches

Published

5 hours ago

April 4, 2025

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Malta regulator fines OKX crypto exchange .2M for past AML breaches

Cryptocurrency exchange OKX is under renewed regulatory scrutiny in Europe after Maltese authorities issued a major fine for violations of Anti-Money Laundering (AML) laws.

Malta’s Financial Intelligence Analysis Unit (FIAU) fined Okcoin Europe — OKX’s Europe-based subsidiary — 1.1 million euros ($1.2 million) after detecting multiple AML failures on the platform in the past, the authority announced on April 3.

While admitting that OKX has significantly improved its AML policies in the past 18 months, the authority “could not ignore” its past compliance failures from 2023, “some of which were deemed to be serious and systematic,” the FIAU notice said.

OKX was among the first crypto exchanges to receive a license under Europe’s new Markets in Crypto-Assets (MiCA) regulation via its Malta hub in January 2025.

The news of the $1.2 million penalty in Malta came after Bloomberg in March reported that European Union regulators were probing OKX for laundering $100 million in funds from the Bybit hack.

Bybit CEO Ben Zhou previously claimed that OKX’s Web3 proxy allowed hackers to launder about $100 million, or 40,233 Ether (ETH), from the $1.5 billion hack that occurred in February.

This is a developing story, and further information will be added as it becomes available.

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US court fines UAE crypto firm CLS Global $428K for wash trading

Published

6 hours ago

April 4, 2025

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US court fines UAE crypto firm CLS Global 8K for wash trading

Authorities in the US state of Massachusetts continue targeting unlawful cryptocurrency market practices, with a local court fining crypto financial services firm CLS Global.

A federal court in Boston on April 2 sentenced CLS Global on criminal charges related to fraudulent manipulation of crypto trading volume, according to an announcement from the Massachusetts US Attorney’s Office.

In addition to a $428,059 fine, the court prohibited CLS Global from offering services in the US for a probation period of three years.

CLS Global, a crypto market maker registered in the United Arab Emirates, in January pleaded guilty to one count of conspiracy to commit market manipulation and one count of wire fraud.

CLS agreed to manipulate the FBI’s “trap token” NexFundAI

The charges against CLS Global followed an undercover law enforcement operation involving NexFundAI, a token created by the FBI as part of a sting operation in May 2024.

CLS Global was among at least three firms that took the FBI’s bait and agreed to provide “market maker services” for NexFundAI, including a fraudulent scheme to attract investors to purchase the token.

In October 2024, the Securities and Exchange Commission announced fraud charges against CLS and its employee, Andrey Zhorzhes. The US securities regulator also filed complaints against two other NexFundAI manipulators, Hong Kong-linked ZM Quant Investment and Russia-linked Gotbit Consulting.

CLS Global’s profile

According to CLS Global CEO Filipp Veselov, the company was founded in 2017 to fill in a “huge gap in the market for high-quality market-making solutions and trading consulting.”

Prior to CLS, Veselov worked at the Russian cryptocurrency exchange platform Latoken, which is advertised as a “global digital asset exchange” and has about 370,000 followers on X.

The CLS team also includes chief revenue officer Pavel Singaevskii, who previously served as sales manager at Stex, a crypto platform that reportedly ceased operations without warning in 2023.

US court fines UAE crypto firm CLS Global $428K for wash trading — *Source:* *CLS Global*

According to CLS Global’s X page, the platform continues operating and has more than 110,000 followers at the time of publication.

How much wash trading is in crypto?

Wash trading is an illegal practice involving artificially inflating trading volume by repeatedly buying and selling the same asset, generating a misleading perception of demand.

According to a January 2025 report by the US blockchain analytics firm Chainalysis, the crypto market has at least $2.6 billion in estimated wash traded volumes, or just about 2% of total daily crypto trading volumes, as reported by CoinGecko.

Some studies indicate that wash trading makes up a bigger share of the crypto market.

In 2022, the US National Bureau of Economic Research reported that illegal wash trading may account for as much as 70% of average trading volumes on unregulated exchanges.

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