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An MP found guilty of racial abuse has announced he will stand down at the next election.

Bob Stewart, who has represented the London constituency of Beckenham since 2010, revealed his decision in a brief statement on X, formerly Twitter, which made no reference to the recent court case.

Following his conviction, the 74-year-old surrendered the Conservative whip while he considered a possible appeal.

He currently sits as an independent MP in the House of Commons.

Mr Stewart said in a post on the social media platform: “Serving Beckenham as its member of Parliament for 13 years has been an honour and privilege.

“I am incredibly grateful to everyone who has given me this opportunity.

“However, it is time for a new candidate, so I will not be seeking re-election at the next election.”

The geographical boundary of his Beckenham constituency is expected to be changed at the next general election following a review aimed at equalising population sizes across the seats at Westminster.

A new constituency of Beckenham and Penge has been proposed.

Earlier this month, Mr Stewart was found guilty at London’s Westminster Magistrates’ Court of racially abusing an activist by telling him to “go back to Bahrain”.

The former army officer, who served as a United Nations commander in Bosnia, was fined £600, with additional legal costs bringing the total to £1,435.

Stewart was found guilty of racially abusing Sayed Ahmed Alwadaei
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The MP was found guilty of racially abusing Sayed Ahmed Alwadaei

The court heard the MP had become involved in a confrontation with a protester outside the Foreign Office’s Lancaster House in Westminster in December 2022.

He had been attending an event hosted by the Bahraini embassy when Sayed Ahmed Alwadaei shouted: “Bob Stewart, for how much did you sell yourself to the Bahraini regime?”

During an ensuing row, Mr Stewart said: “Go away, I hate you. You make a lot of fuss. Go back to Bahrain.”

He also told Mr Alwadaei: “You’re taking money off my country, go away.”

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While highlighting Mr Stewart’s “immense positive character”, chief magistrate Paul Goldspring said: “I accept he is not racist per se, but that is not the case against him.

“Good men can do bad things.”

Mr Stewart told the court he was “not a racist” and that it had been “extremely offensive” for the demonstrator to suggest he was “corrupt”.

Referring to the charge, he said: “That’s absurd, it’s totally unfair, my life has been, I don’t want to say destroyed, but I am deeply hurt at having to appear in a court like this.”

Mr Stewart had argued his “honour was at stake in front of a large number of ambassadors”.

The military veteran, who was stationed in Bahrain in 1969, said he is a “friend” of the Middle Eastern country.

A crowdfunding page set up by Brendan Clarke-Smith, the Conservative MP for Bassetlaw, to cover Mr Stewart’s fine and any further legal costs has already raised more than £18,000.

Mr Stewart joins a growing list of Tory MPs who have announced they will not stand at the next general election, expected next year.

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Binance mulls new US strategy, CZ potentially reducing stake: Report

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Binance mulls new US strategy, CZ potentially reducing stake: Report

Binance, the world’s largest cryptocurrency exchange by trading volume, is considering a strategic reshuffling to strengthen its presence in the US market, a move that could see Binance co-founder Changpeng “CZ” Zhao’s majority stake in the company reduced.

Zhao’s controlling stake in Binance has been a “major hurdle” to the company expanding to strategically critical US states, according to Bloomberg, citing people familiar with the matter. Although no concrete plans have been announced, the conversation surrounding any potential action remains reportedly “fluid.” 

The company is also considering partnerships with US-based companies, including asset manager BlackRock and decentralized finance (DeFi) platform World Liberty Financial (WLFI), which is linked to US President Donald Trump, to strengthen its footprint in the country.

Rumors of Binance’s return to the US began to circulate in October after Trump pardoned Zhao, fueled by speculation from crypto industry executives and comments that Zhao made on social media.

“Will do everything we can to help make America the capital of crypto and advance Web3 worldwide,” Zhao said in October after the pardon.

Changpeng Zhao, United States, Binance
Source: CZ

In June 2019, Binance announced that it would stop serving US customers, and a separate company, called Binance.US and operated by BAM Trading Services, was formed to provide regulatory-compliant services to US users. 

In 2023, the US Securities and Exchange Commission alleged that Binance Holdings Ltd. operated both Binance.com and BAM Trading Services.

Binance.US does not feature crypto derivatives or access to the global Binance exchange’s liquidity and operates as a completely separate crypto exchange.

Cointelegraph reached out to Binance and Binance.US but did not receive a response by the time of publication.

The US is considered a key market for crypto exchanges and is ranked as the number two for global crypto adoption, according to Chainalysis’ 2025 Global Crypto Adoption Index. Expanding to the US would open up US liquidity to the world’s largest crypto exchange.

Changpeng Zhao, United States, Binance
Binance claims the top spot among centralized crypto exchanges in terms of trading volume. Source: CoinGecko

Related: Binance names co-founder Yi He co-CEO alongside Richard Teng

Several US lawmakers voice opposition to the CZ pardon and the crypto industry

Trump’s pardon of Zhao in October drew backlash from several Democratic Party lawmakers in the US, including Massachusetts Senator Elizabeth Warren and California Congresswoman Maxine Waters.

Waters said the pardon was a form of pay-to-play and accused Trump of doing political favors for the crypto industry that “helped line his pockets.”

Warren, who is one of the most vocal critics of the crypto industry, also criticized the pardon, characterizing it as “corruption.”  

The comments reflect pockets of resistance among some Democratic lawmakers to the crypto industry’s continued expansion in the US and could signal potential opposition to Binance returning to the US.

Magazine: Unstablecoins: Depegging, bank runs and other risks loom