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It was but three hours after the prime minister published his emergency Rwanda legislation and issued a “unite or die” plea to his parliamentary party that his immigration minister gave his answer, and quit government. 

Rishi Sunak’s once close ally, Robert Jenrick, apparently didn’t want to unite and issued a resignation letter that clearly warned the prime minister that his policy was about to die.

He called the bill the PM was proposing “a triumph of hope over experience” as he warned that the “stakes for the country were too high for us to not pursue stronger protections required to end the merry-go-round of legal challenges”.

Reaction as immigration minister quits over Rwanda bill
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The Tories are a party fearing “electoral oblivion”, with many MPs believing any chance of survival has to rest on those planes getting off the ground next April.

The question now is what happens to the prime minister as he confronts the biggest crisis he has faced by a country mile.

With his party deeply divided over how to proceed with the emergency laws, Mr Sunak has unleashed a vicious backlash on the right of the party, with not one, but two, leaders in Suella Braverman and Mr Jenrick.

More on Conservatives

There are up to 100 MPs in the right wing groups, such as the ERG, the New Conservatives, the Common Sense Group, who met this week to discuss strategy as they sought to press the PM to pull out of the European Court of Human Rights (ECHR) – the step they believe necessary to start the flights.

And while not all of them are willing to rebel, one figure with understanding of the factions and followings of this side of the party thinks there are 30 or so MPs willing to back Ms Braverman – enough to sink Mr Sunak’s majority.

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Rwanda treaty ‘ends merry-go-round’

As for the mood, it’s sulphurous. I’m told that Mr Jenrick went AWOL after saying the bill didn’t go far enough, even though, as two sources told me, Number 10 had the lawyers the immigration minister had been consulting saying it did.

But in a sign of the growing animosity, a source close to Mr Jenrick said: “This is completely untrue. They were presented with respectable legal arguments for strengthening the bill but made the political choice not to go further.

“They were uber cautious, and as a result the bill won’t work.”

It all adds to the sense that there are a group on the right of the party ready to blow this prime minister up, with eyes, not on the general election, but what comes next for the Conservative Party.

Even those who are backing the PM’s approach last night admitted the real chance of defeat, saying: “He will be hoping that the co-ordinated nature of this might bind the rest of the party together, but there are enough of them to defeat the bill, [and] at this stage of the parliament that would be a very big challenge.”

The second reading of this bill looks set to be next Tuesday, and between now and then Mr Sunak has the fight of his political career on his hands to convince the bulk of MPs on the right of the party that the legality of this bill will work and get flights off the ground.

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Conservative MP Danny Kruger says Tories must ‘unite’

The plan of attack was laid out in the PM’s letter to Mr Jenrick on Wednesday night, where he told his former friend that his departure from government was “based on a fundamental misunderstanding of the situation”.

A letter for Mr Jenrick’s supporters rather than the man himself, Mr Sunak said his emergency legislation would work because it “makes clear parliament deems Rwanda safe and no court can second guess that”.

The PM’s letter added: “It misapplies relevant parts of the Human Rights Act and makes clear it is for a minister to decide whether or not to comply with temporary injections by the European Court of Human Rights”.

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Mr Sunak also said Rwanda wouldn’t accept the scheme if it could be considered in breach of our international law – so what Mr Jenrick wants is a non-starter.

Two sides then at war, a sitting prime minister and the woman – and man – that would succeed him.

Over the next few days, it will be a battle for the hearts and minds of MPs as the PM’s team frantically tries to convince MPs that his plan will work and to stay the course.

It is a battle he has to win.

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Trump tariffs squeeze already struggling Bitcoin miners — Braiins exec

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Trump tariffs squeeze already struggling Bitcoin miners — Braiins exec

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.

Trump tariffs squeeze already struggling Bitcoin miners — Braiins exec

Bitcoin hashprice since late 2013. Source: Bitbo

“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.

Trump tariffs squeeze already struggling Bitcoin miners — Braiins exec

Source: Summer Meng

“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.

Trump tariffs squeeze already struggling Bitcoin miners — Braiins exec

Source: jmhorp

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.

Related: Bitcoin mining using coal energy down 43% since 2011 — Report

“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.

Magazine: Bitcoin ATH sooner than expected? XRP may drop 40%, and more: Hodler’s Digest, March 23 – 29

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

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

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.

Magazine: Stablecoin for cyber-scammers launches, Sony L2 drama: Asia Express

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

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

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.

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

Estimated wash trade volume in crypto. Source: Chainalysis

Related: Russian Gotbit founder strikes $23M plea deal with US prosecutors

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.

Magazine: Financial nihilism in crypto is over — It’s time to dream big again

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