Tory MP Natalie Elphicke defects to Labour Party
Conservative MP Natalie Elphicke has defected to the Labour Party.
The Dover MP said the change in the Tory Party since she entered parliament in 2019 “has been dramatic and cannot be ignored”.
She hit out at the “broken promises of Rishi Sunak’s tired and chaotic government”, adding that Labour “looks to the future – to building a Britain of hope, optimism, opportunity and fairness”.
Mrs Elphicke is the second Tory MP to move to the Labour Party in 11 days after former minister Dan Poulter defected to the opposition.
Part-time NHS doctor Dr Poulter said he could no longer look his NHS colleagues and patients in the eye and remain a Conservative.
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Tory MP crosses the floor to Labour benches
Mrs Elphicke “crossed the floor” to the Labour benches moments before Prime Minister’s Questions started on Wednesday at midday, with Tory MPs seen pointing at her.
She previously announced she will not be standing in the next general election.
Sir Keir welcomed her to the party in his opening remarks at PMQs.
In a statement announcing her decision, she said the key deciding factors for switching have been “housing and the safety and security of our borders”.
She said the Conservative Party in 2019 “occupied the centre ground of British politics” and was about “building the future and making the most of the opportunities that lay ahead for our country”.
“Since then, many things have changed,” she added.
“The elected prime minister was ousted in a coup led by the unelected Rishi Sunak.
“Under Rishi Sunak, the Conservatives have become a byword for incompetence and division.
“The centre ground has been abandoned and key pledges of the 2019 manifesto have been ditched.”
She said the Labour Party has also “changed out of all recognition” since then, moving on from Jeremy Corbyn and “under Keir Starmer, occupies the centre ground of British politics”.
“It has accepted Brexit and its economic policies and defence policies are responsible and can be trusted,” she said.
Natalie Elphicke with her ex-husband and former Tory Dover MP Charlie Elphicke, who was imprisoned for two years for sexual assault
Mrs Elphicke has previously been highly critical of Sir Keir, hitting out at him for “ignoring the small boats crisis” in January 2023.
In April last year she wrote an article saying voters should not trust Labour on immigration – one of the key factors she said she was defecting for.
The arrival of asylum seekers in small boats is a major issue in her constituency, with most stepping onto British soil in Dover.
Mrs Elphicke won her seat with 56.9% of the vote after deciding to stand in Dover following her now ex-husband, Charlie Elphicke, being suspended from the Conservative Party and not standing for re-election when he was charged with three counts of sexual assault against two women.
He was found guilty of all counts and sentenced to two years in prison.
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KuCoin announced an exclusive multiyear deal with Tomorrowland Winter and Tomorrowland Belgium from 2026 to 2028, making the exchange the music festival’s exclusive crypto and payments partner.
The move comes just weeks after KuCoin secured a Markets in Crypto-Assets Regulation (MiCA) service provider license in the European Union.
KuCoin’s MiCA play goes mass‑market
KuCoin EU Exchange recently obtained a crypto asset service provider license in Austria under the EU’s MiCA regime, giving it a fully regulated foothold in the bloc as Brussels’ new rulebook for exchanges, custody and stablecoins comes into force.
The Tomorrowland deal signals how KuCoin plans to use that status, not just to run a compliant trading venue, but to plug crypto rails directly into mainstream culture.
KuCoin said the Tomorrowland deal will cover Tomorrowland Winter 2026 in Alpe d’Huez, France, and Tomorrowland Belgium 2026 in Boom, Belgium, with the same arrangement continuing through 2028.
Related: Burning Man-inspired festival in Bali goes full Web3: Here’s how
From sponsorship to payment rails
KuCoin insists this is not just a logo play. A spokesperson at KuCoin told Cointelegraph that as an exclusive payments partner, the exchange is working with Tomorrowland to weave crypto into the festival’s existing payments stack so that “financial tools” sit behind the scenes of ticketing, merch and food and drink.
The stated goal is to keep the rails “intuitive and invisible,” rather than forcing festivalgoers through clunky wallets or unfamiliar flows, with KuCoin positioning itself as facilitating the secure and efficient movement of value while fans focus on the music.
The company declined to spell out exactly which assets and rails will be supported on‑site, or whether every purchase will run natively onchain, but said that KuCoin’s “Trust First. Trade Next.” mantra runs through its messaging.
The spokesperson stressed advanced security, multi‑layer protection and adherence to EU standards as the foundation for taking crypto beyond the trading screen and into live events.
Related: What is Markets in Crypto-Assets (MiCA)?
Learning from FTX’s Tomorrowland flop
Tomorrowland’s organizers have been here before. In 2022, the festival announced a Web3 partnership with FTX Europe that promised NFTs and “the future of music festivals” before collapsing along with the exchange itself months later.
That experience makes the choice of a MiCA‑licensed partner, and the emphasis on user protection, more than cosmetic; it is a second attempt at bridging culture and crypto (this time with regulatory scaffolding and clearer guardrails).
Rather than setting public hard targets for user numbers or payment volumes by 2028, KuCoin is pitching success as “seamless integration” of crypto into the festival experience:
“We aim to demonstrate that digital assets can be a core component of global digital finance, moving from a niche technology to a mainstream utility. “
Related: Spain’s regulator sets out MiCA transition rules for crypto platforms
Screenshots of an internal email outlining plans to wind down Shima Capital have surfaced online, days after the US Securities and Exchange Commission sued the crypto venture firm and its founder over allegations of investor fraud.
On Nov. 25, the SEC charged Shima Capital Management LLC and its founder, Yida Gao, with making false and misleading statements while raising almost $170 million from investors, the agency announced on Dec. 3.
The complaint, filed in the US District Court for the Northern District of California, alleged that Gao inflated his investment track record in marketing materials used to raise capital for Shima Capital Fund I between 2021 and 2023.
According to the SEC, Gao claimed one prior investment had delivered a 90x return, when the actual return was closer to 2.8x. The regulator also alleged that when discrepancies in the pitch deck were about to be reported publicly, Gao told investors the issues were the result of clerical errors.
SEC alleges $1.9 million undisclosed gain
Separately, the SEC claimed that Gao raised about $11.9 million through a special purpose vehicle tied to BitClout tokens, telling investors that they would be protected by discounted token purchases. While Gao did acquire tokens at a discount, the SEC said he sold them to the SPV at a higher price without disclosing that he personally retained about $1.9 million in profits.
Related: Crypto fundraising sets new record of $3.5B in a single week
In a Wednesday post on X, crypto journalist Kate Irwin shared screenshots of an email allegedly sent by Gao to portfolio founders. In the screenshots, Gao purportedly said he would step down as managing director of Shima Capital and that the fund would undergo an “orderly wind-down.”
The screenshots purportedly show Gao stating that the SEC and Department of Justice actions are related to his personal conduct, not that of Shima Capital’s portfolio companies, and claiming that no fines have been imposed on the company.
The screenshots also show that independent advisers from FTI Consulting and FTI Capital Management would oversee the wind-down process and monetization of investments, while Shima’s finance team would remain in place. Gao allegedly said he would remain involved with portfolio support “as permitted,” but without management control.
Cointelegraph could not independently verify the email. We reached out to Shima Capital and some of the fund’s portfolio companies for confirmation, but had not received responses at the time of publication.
Related: A beginners guide on raising funds using cryptocurrencies
Shima Capital launched with $200 million debut fund
In 2022, Shima Capital announced the launch of its first venture fund, Shima Capital Fund I, raising $200 million to back early-stage blockchain startups. Founded in 2021 by Gao, the firm said the fund received backing from a range of prominent investors, including Dragonfly Capital, Animoca Brands, OKX Blockdream Capital, Republic and Andrew Yang.
Shima Capital has invested in numerous crypto projects, including Humanity Protocol, Berachain, Monad, Pudgy Penguins, Shiba Inu and many others.
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