Reform candidate quits and backs Tories – as Nigel Farage says some BNP supporters ‘gravitate’ to his party

Published

9 months ago

June 30, 2024

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A Reform UK candidate has disowned the party and is backing the Conservatives amid a row over racism.

Liam Booth-Isherwood, who was standing in the seat of Erewash, announced he was dropping out of the race and would instead be endorsing the Tory contender Maggie Throup to “stop Labour”.

He said he had become “increasingly disillusioned” with the behaviour of the party and accused leader Nigel Farage of not taking it seriously.

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It follows the controversy over a Reform canvasser who was caught making a racial slur about the prime minister in an undercover investigation.

Reform UK has also had to drop several election candidates because of racist remarks they have made.

Mr Booth-Isherwood said in a statement: “I am today announcing my decision to leave the Reform Party and have suspended my campaign as the Reform candidate for Erewash with immediate effect.

“Over the past few weeks, I have been increasingly disillusioned with the behaviour and conduct of Reform.

“Whilst I have campaigned alongside many decent, honest and hardworking people during the course of the General Election campaign in Erewash, the reports of widespread racism and sexism in Reform have made clear that there is a significant moral issue within certain elements of the party, and the failure of the party’s leadership to not only take this matter seriously, but also to fundamentally address it, has made clear to me that this is no longer a party I want to be associated with.

“As a result, I am announcing my endorsement of the Conservative Party candidate, Maggie Throup, for Erewash. Only she can stop Labour.”

Mr Farage has faced criticism from across the political divide for failing to tackle accusations of racism within Reform, which have engulfed the party in recent days.

On Sunday he insisted the “bad apples are gone” from the party and denied “fanning the flames” of prejudice.

The row centres on an undercover investigation by Channel 4 last week which showed Reform activist Andrew Parker using the racial slur “P***” to describe the prime minister, describing Islam as a “disgusting cult”, and saying the army should “just shoot” migrants crossing the Channel.

Another canvasser described the Pride flag as “degenerate” and suggested members of the LGBT community are paedophiles.

Reform UK withdrew support on Saturday from three candidates over racist remarks, including one who allegedly said black people should “get off [their] lazy arses” and stop acting “like savages”.

On Sunday Mr Farage defended his handling of the row, telling Sky News’ Sunday Morning with Trevor Phillips: “Political parties attract all sorts of people. I always think politics brings out the best and the worst in people and I am not fanning the flames of anything. I want unity in this country.”

Pressed on why his party seems to attract people who hold extremist views, the former UKIP leader claimed it was because he had driven the British Nationalist Party (BNP) “out as an electoral force”.

“Ironically, destroying the BNP means people who are minded that way don’t any longer have a home to go to, and so some will gravitate in our direction,” he added.

He went on to say that “anybody who has a racist point of view, I don’t want to know”.

He added: “I want to live, Trevor, in a country that is literally colour-blind. I couldn’t care less what colour you are. I’m not interested in what sexuality you have. Let’s treat everybody equally. That is my agenda.”

‘Bad apples gone from Reform’

Speaking later, to a crowd of 5,000 supporters at his “biggest ever rally” this afternoon, Mr Farage repeated his claim Mr Parker is a “paid actor” and part of a “deliberate attempt to derail our campaign” – something C4 and Mr Parker has denied.

In reference to the election betting scandal he added: “Have we had a few bad apples? We have, although to my knowledge nobody involved in an organised betting ring is standing for us.

“I have to say, the bad apples are gone. We’ll never have them back.”

The rally came after the prime minister bolstered his attack on Mr Farage, saying he had shown “no contrition or remorse”.

Rishi Sunak on Friday took the decision to repeat the slur made about him to “call out what it was”.

Asked how the Reform row was different to the case of Frank Hester, a Tory donor who allegedly made racist comments about Diane Abbott, he told the BBC’s Laura Kuenssberg: “The difference is that Nigel Farage has just described these comments [by Mr Parker] as inappropriate.

“They’re not inappropriate. They were vile and racist and wrong.

“The person who made them has only apologised to the Reform Party for the impact it’s had on them. It’s a very clear difference. There is no contrition or remorse and or acceptance of what’s happened in that case.”

Mr Hester, who has donated £15m to the Tory party, apologised for comments he made about Ms Abbott, but claimed they “had nothing to do with her gender nor colour of skin”.

Mr Sunak was criticised for the way he initially responded to the allegations about the major party donor, before eventually condemning the remarks as “racist”.

Politics

Trump tariffs squeeze already struggling Bitcoin miners — Braiins exec

Published

3 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

3 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

4 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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