“It hasn’t happened yet, and I think this has been somewhat caught up in the process with the U.S. administration,” Bailey said on the sidelines of the central banking conference in Reykjavik. As Cryptopolitan reported in April, the Bank of England, the Financial Conduct Authority, HM Treasury, and the National Cyber Security Centre convened to assess the risks Mythos posed to British financial institutions. At the time, Anthropic’s head of UK, Ireland, and Northern Europe, Pip White, said that UK banks would receive access to Mythos within the week.

Bailey comments on issues with Mythos rollout

Bailey named Mythos explicitly in an April 15 speech at Columbia University, describing it as a major cybersecurity concern and saying cyber had climbed regulators’ risk rankings faster than any other category in recent years. Mythos is currently limited to a select few companies through Anthropic’s Project Glasswing for cybersecurity applications. Early access was given to Goldman Sachs and a few other US companies.

Cryptocurrency firms and UK banks have been left out of the first release. Bailey, who also chairs the International Financial Stability Board, said cyber threats cannot be contained within national boundaries. “Spillovers from this sort of cyber risk are so big that we can’t just have a single sort of national approach,” he said. Banks are deeply interconnected across borders, he added, meaning that one country securing its own institutions would not be enough if others remain exposed.

Anthropic has said the model can find and exploit software vulnerabilities better than all but the most skilled human experts. When Anthropic released Mythos to select customers, the company said it had already found thousands of high-severity vulnerabilities across open- and closed-source software, more than 99% of which remained unpatched. In the hands of defenders, Mythos could let banks find and fix flaws before attackers reach them.

Outside that circle, the same capability becomes a threat. The banks still waiting for access are exposed to a tool that their potential attackers may eventually obtain. Bailey’s comments come while Anthropic is also at odds with the Trump administration over military access to its AI tools. The dispute is about where to draw the line on how the U.S. military can use the company’s technology.

President Donald Trump recently postponed signing an executive order on artificial intelligence that would have created a voluntary process in which developers could seek input from the federal government before making their advanced models public. That postponement adds another layer of uncertainty for companies and regulators seeking clearer rules around frontier AI systems.

As for British banks, despite being flagged as exposed by their own central bank, they remain on the outside of a tool that the Bank of England considers important enough to raise at an international conference. Anthropic has not publicly detailed the specific hold-up. The company said in April it was prepared to begin offering Mythos to British banks, with White citing “significant” engagement with UK bank chief executives since the model’s release.

The post Bailey blames US political hold-up as Mythos remains inaccessible to UK banks first appeared on Coinfea.

The government banned UK citizens from interacting with the sanctioned entities, while the firms and exchanges cannot establish connections to UK banking entities. The UK sanctioned long-running entities like the Exmo Exchange, as well as several companies and individuals, in connection with evading sanctions. According to the report, HTX (formerly Huobi Global), one of the key entities in the sanctioned list, had a flow analysis that showed the exchange moved over $21.06B connected to various attempts at illicit finance.

Sanctioned HTX moves $21B worth of illicit funds

According to the flow analysis, the funds were moved between May 2021 and May 2026. On-chain analysis uncovered HTX activities spanning beyond the UK’s scope of tracking Russian capital in the crypto space. As Cryptopolitan reported, HTX has been targeted by UK regulators for unlawful asset promotion. According to data from Global Ledger shared with Cryptopolitan, HTX was a hub for risky transfers of BTC, ETH, and USDT on the TRON network.

The Russian capitals were moved through other intermediary high-risk entities, including Garantex, Grinex, A7A5, and darknet markets. HTX was the hub for inflows and outflows from other entities as well. HTX also interacted with older laundering venues like Huione Group, Nobitex, and other threat actors. Huione Group moved $4.41B, becoming the second most active entity to use HTX.

HTX still processes $1.1B in daily volumes and remains one of the top centralized exchanges. The market, linked to Justin Sun, is also one of the key venues to process USDT on the TRON network and gain liquidity from the TRON ecosystem. The spotlight on HTX came from Russia’s well-established pathways of crypto laundering. The Grinex exchange was one of the major laundering markets, at least until it froze all trading following a hack in April.

Grinex held $16.54B worth of USDT and A7A5 between March 2025 and April 2026. The sanctions evasion network is also linked to the Russian state bank Promsvyazbank and oligarch Ilan Shor. The Garantex exchange was also used in the past five years, laundering $14.52B in ETH, USDT, and USDC just for 2024. Garantex and Grinex were excluded and isolated from the crypto CEX network, and lost some of their volumes. Despite this, the exchanges continued working against the sanctions and still processed funds.

The post HTX moves over $21B in illicit funds amid UK sanctions first appeared on Coinfea.

According to sources close to the situation, the new regulation will see His Majesty’s Revenue and Customs (HMRC), the UK’s tax, payments, and customs authority, acquire automatic access to both local and international crypto information for the first time. The authorities also made clear that they adopted this decision to improve tax compliance ahead of CARF’s first global information exchange, scheduled to take place in 2027.

United Kingdom adopts new reporting requirements

The Organisation for Economic Co-operation and Development (OECD) established CARF in June 2022, and the official CARF documentation was released to the public in June 2023. This initiative was launched to develop a system that enables the automatic exchange of crypto transaction information between tax authorities worldwide.

The rules, set by CARF, will require crypto service providers to conduct background checks, verify the identities of each user, and submit a report with detailed transaction information annually. Notably, the OECD initiative was designed to focus primarily on transactions carried out across borders.

Hence, sources pointed out that any crypto transactions taking place entirely within the United Kingdom will not be classified among these automatic reporting requirements. This information was cited from a policy paper published by HMRC. The United Kingdom government planned to halt crypto from being viewed as an “off-CRS” asset class, but this motive prompted it to include domestic users in this framework.

According to reports, this move indicates that the government aims to ensure that crypto transactions are not overlooked, like traditional financial accounts under the Common Reporting Standard. Regarding the new crypto reporting regulations, United Kingdom officials expressed their belief that this combined approach will streamline the reporting processes for crypto firms, while presenting a more comprehensive set of data to tax authorities, which is useful in identifying noncompliance and evaluating taxpayer responsibilities.

Additionally, the country introduced a new tax plan called “no gain, no loss” earlier this week. Reports noted that this plan will delay capital gains taxes for decentralized finance (DeFi) users until they decide to sell their tokens. When it was made available for feedback, the new tax plan reportedly received positive comments from the local industry.

The post United Kingdom mandates crypto platforms to log all user transactions starting 2026 first appeared on Coinfea.

Officials from the Home Office sent a technical capability notice to Apple, a notice that targets encrypted cloud backups of United Kingdom citizens. This represents a calmer approach from an earlier attempt that sought global access to user data from anywhere in the world, a move that sparked tensions with the United States.

According to a Financial Times report, the new notice focuses on data obtained from only users based in the United Kingdom rather than users across the world. When asked about the notice, a Home Office representative declined to confirm or deny it, citing operational security. However, the spokesperson mentioned that the department would take whatever steps were needed to protect United Kingdom citizens.

Apple pulled its advanced data protection service for new United Kingdom customers in February following the initial dispute. The company also informed existing users that they will need to turn off the security feature. However, other communication tools like iMessage and FaceTime would continue to offer encryption by default.

United Kingdom goes after Apple as the US weighs in on the dispute

In August, Tulsi Gabbard, who serves as the director of national intelligence in the United States, mentioned that British authorities had already stepped back from their initial demands concerning American customer information. President Donald Trump has also previously likened the access request to practices associated with China. While Apple failed to directly address the story, the company expressed disappointment about being unable to provide advanced protection to British users.

The firm also noted that it will not create any backdoor to access its systems under any circumstances. “Apple remains committed to offering our users the highest level of security for their personal data, and we are hopeful that we will be able to do so in the future in the United Kingdom. As we have said many times before, we have never built a backdoor or master key to any of our products or services, and we never will,” the company stated.

Apple challenged the first technical capability notice through the Investigatory Powers Tribunal, which looks into whether domestic intelligence agencies have operated within the law. Specifics about what the notice contained were not disclosed, and current law under the Investigatory Powers Act prevents recipients from acknowledging these notices exist.

According to the Financial Times, the first notice went beyond just advanced data protection and also covered the standard iCloud service that more people use. The advanced data protection feature relies on encryption that only allows account holders to unlock their files, including documents and photos. Even Apple cannot access this encrypted material.

Apple has been strengthening its encryption capabilities across its services to protect user privacy. The problem also points towards the broader concerns about data privacy and government surveillance that tech companies face when operating across different jurisdictions. “The resulting vulnerability can be exploited by hostile states, criminals, and other bad actors the world over,” the company said.

The post United Kingdom goes after Apple Cloud access again first appeared on Coinfea.

July’s gain is now ahead of June’s 3.6%, and the Office for National Statistics (ONS) projection of 3.7%. According to the ONS, the unexpected rise in inflation could be due to the surge in transport, particularly in air travel and motor fuel costs. However, after the report, the pound reversed losses and held near $1.3492.

Businesses push costs to United Kingdom residents

With the rise in the inflation figures for July, the United Kingdom has now registered two consecutive months of consumer price rises. According to reports, services inflation, a key metric for measuring economic pressure, also hit 5% in the month, just above the 4.9% forecast made by the Bank of England and June’s 4.7%. In addition, the prices of food and non-alcoholic drinks have jumped 4.9% from a year earlier.

The jump extends their run of consecutive increases to four months. Some analysts have linked the rise in consumer prices to businesses passing on the billions in added costs from Chancellor Rachel Reeves’ April tax and minimum-wage increases to residents. Nonetheless, the rise in inflation has further dampened expectations of more rate cuts. After the BOE’s cut to 4% on August 7, some traders have pulled back on wagers for further easing, with policymakers warning of second-round pressures on wages and prices.

Now, in light of the latest inflation data, traders see only a one-in-three chance of a November cut and just a 50% likelihood of easing by December. The figures have also dented support for Chancellor Rachel Reeves and Prime Minister Keir Starmer, who took office pledging to lift living standards for “working people.” Instead, their planned recovery in household incomes is losing momentum, squeezed by rising prices and a softer labor market—pressures which opponents have tied to their tax-raising October budget.

Policymakers say inflation may reach 4% in September

The need to cut borrowing costs has become debatable, with some MPC members arguing that surging food and energy prices could entrench inflation expectations. It took two ballots for the committee to agree to cut rates to 4%. However, policymakers cautioned that cheaper borrowing could benefit homeowners with mortgages, but it may also mean weaker returns for depositors.

BOE Governor Andrew Bailey, nonetheless, characterized the rate cut as a “finely balanced” decision. He noted, however, that the overall direction for interest rates is still downward and that further reductions would need to be delivered gradually, though he did not give any timelines. Suren Thiru, economics director at chartered accountancy body the ICAEW, suggested that the July data has taken a September rate cut by the MPC off the table.

He further stated, “Strengthening underlying inflationary pressures also calls into question whether policymakers will be able to relax policy again this year.” Policy makers expect inflation to reach its highest level in September at 4%, twice the BOE’s target rate and higher than the 3.8% anticipated in May. However, per the July figures, it seems inflation is sticking more firmly in the UK than elsewhere. In July, eurozone inflation stood at 2%, France recorded below 1%, and US CPI rose 2.7% year-on-year.

The post United Kingdom inflation hit 18-month peak in July first appeared on Coinfea.

Following the instructions put forward by Reeves, the executives are expected to implement effective and simpler changes to the country’s tax system. According to sources familiar with the matter who wish to remain anonymous, the updates are expected to include housing taxes. The strategy is in line with the chancellor’s goal, which is to enhance the struggling Gross Domestic Product (GDP) growth in the UK and address a possible gap in public finance that would hopefully surpass £20 billion.

Rachel Reeves proposes tax reform as uncertainty causes debates

Over the last few months, the current stamp duty system in England and Northern Ireland has faced criticism, with many noting that it slows economic growth by discouraging people from moving due to a rise in transaction fees. As part of her property tax reform push, Reeves has emphasized to her team that the changes will be central to her budget plans. The proposals remain at an early stage within the Treasury, and no final decisions have been made.

However, officials have highlighted their objectives, which are to strengthen economic growth. They mentioned that while updating tax and budget planning will play a role, it will not be the only measure. Among their priorities is a move that will reduce taxes for the working population in the United Kingdom. Meanwhile, Reeves has been under pressure from Labour MPs to increase tax policies on wealth and, at the same time, solve financial issues.

In addition, Reeves is expected to uphold the pledge made by Labour during the election, one that will make sure that income tax, VAT, or national insurance are not raised. Despite all this, Treasury executives have recently sparked confidence among residents that the economy might be back to its best. This was after a reliable source recently reported that the executives were speeding up their examination process in search of suitable tax reforms to take their economic level to greater heights.

Finance Ministry officials have shown their disapproval of the new wealth tax proposed by Lord Neil Kinnock, the former leader of the Labour Party. According to an argument put forward by Jonathan Reynolds, a Secretary of State for Business and Trade, based on the opponents’ argument, the new tax idea is complex and could take several years to implement.

On her part, Reeves intends to change how British officials carry out tax property practices significantly, and not to raise or change taxes to increase revenue. According to the chancellor, she intends to implement fairness and safeguard people’s rights in any tax change strategy.

In her 2018 pamphlet, which Reeves described as “The Everyday Economy,” she highlighted that the Council tax, which has relied on the value of properties since 1991, needs to be reviewed and updated based on current bands. Reeves further stated that the local governments might be granted this authority to meet the local needs. Aside from this, the chancellor also discussed the need to consider a complete amendment and substitution of the council tax with a property levy that could strictly apply to property owners.

The post Rachel Reeves proposes a reformed tax system to raise revenue first appeared on Coinfea.

According to the United Kingdom’s Office of Financial Sanctions Implementation, a division of the Treasury, the hack was carried out by “malicious Democratic People’s Republic of Korea cyberactors”, a report from The Telegraph said. The attack hit both Bitcoin and Ethereum networks.

The group believed to be behind the heist is Lazarus, the North Korean hacking group linked to multiple major crypto attacks around the world. If confirmed, this would be their largest crypto theft from any British target to date. The stolen money is suspected to be part of Pyongyang’s broader effort to fund its nuclear weapons program and military projects, with billions already funneled through past crypto raids.

United Kingdom agency blames North Korea for BTC theft

The attackers of the crypto trading platform were identified by Whitestream, an Israeli crypto research company. They tracked the funds and said the hackers cleaned the money through two crypto companies that are widely known for helping users hide their tracks. “They moved the funds using platforms that basically ignore money-laundering rules,” Whitestream said. These mixers and unregulated exchanges made it hard to follow the trail.

However, the claim doesn’t seem to sit well with everyone, as some researchers agree that there is no solid proof to tie the hack directly to North Korea. They claim it is too early to pinpoint the responsible party. Lykke, the company hit by the hack, was founded in 2015 by Richard Olsen, a descendant of Swiss banking legend Julius Baer. It ran operations out of Zug, Switzerland, but its corporate registration was in the UK.

Lykke promised commission-free trading and attracted a good chunk of retail users, but things spiraled after the attack. The company announced the $22.8 million loss last year, and despite saying it could recover user funds, it froze trading and shut down by December 2023. In March 2025, a UK court ordered Lykke to be liquidated after over 70 users took legal action to recover their funds. These customers said they had lost £5.7 million when the platform stopped operating.

Interpath Advisory was invited to handle the process. Before the hack, the UK’s Financial Conduct Authority had already warned about Lykke in 2023, saying the company wasn’t licensed to offer services to British consumers. That red flag wasn’t enough to stop users from investing, and once the heist happened, Lykke’s UK arm couldn’t keep up with claims.

Richard was declared bankrupt in January 2025 and has been under investigation in Switzerland for possible criminal wrongdoing, according to documents from British courts. His company’s fall is now part of a bigger story, one where North Korea keeps grabbing crypto to keep its regime afloat, no matter who gets burned in the process.

The post North Korea fingered in BTC heist that crippled British platform first appeared on Coinfea.

In its application, Tesla says it wants to supply energy to domestic customers. The filing, signed by Andrew Payne signals a notable step forward in the company’s expansion plans. If approved, “Tesla Electric” could begin serving customers as soon as next year. The new service is expected to come hand in hand with its usual products.

Tesla mulls plans to enter the UK energy market

Tesla already runs a program like this in Texas, where customers can benefit from cheaper charging rates for their cars and earn payments for sending unused solar-generated or battery-stored electricity back to the grid. A report from 2023 detailed Tesla’s intention to enter the home energy market, carrying out recruitment campaigns for policy and operational roles.

With tens of thousands of Powerwall batteries already installed in Britain, devices that can store energy from solar panels or off-peak charging, Tesla holds an infrastructure advantage. In addition, Tesla offers residential EV charging equipment and has over 250,000 cars on UK roads. This network could be key to rolling out “vehicle-to-home” systems, where a car’s battery can supply power to the household. Several other providers are trialling this type of technology, which Tesla could incorporate.

Sales of EVs in the United Kingdom drop drastically

Sales of Tesla’s electric cars in the United Kingdom have dropped sharply, with July showing a 60% year-on-year decline, a trend echoed in other European markets, such as Germany, where deliveries fell by over 55%. The slump reflects stiffer EV market competition and controversies linked to Musk, including his public support for political figures like Donald Trump and Tommy Robinson.

Analysts have noted that even Musk’s recent efforts to distance himself from politics have not reversed the European sales downturn, with Tesla registering five consecutive months of falling deliveries across the continent. In the United States, the company offers a fixed-rate plan for unlimited vehicle charging during certain time windows. Powerwall owners can also link their units to the grid, allowing Tesla to tap into stored energy at peak times in exchange for payments.

Tesla previously partnered with Octopus Energy in 2020 for a combined energy tariff but ended that collaboration three years later to operate independently. It still works with Octopus, so Powerwall owners can use the latter’s software to sell stored power at premium times. Approval for an Ofgem electricity supply licence can take up to nine months, though in some cases the process is quicker. Rules have become stricter since the 2021 energy market crisis, when multiple small suppliers collapsed.

The post Tesla set its sights on the United Kingdom energy market first appeared on Coinfea.

This shortfall comes even though the Monetary Policy Committee cut its key rate from 5.25% over that period. Savers are feeling the pain as banks have cut rates on deposits, reducing returns on cash. Homeowners have not seen similar relief, since many are on mortgage deals agreed at the peak of borrowing costs and must wait for those terms to expire.

These numbers show the challenge for policymakers to reduce pressure on households and revive the weak growth in the United Kingdom, as they work to reduce the benchmark rate that was at 5.25% a year ago, the highest since the global credit crunch. Consumer spending makes up about 60% of the UK economy, and any recovery hinges on people spending more. But many remain cautious, saving money amid fears of further tax rises in the autumn. A GfK savings index rose in July to its strongest level since 2007.

United Kingdom households suffer amid another 0.25% cut in the main rate

According to reports, the Bank of England is reportedly going to cut another 0.25% point off its main rate, taking it to 4% this Thursday, with signs of the labor market cooling following Chancellor Rachel Reeves’ April tax increases and rising global trade tensions. Yet inflation is at a 17-month high, running hotter than the Bank forecast in May.

Governor Andrew Bailey is expected to urge caution on further easing. While energy bills and other temporary factors have driven prices up, officials fear that higher wage demands could push costs even higher. Lower rates have cost savers nearly £5 billion in lost earnings on cash deposits, including tax-free Individual Savings Accounts as well as time and sight accounts, based on the total stock of deposits and effective rates through the last year.

In addition, United Kingdom households are paying about £6 billion more each year in interest on unsecured debts and mortgages than they were 12 months ago. In comparison, the US household debt also hit a record $18.2 trillion, based on an earlier report by Cryptopolitan. BoE warns more borrowers will shift onto higher rates in the coming months, estimating that a typical homeowner could pay about £1,300 extra a year in mortgage costs over the coming 2 years.

Approximately 1 million people have fixed deals above today’s rates and must wait before benefiting from cheaper credit. Since July 2024, just before the first cut, the average rate rose by about 0.2 percentage points on the UK’s mortgage stock. Economists expect the Bank of England to stick to its easing cycle once every quarter, taking rates to approximately 3.5% by spring, 2026.

The post United Kingdom households hit with $14.5 billion after BoE rate cut first appeared on Coinfea.

According to the new rules, users who fail to provide their details to their crypto service providers to ensure they are paying the right amounts to the HMRC will face fines of up to £300. The new crypto tax rule, which is known as the Cryptoasset Reporting Framework, is expected to take effect from January and raise about £315 million by April 2030.

United Kingdom to fine crypto tax evaders

Under the new rules, any crypto service providers that fail to provide accurate details about transaction and tax reference numbers are expected to also face fines. James Murray MP, Exchequer Secretary to the Treasury, talked about the new rules.

“We’re going further and faster to crack down on tax dodgers as we close the tax gap. By ensuring everyone pays their fair share, the new crypto reporting rules will make sure tax dodgers have nowhere to hide, helping raise the revenue needed to fund our nurses, police, and other vital public services,” he said.

The new rule comes after Rachel Reeves, Chancellor of the Exchequer, refused to rule out the possibility of tax increases after the United Kingdom government made a U-turn on welfare reforms. The Chancellor, whose tears in the Commons spooked the financial market, said she was not going to apologize for trying to make sure that the numbers add up.

“But we do need to make sure that we’re telling a story and a Labour story. We did that well in the Budget and Spending Review, we increased taxes on the wealthiest and businesses,” she said. When asked whether she was prepared to rule out further tax rises, she said it was not going to happen, because it would be “irresponsible for a Chancellor to do that.”

The post United Kingdom wants to fine crypto tax evaders first appeared on Coinfea.