Binance Security Breach: Consumer Exposure and Interim Safeguards

Debate between Lord Pitt-Watson and Earl of Kinnoull

Tuesday 3rd November 2026 Lords Chamber

[Lord Pitt-Watson (Lab)]

I am not sure that we know how many UK investors there were because, as I say, Binance was not authorised or registered to provide crypto asset services to the UK. But when we discover that, which we are looking to do today, I am sure we will want to co-operate with all regulatory authorities in making sure that this cannot happen again.

[The Earl of Kinnoull (CB)]

My Lords, North Korea has form in attacking financial markets to fund its foreign currency requirements. It attacked the London reinsurance markets 15 years or so ago, when there were heavy losses for London reinsurers and losses for German reinsurers. This is a pattern of attack by North Korea. Can the Minister tell us whether we are co-operating internationally, not just with the Americans but with the Germans in this instance, to try to make sure that we can stamp out this abuse by North Korea?

[Lord Pitt-Watson (Lab)]

Indeed we are. We have been taking some powers to trace, seize and recover, and we have been getting financial institutions to do more about disclosure and know your customers. I am not aware of the specific conversations that we have had with individual countries, but if that is of particular interest to the noble Earl, perhaps I can write to him.