Binance Security Breach: Consumer Exposure and Interim Safeguards

Debate between Lord Pitt-Watson and Lord Bellingham

Tuesday 3rd November 2026 Lords Chamber

[Lord Pitt-Watson (Lab)]

I do not know the details of what happened at Binance, but my understanding is that the money came from custodial operations at the exchange itself, not from a bank. Perhaps I could get back to the noble Lord if I am wrong on that.

[Lord Bellingham (Con)]

My Lords, following the question asked by the noble Lord, Lord Alton, the Minister will probably be aware that yesterday the US Treasury announced that it had overwhelming evidence that it was rogue North Korean state actors who perpetrated this appalling fraud. Given the number of UK investors in this particular exchange, what can he and his department do to work with the US Administration to pursue this?

[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.