Binance Security Breach: Consumer Exposure and Interim Safeguards

Baroness Neville-Rolfe Excerpts

Tuesday 3rd November 2026 Lords Chamber

[Lord Pitt-Watson (Lab)]

I would be very happy to meet, but I wonder whether there is a misunderstanding here. Binance, which is the institution that has been hacked, is not authorised in the UK. It is not registered in the UK; it is a foreign entity. While I am sure that there will be lessons to be learned from the issues that the noble Lord is talking about, what happened with Binance did not happen under any registration in the UK.

[Baroness Neville-Rolfe (Con)]

My Lords, this incident shows that society as a whole faces very serious risks from cyber crime and that lessons need to be learned, as the Minister has said. I know that the Minister is concerned about financial education. Will he use his influence to ensure that the prevention of fraud in all its aspects, including cyber crime, plays a full part in plans to improve financial education?

[Lord Pitt-Watson (Lab)]

I would be more than happy to do that, and to do it jointly with the noble Baroness.