Crypto & Digital Assets APPG

APPG Co-Chairs Call for Urgent International Action Following $6.3 Billion @Binance Hack Linked to North Korea

The Co-Chairs of Parliament's Crypto and Digital Assets APPG, Lord Vaizey of Didcot (@edvaizey) and Gurinder Singh Josan CBE MP (@gsjosan), have called for urgent Government action following the largest #cryptocurrency theft in history.

Hackers stole a reported $6.3 billion from #Binance, with leading blockchain intelligence firms attributing the attack to #NorthKorea with high confidence.

The attack raises serious international security concerns, particularly given North Korea's record of using stolen cryptocurrency to evade sanctions and help finance its nuclear weapons and missile programmes.

In a joint statement, the APPG Co-Chairs said:

"We are calling on the UK Government to work urgently with international partners, law enforcement and blockchain intelligence firms to trace and freeze the remaining funds, disrupt money laundering and identify and sanction those responsible."

With the cryptocurrency industry already helping to freeze approximately $2.7 billion in stolen assets, the Co-Chairs have also called on the National Crime Agency (@NCA_UK) and National Cyber Security Centre (@NCSC) to examine the attack and identify lessons to help protect UK businesses.

The Binance hack follows a series of major North Korean cryptocurrency thefts, including the $1.5 billion #Bybit attack in February 2025.

As the Co-Chairs made clear:

"The immediate priority must be to stop North Korea benefiting from this theft and prevent further attacks."

Read the full APPG statement: cryptouk.io/resources/appg…
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#Crypto #DigitalAssets #CyberSecurity #FinancialCrime

APPG Co-Chair Gurinder Singh Josan CBE MP (@gsjosan) has warned that young people should not be left to learn about crypto and digital assets from TikTok and social media influencers, calling for schools to do more to improve financial education.

In a recent article for @Politics_co_uk, Gurinder cited research by the GSR Foundation and London Foundation for Banking and Finance (LFBF), which found that while 80% of young people have heard of digital assets, just 23% are confident they understand how they work. The research also found that young people want to learn about digital assets in schools, from trusted experts, rather than relying on social media.

Gurinder said "Financial education must keep pace with innovation. Cryptocurrency and other emerging products should be addressed head-on, with a focus on protecting vulnerable groups, closing inequalities, and giving young people what they need to make informed decisions."

With the UK's new regulatory regime for crypto coming into force in October 2027, financial education for young people will also be a priority for the APPG going forward, alongside its wider work examining the future regulation of the sector. The focus will be on ensuring young people have the knowledge and skills to understand digital assets and make informed financial decisions.

Read more: cryptouk.io/resources/appg…

The Crypto and Digital Assets All-Party Parliamentary Group (APPG) has today written to the Chief Executives of all major UK banks over barriers to banking services for UK crypto and digital asset businesses: cryptouk.io/resources/cryp…

In an interview with the Financial Times, APPG Co-Chairs Gurinder Singh Josan CBE MP (@gsjosan) and Lord Vaizey of Didcot (@edvaizey), said: "Access to banking services could be one of the single biggest barriers to growth for UK crypto and digital asset businesses, and could potentially undermine the success of the UK's forthcoming crypto regime. We are concerned that limited banking access could ultimately make it harder for licensed firms to grow and could impact the decisions of firms considering investing in the UK."

The 'Dear CEO' letter asks banks to explain their approach to providing banking services to UK crypto and digital asset businesses, following reports that firms continue to face difficulties opening bank accounts and that several banks have introduced restrictions on crypto-related payments and transactions.

The letter follows the launch of the APPG's Parliamentary Inquiry into Access to Banking Services for the UK Crypto and Digital Assets Sector last month, which is examining the scale of these challenges, their impact on UK businesses, the factors driving them, and whether any further action may be needed.

The APPG's Parliamentary Inquiry remains open for written evidence until 31 August 2026. Find out more here: cryptouk.io/resources/cryp…

The Crypto & Digital Assets APPG has today launched a Parliamentary Inquiry into access to banking services for the UK's crypto and digital assets sector.

The APPG is Westminster's leading cross-party group on crypto and digital assets, co-chaired by Lord Vaizey of Didcot (@edvaizey) and Gurinder Singh Josan CBE MP (@gsjosan), with @CryptoUKAssoc serving as its Secretariat.

As the UK prepares to implement its new crypto regulatory framework, the APPG is seeking evidence to better understand whether crypto and digital asset businesses continue to face barriers when accessing banking services, and whether further action may be needed. The Inquiry builds on the APPG's previous Parliamentary Inquiry, which identified access to banking as one of the most significant challenges facing the sector.

The Inquiry will examine access to bank accounts and banking services for crypto and digital asset businesses, as well as restrictions placed by banks on crypto-related transactions. It will also consider the impact on innovation, investment, competition and the UK's competitiveness, while identifying examples of good practice and potential solutions.

The APPG is inviting anyone with relevant experience or evidence - including banks, payment service providers, crypto and digital asset businesses, regulators, trade associations, consumer groups and other interested stakeholders - to contribute to the Inquiry.

The call for evidence is now open and closes on 31 August 2026. If your organisation has relevant evidence or experience to share, the APPG encourages you to contribute and help inform its findings and recommendations.

Find out more and submit evidence here: cryptouk.io/resources/cryp…

The Crypto and Digital Assets All-Party Parliamentary Group (APPG) has welcomed the publication of new UK-US recommendations designed to strengthen cooperation on digital assets, stablecoins and tokenisation.

Published by @hmtreasury and the @USTreasury through the Transatlantic Taskforce for the Markets of the Future, the recommendations set out a roadmap for closer UK-US collaboration on digital assets and capital markets, recognising the importance of greater international cooperation to support innovation, investment and competitiveness.

As Westminster's leading cross-party group of MPs and Members of the @UKHouseofLords focused on crypto and digital asset regulation, the APPG has consistently championed closer engagement between policymakers, regulators and industry in the UK and internationally.

Earlier this year, the APPG brought together senior UK and US digital asset industry leaders in Parliament to explore opportunities to strengthen UK-US collaboration.

Welcoming the recommendations, APPG Co-Chairs Lord Vaizey of Didcot (@edvaizey) and Gurinder Singh Josan CBE MP (@gsjosan) said:

"This is a significant and timely development, coming just weeks after the UK published its final rules and guidance for its new cryptoasset regime and as the United States continues to advance its own approach to digital asset regulation.

Greater cooperation and alignment between the UK and US on digital assets has the potential to provide businesses with greater regulatory clarity, reduce unnecessary cross-border friction and unlock investment, innovation and growth across two of the world's leading financial centres.”

Read the APPG's full statement here: cryptouk.io/resources/appg…