Dominic Raab has admitted that with the “benefit of hindsight” he would have come back from holiday earlier amid the Taliban takeover of Kabul.
Speaking to Sky News in his first TV interview since the crisis unfolded, the foreign secretary said it is “nonsense” to say he was “lounging around on the beach all day” while on his holiday.
He faced calls to quit last week after it emerged he remained on his luxury holiday in Crete instead of coming back to deal with the Afghanistan crisis.
“The stuff about me being lounging around on the beach all day is just nonsense,” he said.
“The stuff about me paddleboarding, nonsense, the sea was actually closed, it was a red notice.
“I was focused on the Cobra meetings, the Foreign Office team, the director and the director general, and the international engagement.”
Image: People evacuated from Afghanistan arrive at RAF Brize Norton (File pic/MOD)
Mr Raabadded that about 2,000 people have been flown back to the UK from Kabul airport in the last 24 hours and that “the system is operating at full speed”.
More on Afghanistan
“We will use every last remaining hour and day to get everyone we can back, the British nationals, the Afghans who worked so loyally for us, we are getting the Chevening scholars back, also women’s rights defenders and journalists.”
He added: “Mono-nationals, so single-nationality UK who have got documentation, the lion’s share, almost all of them that want to come out have been brought home.
“The ones that are remaining, and we have done an amazing job, two and a half thousand UK nationals if you go back to April… what remains are rather complex cases, large family units where one or other may be documented or may be clearly a national, but it’s not clear whether the rest of them are.”
Image: British evacuees board planes as they flee the Taliban’s takeover in Afghanistan
When asked about reports the airport could switch back to allowing people to leave on civilian aircraft rather than military flights, Mr Raab said: “We do engage with the Taliban militarily on the ground, and in Doha with the political representation.
“We would like to see Kabul airport go back to being functional. That will require the security on the ground, it will require it to be done safely, and of course it will require the Taliban to live up to their assurances about allowing safe passage out.
“They’ve actually so far tried to be constructive, as we have seen with the numbers we have got, and tried to be constructive in their own way.
“And what we have then got to do is test them beyond the withdrawal date, will they still allow safe passage, as they have undertaken, will they allow humanitarian groups the permissive environment to be able to operate?
“So, there is a next stage of engagement, not recognition, engagement with the Taliban, and we will hold them very clearly to the assurances that they are already stating.”
Mr Raab added that time will be taken to withdraw the UK military operation in Afghanistan.
“The military planners will work out how much time they need to withdraw their equipment, their staff, and what’s really important is we will make the maximum use of all the time we have left,” he said.
And after Boris Johnson failed to secure an extension to a the US deadline for all western forces to leave, reports have suggested UK evacuation flights from Kabul may have to stop this week.
The Guardian newspaper reported on Tuesday that the last Royal Air Force aircraft carrying Afghans to safety from Kabul airport could even be in the next “24 to 36 hours”.
But defence sources described the timeline as speculative and said it was not “set in stone”.
Analysis, Tamara Cohen, political correspondent
The Foreign Secretary’s defence today of his ill-timed beach holiday as Kabul fell, has been to say it had no effect on the running of the evacuation, and that he was kept fully informed.
The airlift, he says, is now running at “full capacity” and the RAF will use every remaining hour – although how many hours are left is uncertain – to ferry thousands more people out. Meanwhile as our brave troops finish their job, he and the Prime Minister are rallying the West to form a united front to engage with the Taliban.
Not everyone is convinced. Mr Raab, who may appear before MPs on the foreign affairs committee for an emergency session next week, faces ongoing scrutiny about the government’s grip on Afghanistan after all the lives and taxpayers’ money expended there.
Senior Conservatives question the “bandwidth” in the foreign office over the past year; our own intelligence, and whether UK challenged key aspects of the US evacuation plan for example on the decision to close Bagram air base. “It’s bigger than Dominic Raab’s holiday, it’s how the machine operated, but his absence was a symptom of it”, one told me.
The angry debate in Parliament last week showed deep misgivings across the political spectrum about what role the government sees “Global Britain” playing internationally, which will be harder to brush aside.
A team of more than 1,000 British troops and diplomats running the UK’s evacuation mission on the ground will need a period of time to pack up their equipment and depart ahead of the final US exit date of 31 August.
It means that evacuation flights for Afghan civilians desperate to flee the country after the Taliban takeover will have to stop at least a number of days before then.
The Washington Post reported on Tuesday that US troops have started to pull out of Kabul already – but the tempo of flights and the number of people being airlifted to safety remains high.
More than 9,200 people – British nationals as well as Afghans who have worked with British troops and diplomats over the past two decades but are now in danger – have been flown to safety in the UK since 13 August as part of what has been dubbed Operation Pitting.
Michael Selig, currently serving as chief counsel for the crypto task force at the US Securities and Exchange Commission, will face questioning from senators next week in a hearing to consider his nomination as the chair of the Commodity Futures Trading Commission.
On Tuesday, the US Senate Agriculture Committee updated its calendar to include Selig’s nomination hearing on Nov. 19. The notice came about two weeks after the SEC official confirmed on social media that he was US President Donald Trump’s next pick to chair the agency following the removal of Brian Quintenz.
Hearings for Quintenz, whom Trump nominated in February, were put on hold in July amid reports that Gemini co-founders Cameron and Tyler Winklevoss were pushing another candidate. Quintenz later released private texts between him and the Winklevoss twins, signaling that the Gemini co-founders were seeking certain assurances regarding enforcement actions at the CFTC.
Since September, acting CFTC Chair Caroline Pham has been the sole commissioner at the financial agency, expected to have five members. Pham said earlier this year that she intends to depart the CFTC after the Senate votes on a new chair, suggesting that, if confirmed, Selig could be the lone leadership voice at one of the US’s most significant financial agencies.
US Senate committee releases draft market structure bill
Whether Selig is confirmed or not, the CFTC is expected to face significant regulatory changes regarding digital assets following the potential passage of a market structure bill.
In July, the US House of Representatives passed the CLARITY Act. The bill, expected to establish clear roles and responsibilities for the SEC and CFTC over cryptocurrencies, awaits consideration in the Senate Agriculture Committee and Senate Banking Committee before potentially going to a full floor vote.
On Monday, Senate Republicans on the agriculture committee released a discussion draft of the market structure bill, moving the legislation forward for the first time in weeks amid a government shutdown and congressional recess.
The agriculture committee oversees laws affecting commodities and the regulators responsible for them, such as the CFTC, while the banking committee has jurisdiction over securities and oversees the SEC.
When FTX filed for bankruptcy on Nov. 11, 2022, it sent shockwaves throughout the crypto world, erasing billions in market liquidity and shattering confidence in centralized exchanges.
The dramatic collapse became a turning point for the digital asset industry, triggering calls for stronger transparency and reactions from regulators.
Three years after the exchange’s collapse, transparency initiatives across the crypto industry have proliferated. Proof-of-reserves attestations, audits and onchain analytics represented progress. Still, many of those reforms remain works in progress, and some of FTX’s creditors have yet to be made whole.
CEXs forced to adjust post FTX
Centralized exchanges bore the full impact of the post-FTX crisis of confidence. In the weeks following the bankruptcy, users withdrew more than $20 billion from major trading platforms, according to CoinGecko data.
In response, exchanges began publishing proof-of-reserves (PoR) attestations to demonstrate solvency. Binance released its first report on Nov. 10, 2022, followed by a Merkle Tree-based report a few days later that allowed users to verify its Bitcoin (BTC) holdings.
Around that time, OKX, Deribit and Crypto.com all published proofs-of-reserve amid fears of contagion and uncertainty surrounding crypto exchanges.
While these efforts offered some visibility into reserves, most relied on snapshots rather than continuous audits and often drew criticism from the crypto community.
One X user, David Gokhshtein, said at the time that publishing proof-of-reserves wasn’t enough. “When you aren’t showing the company’s liabilities, it means nothing,” he wrote.
Thomas Perfumo, Kraken’s global economist, told Cointelegraph that the “hard lessons of the past were never an indictment of crypto,” adding that the FTX debacle reinforced the “governance and integrity matter.”
Decentralized finance protocols also adapted following the collapse, pushing calls not only for transparency but also for self-custody as an essential safeguard for crypto users.
“We’ve seen a notable shift,” Eddie Zhang, president of dYdX Labs, told Cointelegraph. According to Zhang, DeFi now operates under stronger risk frameworks while “governance is becoming more sophisticated,” with systems that “withstand market shocks.”
Despite the industry’s transparency campaigns and recent regulations, such as the GENIUS Act in the United States and the European Union’s Markets in Crypto-Assets Regulation, some FTX creditors have yet to recover their losses.
According to a Nov. 9 update by Sunil Kavuri, a FTX creditor representative, the exchange has distributed $7.1 billion to creditors across three rounds so far.
In January, FTX announced the distribution of more than $1.2 billion in repayments to creditors who fulfilled certain requirements before Jan. 20. However, according to Sunil, only $454 million was effectively paid in the first round, going to small claimants with balances under $50,000.
A larger $5 billion payout followed on May 30, while the latest round took place on Sept. 30 and distributed another $1.6 billion to creditors. The next distribution is expected in January 2026, though it has not been confirmed by the FTX estate.
FTX’s total recovered assets were estimated at about $16.5 billion in October 2024.
According to Kavuri, because repayments are being made in US dollars rather than in-kind crypto assets, creditors are missing out on the market’s rebound since 2022.
Bitcoin, valued at $16,797 the day after FTX filed for bankruptcy, was trading around $103,000 on Tuesday.
Even with cash repayments exceeding the original claim amounts, real recovery rates could range from 9% to 46% when adjusted for current crypto prices, Kavuri said.
Former FTX CEO Sam Bankman-Fried is serving a 25-year prison sentence for fraud and conspiracy but has appealed his conviction, arguing that he was denied the presumption of innocence and barred from presenting evidence that FTX was, in fact, solvent in November 2022. His legal team appeared before the US Court of Appeals for the Second Circuit on Nov. 4.
Prediction market Polymarket currently assigns only a 4% probability that Bankman-Fried will receive a presidential pardon in 2025. Former Alameda Research CEO Caroline Ellison, who cooperated with prosecutors, began serving her sentence in late 2024 and is projected to be released in mid-2026.
SBF’s chances of being pardoned this year. Source: Polymarket
John Deaton, a lawyer who advocates for XRP holders and ran against Massachusetts Senator Elizabeth Warren in the 2024 US election, is making another bid for Congress.
At a Monday event in Worcester, Massachusetts, Deaton announced that he would run for US Senate again in 2026, this time attempting to unseat Democratic Senator Ed Markey. The lawyer ran as the Republican candidate in 2024, losing to Warren, a Democrat, by about 700,000 votes.
“I’m winning this time,” Deaton said in a campaign video aired at the Worcester event.
John Deaton announcing his second run for the US Senate in Worcester on Monday. Source: John Deaton
Deaton, who said he will run as a Republican to unseat Markey, will likely face competition on both sides of the aisle in 2026. His campaign announcement did not specifically focus on digital asset policy, but he and Warren had previously clashed over their respective views on crypto.
Deaton gained widespread recognition in the crypto industry by advocating on behalf of XRP (XRP) holders in Ripple Labs’ legal battle with the US Securities and Exchange Commission (SEC).
Seth Moulton, who represents Massachusetts’s 6th Congressional District in the US House of Representatives, is a Democratic contender in the 2026 race. Markey, who will be 80 next year, voted against the passage of the GENIUS stablecoin bill and has called out crypto mining for its “extravagant electricity use.”
Looking at a repeat of 2024?
“We’re never going to not be excited about someone advocating for [crypto] policy,” Mason Lynaugh, community director of Stand With Crypto, told Cointelegraph. “He’s going to have his own voters he’s going to cultivate that are very excited to see someone like him saying these types of things publicly.”
It’s unclear what Deaton’s chances would be in a US state that typically swings to the Democrats.
During his previous Senate campaign, cryptocurrency executives from Ripple, Gemini and Kraken supported Deaton’s run, contributing more than $360,000 in the first quarter of 2024.