A former British spy who wrote a dossier on Donald Trump said he once spent hours with then home secretary Theresa May, briefing her on the Russia threat.
Christopher Steele also revealed he had been asked by a UK official to review sensitive government documents on Russia just days before his dossier, which alleged collusion between the Trump campaign and Moscow in the 2016 US election, became public.
It meant he was left feeling “surprised and disappointed”, he said, when Mrs May, as prime minister, then appeared to play down his links to the government.
Image: Christopher Steele claims he met Theresa May at her home
“It was quite galling to have announcements made… to the effect that this was nothing, we were nothing to do with the government, we hadn’t worked with or for the government for years and so on,” the former senior MI6 officer said in an exclusive Sky News interview.
He was referring to remarks by Mrs May in January 2017 after the dosser ignited a political firestorm in the United States, drawing furious denials from then president-elect Trump.
“It is absolutely clear that the individual who produced this dossier has not worked for the UK government for years,” she said at the time.
Yet Mr Steele said staff from Whitehall’s Joint Intelligence Committee had been sitting in his office about 10 days before news of the dossier broke because of the unrelated request for him to review “highly sensitive government papers on Russia”.
He also said that Mrs May would have known who he was because he had met her with his business partner, Christopher Burrows, another former intelligence officer, at the house of a mutual friend back in 2010 when she had just become home secretary.
The friend had suggested, “that we should get together and talk about some of these issues so that she got off to a good start and understood the sort of playbook and MO (modus operandi) of some of these Russian actors,” Mr Steele said.
Image: Theresa May downplayed links to Steele when his controversial dossier emerged
As for what they discussed, Mr Steele said: “There wasn’t really a lot of evidence of electoral meddling as such in 2010. But what we did say is that when you look at Russia, you can’t just take organised crime, oligarchs, government separately. You have to see them as a sort of plasma cloud that is linked in together and they are all operating with each other and for each other. And it’s a diffuse threat.”
In late 2016, before it became public, Mr Steele said he shared his work, investigating possible links between the Kremlin and Mr Trump, with senior British officials out of concern about what his sources were claiming.
He said he thought security officials had handled it correctly but he was not so sure about government ministers, noting how the focus had understandably been on delivering Brexit and adjusting to the unpredictability of an incoming Trump presidency.
“The overall impression I had was that this was a problem they didn’t want to face up to,” he said.
Image: Christopher Steele spoke to Sky’s Deborah Haynes at Farnham Castle
A spokesperson for former prime minister Mrs May did not respond to a request for a comment.
Lord Mark Sedwill, who was her national security adviser, pushed back on Mr Steele’s assertion.
“Just because people outside government can’t necessarily see action, particularly when it relates to matters of intelligence and security, they shouldn’t assume that the action isn’t happening and it isn’t being dealt with seriously,” he said in an interview.
“Now, of course, the British government, as both Theresa May and Boris Johnson have said, has to have a good relationship with the president of the United States, whoever that is.
“But because he didn’t see action at the time that he was hoping to see does not mean it wasn’t taken seriously and any allegation of that kind is, of course, investigated properly and professionally.”
South Korea is preparing to impose bank-level, no-fault liability rules on crypto exchanges, holding exchanges to the same standards as traditional financial institutions amid the recent breach at Upbit.
The Financial Services Commission (FSC) is reviewing new provisions that would require exchanges to compensate customers for losses stemming from hacks or system failures, even when the platform is not at fault, The Korea Times reported on Sunday, citing officials and local market analysts.
The no-fault compensation model is currently applied only to banks and electronic payment firms under Korea’s Electronic Financial Transactions Act.
The regulatory push follows a Nov. 27 incident involving Upbit, operated by Dunamu, in which more than 104 billion Solana-based tokens, worth approximately 44.5 billion won ($30.1 million), were transferred to external wallets in under an hour.
Regulators are also reacting to a pattern of recurring outages. Data submitted to lawmakers by the Financial Supervisory Service (FSS) shows the country’s five major exchanges, Upbit, Bithumb, Coinone, Korbit and Gopax, reported 20 system failures since 2023, affecting over 900 users and causing more than 5 billion won in combined losses. Upbit alone recorded six failures impacting 600 customers.
The upcoming legislative revision is expected to mandate stricter IT security requirements, higher operational standards and tougher penalties. Lawmakers are weighing a rule that would allow fines of up to 3% of annual revenue for hacking incidents, the same threshold used for banks. Currently, crypto exchanges face a maximum fine of $3.4 million.
The Upbit breach has also drawn political scrutiny over delayed reporting. Although the hack was detected shortly after 5 am, the exchange did not notify the FSS until nearly 11 am. Some lawmakers have alleged the delay was intentional, occurring minutes after Dunamu finalized a merger with Naver Financial.
As Cointelegraph reported, South Korean lawmakers are also pressuring financial regulators to deliver a draft stablecoin bill by Dec. 10, warning they will push ahead without the government if the deadline is missed.
The ruling party’s ultimatum follows slow progress and repeated delays, with officials hoping to bring the bill to debate during the National Assembly’s extraordinary session in January 2026.
Millionaire Tory donor Malcolm Offord has defected to Reform UK, saying he would be campaigning “tirelessly” to “remove this rotten SNP government”.
Nigel Farage announced the former Conservative life peer’s defection during a rally in the Scottish town of Falkirk, where regular anti-immigration protests have taken place outside the Cladhan Hotel – which is being used to house asylum seekers.
Mr Farage, Reform UK’s leader, said he was “delighted” to welcome Greenock-born Lord Offord to Reform, describing his defection as “a brave and historic act”.
He added: “He will take Reform UK Scotland to a new level.”
During a speech, Lord Offord, who previously donated nearly £150,000 to the Tories, said he would be quitting the Conservative Party and giving up his place in the House of Lords as he prepares to campaign for a seat in Holyrood in May.
The 61-year-old said he wanted to restore Scotland to a “prosperous, happy, healthy country”.
“Scotland needs Reform and Reform is coming to Scotland,” he told the rally.
“Today I can announce that I am resigning from the Conservative Party. Today I am joining Reform UK and today I announce my intention to stand for Reform in the Holyrood election in May next year.
“And that means that from today, for the next five months, day and night, I shall be campaigning with all of you tirelessly for two objectives.
“The first objective is to remove this rotten SNP government after 18 years, and the second is to present a positive vision for Scotland inside the UK, to restore Scotland to being a prosperous, proud, healthy and happy country.”
The latest defection comes as Mr Farage finds himself at the centre of allegations of racism dating back to his time in school.
Please use Chrome browser for a more accessible video player
4:09
Claims made against Nigel Farage
Sky News reported on Saturday that a former schoolfriend of Mr Farage claimed he sang antisemitic songs to Jewish schoolmates – and had a “big issue with anyone called Patel”.
Jean-Pierre Lihou, 61, was initially friends with the Reform UK leader when he arrived at Dulwich College in the 1970s, at the time when Mr Farage is accused of saying antisemitic and other racist remarks by more than a dozen pupils.
Mr Farage has said he “never directly racially abused anybody” at Dulwich and said there is a “strong political element” to the allegations coming out 49 years later.
Reform’s deputy leader Richard Tice has called the ex-classmates “liars”.
A Reform UK spokesman accused Sky News of “scraping the barrel” and being “desperate to stop us winning the next election”.
The European Commission’s proposal to expand the powers of the European Securities and Markets Authority (ESMA) is raising concerns about the centralization of the bloc’s licensing regime, despite signaling deeper institutional ambitions for its capital markets structure.
On Thursday, the Commission published a package proposing to “direct supervisory competences” for key pieces of market infrastructure, including crypto-asset service providers (CASPs), trading venues and central counterparties to ESMA, Cointelegraph reported.
Concerningly, the ESMA’s jurisdiction would extend to both the supervision and licensing of all European crypto and financial technology (fintech) firms, potentially leading to slower licensing regimes and hindering startup development, according to Faustine Fleuret, head of public affairs at decentralized lending protocol Morpho.
“I am even more concerned that the proposal makes ESMA responsible for both the authorisation and the supervision of CASPs, not only the supervision,” she told Cointelegraph.
The proposal still requires approval from the European Parliament and the Council, which are currently under negotiation.
If adopted, ESMA’s role in overseeing EU capital markets would more closely resemble the centralized framework of the US Securities and Exchange Commission, a concept first proposed by European Central Bank (ECB) President Christine Lagarde in 2023.
EU plan to centralize licensing under ESMA creates crypto and fintech slowdown concerns
The proposal to “centralize” this oversight under a single regulatory body seeks to address the differences in national supervisory practices and uneven licensing regimes, but risks slowing down overall crypto industry development, Elisenda Fabrega, general counsel at Brickken asset tokenization platform, told Cointelegraph.
“Without adequate resources, this mandate may become unmanageable, leading to delays or overly cautious assessments that could disproportionately affect smaller or innovative firms.”
“Ultimately, the effectiveness of this reform will depend less on its legal form and more on its institutional execution,” including ESMA’s operational capacity, independence and cooperation “channels” with member states, she said.
Global stock market value by country. Source: Visual Capitalist
The broader package aims to boost wealth creation for EU citizens by making the bloc’s capital markets more competitive with those of the US.
The US stock market is worth approximately $62 trillion, or 48% of the global equity market, while the EU stock market’s cumulative value sits around $11 trillion, representing 9% of the global share, according to data from Visual Capitalist.