Reform UK, led by Nigel Farage, has recently received £72 million in donations from two cryptocurrency billionaires, Ben Delo and Christopher Harborne. This includes two individual donations of £36 million each, making them the largest party donations since 2001. Delo, co-founder of crypto platform BitMex, previously donated £4 million to Reform earlier this year, while Harborne, a major Tether shareholder, has also been a significant donor to Farage.
These substantial donations have ignited a debate over political funding, particularly as a new bill in the House of Lords proposes a £100,000 cap on overseas donations, backdated to March 25. This legislation could potentially deem the donations impermissible and require their return, as Harborne reportedly only registered on the U.K. electoral roll in June and Delo recently moved back from Hong Kong. Labour MPs are urging an investigation into the legality of these gifts.
Reform UK, however, plans to challenge any attempts to claw back the funds and is already utilizing the money for an expansion of staff, including hiring campaign managers for 400 constituencies, and launching a new online television channel. Critics link the donations to Reform UK's pro-crypto policies, though the donors claim no personal gain. Farage is also under investigation for not declaring a separate £5 million "personal" donation from Harborne received before his election as an MP.
