Crypto Billionaires Hand Reform UK $97M in Record Donations
Two cryptocurrency billionaires, BitMEX co-founder Ben Delo and Tether investor Christopher Harborne, donated £36 million each to Nigel Farage's Reform UK over two days, totaling £72 million ($97 million). The combined donation surpasses the roughly £69 million raised by all UK political parties in the previous year.
Why It Matters
The gifts are record-breaking in scale and come as Westminster debates tighter controls on political funding and as Reform UK faces a criminal inquiry into some of its finances. The timing and size of the donations highlight tensions around overseas-connected donors, existing donation rules and ongoing investigations.
Key Facts
- Total donated to Reform UK: £72 million ($97 million)
- Individual donations: Ben Delo: £36 million; Christopher Harborne: £36 million
- Previous fundraising benchmark: All UK parties raised roughly £69 million last year
- Delo previous donations this year: £8 million
- Harborne previous donations since last election: £15 million
Ben Delo, the co-founder of crypto exchange BitMEX, announced a £36 million donation to Reform UK on Friday, the largest single political gift in British history. A day later Christopher Harborne, a Thailand-based investor in Tether, matched that amount, bringing the party’s new funding haul to £72 million. Reform UK said the money will be used to recruit policy staff and 400 campaign managers, with the party now “on election footing,” according to a spokesman.
Delo said his £36 million equates to £1 million per month through the latest date Labour could call an election in 2029 but that he paid up front in case future limits are imposed on large donations. Neither his nor Harborne’s most recent contributions were made in cryptocurrency; Britain banned crypto political donations in March.
The scale of the gifts exceeds the approximately £69 million all UK parties collected last year, and arrives amid discussions of tighter donation rules. Since March, donors have been required to have 12 months on the electoral register to give more than £100,000 a year. Labour has limited gifts from Britons living overseas to £100,000 and intends to apply the same cap to recent returnees.
Both donors have attracted scrutiny previously: the source notes that U.S. President Donald Trump pardoned Delo in 2025, three years after Delo pleaded guilty to anti-money-laundering failures at BitMEX. The Parliamentary Commissioner for Standards is also examining whether Nigel Farage should have declared a separate £5 million personal gift from Harborne.
The donations come while Reform UK is subject to a Metropolitan Police inquiry into its funding; police opened an investigation after Channel 4 footage alleged aides discussed methods to circumvent the ban on foreign money, and that probe has been folded into an existing inquiry about payments received before the last election. Reform has denied wrongdoing and said it will fully cooperate with authorities.
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