A Sunday Times investigation alleges that Reform UK leader Nigel Farage failed to declare extensive financial support from George Cottrell, a convicted fraudster with ties to a crypto gambling platform, potentially breaching parliamentary disclosure rules. The report details that Cottrell, who served prison time for wire fraud, paid for Farage’s private security, drivers, social media staff, and accommodation in the year before Farage became an MP in July 2024.
The support was routed through Cottrell’s associates and linked to Tether.bet, an offshore bookmaker that accepts large wagers in cash or cryptocurrency—including Tether’s USDT stablecoin. The platform’s website was registered shortly after a 2020 meeting between Farage, Cottrell, and Christopher Harborne, a billionaire who reportedly holds a 12% stake in Tether and has donated over £12 million to Reform UK. The Sunday Times also found that until 2022, UK customer deposits to Tether.bet passed through two British shell companies, one owned by Reform’s data protection officer.
Under House of Commons rules, MPs must declare gifts or benefits worth more than £300 received in the 12 months before their election if connected to their political activities. Farage disclosed a trip funded by Cottrell and a later flight donation, but not the ongoing security and staff payments. Farage is already under investigation by Parliamentary Standards Commissioner Daniel Greenberg over an undeclared £5 million gift from Harborne. A spokesperson for Farage dismissed the new allegations as “baseless and contrived,” claiming the support came before he was an active politician. Liberal Democrat MP Josh Babarinde has requested a fresh investigation.
The scandal shines a light on the growing intersection of crypto wealth and political financing. Farage has championed digital assets, pledging a Bank of England bitcoin reserve and a capital gains tax cut on crypto. He also acquired a 6.3% stake in UK bitcoin treasury firm Stack BTC. The links between a fraud convict, a Tether stakeholder, and a senior politician could fuel regulatory headwinds and reputational damage for the crypto industry, particularly for Tether and Bitcoin, at a time when global scrutiny is intensifying.
