Ben Delo, co-founder of crypto derivatives exchange BitMEX, provided £4 million ($5.4 million) — about 75% of Reform UK’s £5.3 million in private donations during the second quarter of 2026. Electoral Commission records published on 3 September show Delo made two cash donations in April: £1 million and £3 million.
Reform UK raised more than Labour (£3.6 million) and the Conservatives (£2.8 million) in the same period. Delo had already given £4 million in the first quarter, bringing his 2026 total to £8 million. Christopher Harborne, another crypto investor with a stake in stablecoin issuer Tether, gave more than £3 million in the first quarter but made no second-quarter donation. The political funding arrives as UK rules propose limiting overseas political donations to £100,000 per year.
Delo’s donations draw attention partly because of his US legal history. He pleaded guilty in February 2022 to violating the Bank Secrecy Act over BitMEX’s anti-money-laundering failures, received 30 months’ probation, and paid a $10 million criminal fine. President Donald Trump granted him a full pardon in March 2025. The funding debate also intersects with an inquiry into whether Reform leader Nigel Farage failed to declare a £5 million personal gift from Harborne.
UK lawmakers have questioned crypto-linked political donations. Labour MP Matt Western proposed a temporary ban and stricter source checks, while the government introduced a moratorium on crypto political donations in March. Farage had previously said Reform would accept digital asset donations.
