Reform UK, the political party led by Nigel Farage, received £72 million ($97.4 million) in donations from two cryptocurrency billionaires over two days. BitMEX co-founder Ben Delo and Tether investor Christopher Harborne each gave the party £36 million ($48.7 million), marking the largest single donation to a British political party on record.
Delo disclosed his donation in a Telegraph op-ed on Friday, saying he had planned to give £1 million a month until the next general election but brought the money forward in a single payment in case the government caps donations. He said the payment would give Reform a "level playing field" against its opponents. Harborne said he matched Delo's donation after learning of the planned gift.
The donations arrive as Parliament rewrites political funding rules. The Representation of the People Bill would suspend cryptocurrency donations and cap donations from British citizens registered to vote abroad at £100,000 a year. The crypto suspension would apply retroactively to donations made on or after March 25, and applicable donations would have to be returned within 30 days of the rules taking effect. The bill cleared the House of Commons on Sept. 2 and moved to the House of Lords on Sept. 3.
Delo, 42, co-founded BitMEX in 2014 and pleaded guilty in 2022 to violating the US Bank Secrecy Act over anti-money laundering failures. He was later pardoned by President Donald Trump in March 2025. BitMEX said in July it would wind down permanently in September 2026. Harborne is a British investor based in Thailand who holds an estimated 12% stake in Tether.
Reform UK became the first UK political party to accept crypto donations in May 2025, and Farage has pledged to create a Bank of England bitcoin reserve and cut capital gains tax on crypto to 10% if his party wins power. The Metropolitan Police last week opened a criminal investigation into Reform's funding after a Channel 4 News broadcast about American donor routes.
