Crypto Billionaires Delo and Harborne Donate Record £72M to Reform UK

BitMEX co-founder Ben Delo and Tether investor Christopher Harborne donated £72 million ($97 million) to Nigel Farage's Reform UK within two days, exceeding the roughly £69 million all UK parties raised in donations last year. Delo announced £36 million on Friday through the Telegraph, marking the largest single donation in British political history, while Harborne matched the amount a day later on Saturday, citing his competitive spirit as motivation. The donations arrive as the UK government weighs tighter rules on political contributions and Reform UK faces a criminal investigation into foreign funding allegations unrelated to these gifts.

Harborne Matches Delo's Donation on Saturday

Christopher Harborne, the Thailand-based Tether investor who previously gave Reform £15 million since the last election, matched Delo's £36 million donation on Saturday. Harborne wrote in the Telegraph that his competitive spirit prompted the contribution, adding that he expected nothing personally in return. Neither Delo's nor Harborne's most recent donations were made in cryptocurrency, as Britain banned crypto political donations in March.

Reform UK Allocates Funds to Policy Teams and Campaign Managers

Reform UK stated the £72 million will hire the brightest and best minds to work on policy and fund 400 campaign managers, one per target seat. A party spokesman said Reform is now on election footing. Delo structured his donation as £1 million per month until the latest date Labour could call an election in 2029, paying up front in case the government caps large donations.

UK Regulatory Context Bans Crypto Donations and Caps Overseas Gifts

The UK currently has no limit on what UK-based donors can give to political parties. Labour has capped gifts from Britons living overseas at £100,000 and plans the same restriction for recent returnees. Since March, donors have needed 12 months on the electoral register to give more than £100,000 annually. Sheffield-born Delo says he will return from Hong Kong to meet residency requirements.

Delo and Harborne Face Previous Scrutiny Over Legal Issues

Both donors have drawn scrutiny before. U.S. President Donald Trump pardoned Delo in 2025, three years after the BitMEX founder pleaded guilty to anti-money laundering failures at the exchange. The Parliamentary Commissioner for Standards is weighing whether Farage should have declared a £5 million personal gift from Harborne. Delo's £36 million donation represents more than four times the £8 million he had already given Reform UK this year.

Metropolitan Police Investigate Reform UK Funding Practices

Reform UK is under criminal investigation over its funding, though not related to Delo's or Harborne's donations. The Metropolitan Police opened an inquiry on Tuesday into allegations from Channel 4 footage showing two senior aides discussing ways around the ban on foreign money. The probe folds into an existing investigation into payments received before the last election. A Reform spokesman said the party denies any wrongdoing and will fully cooperate.

FAQ

What did Ben Delo and Christopher Harborne donate to Reform UK? Ben Delo donated £36 million on Friday and Christopher Harborne matched it with £36 million on Saturday, totaling £72 million to Reform UK within two days. Delo structured his donation as £1 million per month until the latest date Labour could call an election in 2029, paying up front in case the government caps large donations.

Why is Reform UK under criminal investigation? The Metropolitan Police opened an inquiry on Tuesday into allegations from Channel 4 footage of two senior Reform UK aides discussing ways around the ban on foreign money. The investigation folds into an existing probe into payments received before the last election, though it is not related to Delo's or Harborne's recent donations.