UK Lawmaker Urges Financial Conduct Authority Probe Into Nigel Farage’s Crypto Promotion

Farage’s crypto advocacy faces scrutiny over conflict risks, investor harm, and links to political funding.

Political scrutiny around cryptocurrency promotion in the UK is intensifying as regulators face fresh calls to examine potential misconduct. Concerns center on whether public figures are influencing markets while holding financial interests. Lawmakers are also questioning how such actions could affect retail investors. A recent complaint now places Reform UK leader Nigel Farage at the center of that debate.

Farage Accused of Following ‘Trump Playbook’ in Crypto Promotion

Daisy Cooper has formally asked the Financial Conduct Authority to investigate Nigel Farage over his involvement in cryptocurrency promotion. In a letter addressed to FCA CEO Nikhil Rathi, Cooper raised concerns about a promotional video linked to Stack BTC.

That video claimed Farage executed a £2 million Bitcoin purchase on behalf of the company. The transaction reportedly followed his earlier £215,000 personal investment in the firm. Cooper argued that the timing raises questions about potential conflicts of interest and market manipulation risks.

Her letter also pointed to broader concerns about investor protection. Cooper warned that Farage’s public statements could encourage retail participation in crypto markets without proper awareness of risks. She asked the FCA to assess whether such messaging could lead to financial harm.

Cooper compared Farage’s approach to what she described as a “Trump playbook.” She referenced findings involving Donald Trump, whose crypto-related ventures reportedly generated around $1.4 billion during his second term.

Reform UK Donation Linked to Tether Investor Triggers Oversight Calls

Policy positions promoted by Farage also came under review. Cooper noted his long-standing support for expanding cryptocurrency use in the UK. Proposals include creating a national Bitcoin reserve and allowing tax payments through digital assets. She argued such advocacy, combined with financial exposure, could influence market perception.

Attention also turned to political funding. Reform UK received a £9 million donation from Christopher Harborne, a known investor in Tether. Cooper described the contribution as the largest of its kind in UK political history. She questioned whether financial ties between donors and crypto interests could shape policy positions.

Further concerns involve Farage’s past public commentary. Cooper cited a 2022 interview where he discussed crypto’s growth potential without challenging bold price predictions. In that discussion, Bitcoin was described as potentially reaching $1 million in the long term.

Recent remarks have continued in a similar tone. Farage has referred to cryptocurrency as “the ultimate freedom,” a statement Cooper believes may downplay associated risks. She also criticized comments that appeared to dismiss warnings from financial regulators.

Cooper urged the FCA to determine whether Farage’s actions amount to attempted market interference or abuse. Her request includes examining whether his influence may have encouraged uninformed investment decisions.