UK Member of Parliament Nigel Farage faces investigation over failure to disclose a £5 million donation from Tether shareholders

According to Decrypt, the UK Parliamentary Standards Commissioner is conducting a formal investigation into Reform UK leader Nigel Farage, due to his alleged failure to declare a personal donation of 5 million pounds (approximately 6.7 million USD) from cryptocurrency investor Christopher Harborne. Harborne owns a 12% stake in stablecoin issuer Tether and has donated about 12 million pounds to Reform UK, making him one of the party’s main funders. Farage claims that the donation occurred before he announced his candidacy for the 2024 general election and was primarily used to ensure his long-term personal safety, so he believed it was not necessary to declare. However, under the UK House of Commons’ code of conduct, new MPs must register any registrable interests received within the 12 months prior to election within one month of being elected. If found to be in violation, Farage could face penalties such as an apology, suspension, or even expulsion from Parliament.