Reform UK faces scrutiny over Farage’s £5M gift from crypto billionaire 

Reform UK leader Nigel Farage has rejected demands to disclose a £5 million personal gift from crypto investor Christopher Harborne, arguing that the payment fell outside parliamentary reporting requirements.

Summary

• Nigel Farage said a £5 million gift from crypto investor Christopher Harborne did not require parliamentary disclosure.
• Conservatives asked Parliamentary Standards Commissioner Daniel Greenberg to examine whether any of the funds supported political activity.

According to comments Farage gave to broadcasters on Tuesday, legal advice obtained by his team concluded there was “no obligation” to declare the payment because it was an “unconditional, non-political, personal gift.”

Farage said the money was connected to personal security concerns after past threats against him, including a firebomb attack on his home, and stated the funds would help ensure his long-term safety.

Conservative officials have since referred the matter to Parliamentary Standards Commissioner Daniel Greenberg, requesting an examination into whether any part of the £5 million may have indirectly supported political activity

Farage added he would not refer himself to the watchdog because there was “no case to answer.”

Labour chair Anna Turley accused Farage of appearing to have “broken the rules again,” while Reform UK said the payment was exempt from disclosure rules because it was received in June 2024 before Farage decided to stand as the party’s parliamentary candidate for Clacton.

The controversy emerged weeks after reports revealed the payment had not been declared under UK campaign finance rules despite its size

Harborne, who lives in Thailand and owns a 12% stake in stablecoin issuer Tether, has already become one of Reform UK’s biggest financial backers.

Crypto donor ties draw renewed scrutiny

Harborne has separately donated roughly £12 million to Reform UK, including a £9 million contribution last year that was described as the largest political donation made by a living individual in British history

In remarks published by the Telegraph last week, Harborne said he believed his donations had influenced the government’s decision to introduce restrictions on overseas political contributions.

Harborne told the newspaper he did not believe the government had “a right to stop me” and said he had not ruled out returning to the UK to avoid any future restrictions

He also stated that he expected nothing in return for the £5 million payment to Farage apart from helping protect his safety, adding that legal documents classified the transfer as “unconditional and irrevocable.”

The dispute has added to scrutiny surrounding Reform UK’s connections to cryptocurrency investors and digital asset businesses. In April, the Liberal Democrats asked the Financial Conduct Authority to investigate Farage’s financial links to crypto firm Stack BTC after he appeared in promotional material tied to the company’s Bitcoin treasury strategy.

Liberal Democrat deputy leader Daisy Cooper stated in a letter to the FCA that Farage’s crypto activities raised questions about “market abuse and a conflict of interest.” Public filings showed Farage disclosed a $286,000 investment in Stack BTC through his media company Thorn In The Side, giving him a 6.31% stake in the business.

Stack BTC, chaired by former Chancellor Kwasi Kwarteng, disclosed in April that it had increased its Bitcoin holdings to 68 BTC after purchasing another 37 BTC for about $2.7 million.

Political pressure around crypto-linked funding intensified after the Rycroft Review warned that digital asset donations could create risks tied to foreign interference in British elections. The UK government imposed an immediate moratorium on crypto donations to political parties last month while officials prepare new rules for political financing.

Neither Harborne’s donations to Reform UK nor the £5 million payment to Farage were made using cryptocurrency.