Crypto Billionaires Donate $9.4M to Farage’s Reform UK in Q1

In brief

Tether billionaire Christopher Harborne donated another £3 million to Reform UK in the first quarter of the year.
BitMEX co-founder Ben Delo donated a further £4 million across two donations.
The crypto billionaires’ contributions to Reform UK amount to some 28% of the donations received by all political parties in Q1 2026.

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Nigel Farage’s Reform UK party collected $9.4 million (£7 million) from cryptocurrency billionaires Christopher Harborne and Ben Delo in the first quarter of 2026, a sum that exceeded the total donations received by each of the Conservative and Labour parties.

Christopher Harborne, ranked as the UK’s sixth-richest person with a net worth of $24.4 billion (£18.2 billion), donated £3 million to Reform UK on January 23.

The crypto investor, who has lived in Thailand for over 20 years and holds a 12% stake in stablecoin issuer Tether, has emerged as one of the party’s largest benefactors. In 2025, he made a £9 million donation to Reform UK that broke records as the largest gift to a UK party from a living donor.

Ben Delo, the co-founder of crypto exchange BitMEX, provided £4 million across two payments in January and March. Delo, who returned to the UK from Hong Kong this year, pleaded guilty in 2022 to violating the U.S. Bank Secrecy Act for failing to establish anti-money laundering protocols at BitMEX. He received a presidential pardon from Donald Trump last year.

The crypto donations propelled Reform UK to a £9.3 million fundraising quarter, surpassing both the Conservative Party’s £6 million and Labour’s £4.1 million hauls. In total, UK-registered political parties reported that they had accepted donations worth £24 million in the first quarter of 2026, with Harborne and Delo’s donations to Reform UK amounting to 28% of that figure.

The influx of capital from crypto billionaires comes after the UK announced a moratorium on political donations made in crypto, and a cap on overseas donations from British expats, following the government-commissioned Rycroft review.

Prior to the ban, Reform UK was the only major British political party to accept crypto donations, though neither Harborne nor Delo’s contributions were made in crypto.

Harborne claimed that he was “the reason” behind the cap on overseas donors, adding that he believed it could be challenged in court and that he has not ruled out returning to the UK to get around it.

Campaign finance reform advocates have seized on the donations as evidence of systemic problems. “When a tiny number of wealthy donors can spend millions promoting the politicians and causes they favour, it’s no surprise people feel politics is rigged against them,” said Olly Buston, chief executive of Clean Up Westminster, adding that, “The rich and powerful shouldn’t be able to buy themselves a louder voice in our democracy.”

Reform UK has emerged as one of the most vocal advocates for cryptocurrency in British politics, with party leader Nigel Farage stating that he would be a “champion” for digital assets in October 2025. The party has adopted pro-crypto policies including the establishment of a crypto strategic reserve and cuts to capital gains taxes on cryptocurrency.

Farage faces an investigation by parliament’s standards watchdog over whether he properly declared a separate £5 million gift from Harborne. During prime minister’s questions on Wednesday, UK prime minister Keir Starmer accused Farage of “dodging questions” over the gift.

Farage had earlier stated that he was under “no obligation” to declare the gift, adding that it had been reviewed “from every legal angle.” Having initially claimed that the donation was to pay for his personal security, he later described it as a “reward” for his Brexit campaigning.