Key Takeaways:
Nigel Farage's Reform UK party raised 9.3 million pounds ($12.5 million) in the first quarter of 2026, outpacing both Labour and the Conservatives for the third consecutive quarter, as two crypto billionaires contributed 7 million pounds of the total, Electoral Commission data showed Thursday.
"The rich and powerful should not be able to buy themselves a louder voice in our democracy," Olly Buston, chief executive of campaign finance reform group Clean Up Westminster, said in a statement. "When a tiny number of wealthy donors can spend millions promoting the politicians and causes they favor, it is no surprise people feel politics is rigged against them."
Christopher Harborne, a Tether shareholder with a 12% stake in the stablecoin issuer and a net worth of $24.4 billion, donated 3 million pounds to Reform UK on Jan. 23, while Ben Delo, the BitMEX co-founder who was pardoned by U.S. President Donald Trump last year after pleading guilty to anti-money-laundering violations, contributed 4 million pounds across two payments in January and March. The two donations alone accounted for 28% of the 24 million pounds in total donations accepted by all UK-registered political parties in the quarter.
The donations have drawn increased scrutiny to Reform UK's funding sources as the party leads national opinion polls and Farage positions himself as a potential future prime minister. Labour in March announced plans to ban political donations made in cryptocurrencies and cap overseas donations from British expats at 100,000 pounds, following the government-commissioned Rycroft review. Reform UK was the only major British party to accept crypto donations before the ban, though neither Harborne nor Delo's contributions were made in digital assets.
Regulatory scrutiny intensifies
Farage is under investigation by the parliamentary standards watchdog over whether he should have declared a separate 5 million pound gift from Harborne that he received before entering parliament. Farage has said the money was used for personal security and that he was under "no obligation" to declare it, adding that the gift had been reviewed "from every legal angle." If suspended from parliament for 10 days or more, he could face a recall petition that would force a special election for his seat.
Harborne, who has lived in Thailand for more than 20 years, told the Daily Telegraph in April that he was donating to Reform because he believed Farage was the only person who could rebuild Britain in the way former Prime Minister Margaret Thatcher did four decades ago. He claimed he was "the reason" behind the proposed cap on overseas donors and said he has not ruled out returning to the UK to get around it.
Pro-crypto policy platform
Reform UK has adopted one of the most pro-crypto policy platforms in British politics. Farage has proposed cutting the capital gains tax on cryptocurrency from 24% to 10% and called on the Bank of England to create a Bitcoin reserve. He told the Bitcoin 2025 conference in Las Vegas that he would be a "champion" for digital assets.
The crypto industry's political spending has accelerated globally. In the US, crypto-backed political action committees have spent millions to successfully back candidates in primary elections ahead of the country's midterm elections in November. Delo, a first-time donor to Reform UK, said in an April article in the Daily Telegraph that he became involved in politics to try "to save Britain before decline becomes irreversible."
This article is for informational purposes only and does not constitute investment advice.
