Nigel Farage, leader of Reform UK, is under investigation following the revelation that he received approximately £5 million (around $6.7 million) from cryptocurrency entrepreneur Christopher Harborne prior to his announcement to run for the Clacton parliamentary seat in 2024. The Conservative and Labour parties have raised concerns, claiming that Farage failed to declare this substantial gift, which they argue contravenes House of Commons regulations.
Farage confirmed the donation in a recent interview, stating it was intended to ensure his safety after experiencing a milkshake incident in 2019 and a firebomb attack on his residence last year. Harborne, who is based in Thailand and holds a 12% stake in the stablecoin company Tether, made the payment in 2024. Farage officially declared his candidacy for Clacton in early June of the same year and subsequently won the seat in July.
A spokesperson for Reform UK characterized the financial support as a “personal unconditional gift,” asserting that it was given before Farage’s election and had no bearing on his political ambitions. They expressed confidence that all necessary disclosures were made in accordance with parliamentary guidelines.
According to the Commons code of conduct, newly elected MPs must register any benefits received within the year preceding their election, particularly if there is any uncertainty regarding their status. Reform UK maintains that the gift qualifies as a purely personal donation, exempt from registration requirements.
In response to the situation, the Conservative Party has formally requested that the Parliamentary Standards Commissioner, Daniel Greenberg, investigate whether any portion of the funds was utilized for political purposes rather than solely for personal security. Labour chair Anna Turley has also suggested that Farage may have violated parliamentary rules once again.
In a broader context, Harborne’s financial contributions to Reform UK have been significant; he donated £9 million, approximately $12 million at the time, late last year, marking the largest single donation from a living individual to a UK political party on record. Additionally, BitMEX co-founder Ben Delo disclosed earlier this month that he has provided £4 million (around $5.1 million) to Reform UK since the beginning of the year.
In March, the UK government imposed a moratorium on cryptocurrency donations to political parties, following concerns from the Rycroft review about the potential for digital assets to facilitate foreign influence in UK politics. This ban, which applies to donations of any amount, is set to be incorporated into the Representation of the People Bill, complete with criminal penalties for violations.
Moreover, in March, Farage made a personal investment of £215,000 ($286,000) in Stack BTC, a London-listed bitcoin treasury firm chaired by former Chancellor Kwasi Kwarteng, acquiring a 6.31% stake through his investment vehicle, Thorn In The Side.
Nigel Farage is facing allegations from both the Conservative and Labour parties regarding a £5 million gift from crypto billionaire Christopher Harborne, which was not declared. The matter has been referred to the Parliamentary Standards Commissioner for investigation amid concerns about compliance with Commons rules.
Source: The Guardian