Reform UK has reported receiving £20 million in donations from cryptocurrency investors since the general election, according to an analysis of Electoral Commission data. Approximately 60% of the party's funding has come from wealthy individuals in the digital currency sector since early 2024. The largest contribution, amounting to £15 million, was made by crypto billionaire Christopher Harborne, who also made a separate undeclared donation of £5 million to Nigel Farage, which is currently under parliamentary investigation. Other notable donors include Ben Peter Delo, founder of BitMex, who contributed two payments of £2 million, and Maria Rost, who donated £125,000 through nine payments.
In comparison, the Conservative Party received £82,250 from hedge fund manager Alan Eldad Howard, a crypto investor. No donations from cryptocurrency investors were reported for Labour, the Liberal Democrats, or the Green Party. A spokesperson for Reform UK stated that the party adheres to strict vetting procedures for donations in compliance with the Electoral Commission guidelines.
The revelations have intensified scrutiny on Farage, who was recently re-elected as Clacton MP. Labour Party chair Bridget Phillipson criticized Farage for accepting large donations from crypto investors, suggesting it undermines public trust. Labour has implemented a temporary ban on cryptocurrency donations and is reviewing electoral interference. Other parties, including the Greens, have also expressed concerns about the influence of large donations on politics.
Experts have raised alarms about the implications of such significant contributions from a small group of individuals, warning that they may seek to influence policy. Tory MP Harriet Baldwin cautioned against the potential for politicians to benefit personally from liberalizing cryptocurrency regulations. Farage and Reform UK have advocated for a liberalized crypto market and have proposed legislation aimed at fostering a 'crypto revolution' in the UK.