Crypto billionaires give $97 million to Reform UK, fueling concerns about money in politics, tell me about this news in (https://www.wral.com/news/ap/b0fc2-crypto-billionaires-give-97-million-to-reform-uk-fueling-concerns-about-money-in-politics/)
12-09-2026
The news report covers a record-shattering political donation in the United Kingdom involving Reform UK, the right-wing party led by Nigel Farage.Key Details of the Story
- The Record Donations: Reform UK received a combined total of £72 million (approximately $97 million) from two cryptocurrency figures:
- Ben Delo, co-founder of the crypto exchange BitMEX, donated £36 million ($48 million).
- Christopher Harborne, a crypto investor and longtime donor, announced he was matching Delo’s contribution with another £36 million ($48 million). These twin contributions are tied for the largest political donations ever made to a British political party.
- Motivation Behind the Funding: Writing in The Telegraph, Delo explained that the donation was designed to provide roughly £1 million a month leading up to the expected August 2029 general election. He stated his goal was to help dismantle the traditional two-party “cartel” (the Labour and Conservative parties) and level the playing field, allowing Reform UK to concentrate on preparing for government rather than constantly fundraising. Delo also noted he made the contribution upfront in case the UK government introduces new caps on political donations.
- Donor Background: Delo previously pleaded guilty in 2022 to violating the U.S. Bank Secrecy Act in connection with BitMEX’s anti-money-laundering controls and was sentenced to probation; he was subsequently pardoned by Donald Trump in March 2025.
- Ongoing Scrutiny and Investigations: The massive injection of cash comes amid significant pressure and controversies regarding Reform UK’s finances:
- Police Probe: London’s Metropolitan Police recently launched an investigation following an undercover Channel 4 News report showing senior party figures allegedly discussing ways to conceal or accept contributions from foreign donors (which is illegal under UK electoral law). Reform UK has denied wrongdoing.
- Parliamentary Standards Inquiry: Nigel Farage is separately under scrutiny by Parliament’s standards watchdog over an undeclared £5 million gift received from Harborne prior to Farage’s election to the House of Commons. Farage maintains it was a personal gift primarily intended for his security and unrelated to party politics.
- Broader Impact: The sheer size of the £72 million contribution has intensified public and political concern across the UK regarding the influence of private and cryptocurrency wealth in elections, putting pressure on lawmakers to reconsider spending and donation regulations.