04 Jun 2026 17:20 UTC
Tether investor Christopher Harborne and BitMEX co-founder Ben Delo’s outspent Britain's traditional political donors.
➤ The article also touches upon past legal issues related to anti-money laundering protocols at BitMEX and ongoing investigations into the declaration of these large political gifts.
➤ The donations highlight Reform UK's pro-cryptocurrency stance and raise questions about campaign finance regulations, especially concerning overseas donors and crypto assets.
➤ Crypto billionaires Christopher Harborne and Ben Delo donated $9.4 million to Nigel Farage's Reform UK party in Q1 2026, significantly outspending traditional political donors.
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.
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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.
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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.
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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.
Categories rationale: The article's primary focus is on political donations and their influence, making 'political-endorsements-opposition' a key Level 1 category. The donations originate from individuals linked to the UK, placing it under 'established-hubs' for jurisdiction. Since Tether, a stablecoin issuer, is central to one of the donors' wealth, 'stablecoins-digital-cash' is also relevant.Characteristics justification: The article discusses significant political donations from crypto billionaires, which is a notable event ('relevance': 0.9). The focus on large, potentially controversial donations from individuals with past legal issues and the UK's recent moratorium on crypto donations introduces elements of 'uncertainty' (0.7). The negative sentiment arises from criticisms of wealthy donors influencing politics and ongoing investigations ('sentiment': -0.6). The topic of crypto donations and potential circumvention of regulations suggests a degree of 'novelty' ('entropy': 0.85), while the discussion of past donations and regulatory responses indicates some 'staleness' (0.7).Tag relevance: The tags 'Reform UK', 'Nigel Farage', 'Christopher Harborne', and 'Ben Delo' are central figures and entities in the article. 'Cryptocurrency', 'Tether', and 'stablecoin' are directly related to the source of the donors' wealth and the broader context. 'Political donations', 'uk politics', and 'anti-money laundering' capture the core themes and regulatory aspects discussed.asset-types: stable_coin
rwa: true
entropy: 0.85
sentiment: -0.6
staleness: 0.7
relevance: 0.9
uncertainty: 0.7RWATimes slug: decrypt-crypto-billionaires-donate-9-4-m-to-farages-reform-uk-in-q-1-3806077389