Nigel Farage’s Reform UK party has raised $9.4 million from two cryptocurrency billionaires in the first quarter of 2026, helping it collect more donations than either Labour or the Conservative Party.
Summary
- Reform UK raised $9.4 million from crypto billionaires Christopher Harborne and Ben Delo in Q1, surpassing Labour and Conservative fundraising totals.
- Harborne and Delo accounted for 28% of all political donations reported by UK parties during the quarter.
- Harborne’s financial ties to Nigel Farage remain under scrutiny amid questions over a separate $6.7 million personal gift.
According to newly released UK political donation records, crypto investors Christopher Harborne and Ben Delo provided the bulk of Reform UK’s fundraising haul during the quarter. Their combined $9.4 million contribution accounted for roughly 28% of the $32.2 million in donations accepted by all UK-registered political parties during the period.
Harborne, who holds a 12% stake in stablecoin issuer Tether and is estimated to be worth $24.4 billion, donated $4 million to Reform UK on Jan. 23. The contribution followed a separate $12.1 million donation he made in 2025, which was widely reported as the largest political donation ever made by a living individual in Britain.
BitMEX co-founder Ben Delo contributed another $5.4 million through two separate payments made in January and March. Delo returned to the UK from Hong Kong earlier this year.
In 2022, he pleaded guilty to violating the U.S. Bank Secrecy Act over failures to implement anti-money laundering controls at BitMEX and later received a presidential pardon from Donald Trump.
As a result of those contributions, Reform UK reported $12.5 million in donations during the first quarter, ahead of the Conservative Party’s $8.1 million and Labour’s $5.5 million.
Crypto backers strengthen Reform UK’s fundraising position
Political support from crypto-linked donors has grown alongside Reform UK’s increasingly favorable stance toward digital assets.
Among major British political parties, Reform UK had been the only one willing to accept cryptocurrency donations before the UK government introduced restrictions following the government-commissioned Rycroft review. The measures included a moratorium on political donations made in crypto and limits on overseas political contributions from British expatriates.
Speaking about the new rules, Harborne said he believed he was “the reason” behind the cap on overseas donors. He also suggested the restrictions could face legal challenges and said he had not ruled out returning to the UK.
Meanwhile, Reform UK has continued promoting policies aimed at the crypto industry. Farage said in October 2025 that he would be a “champion” for digital assets. The party has since backed proposals including a national crypto strategic reserve and lower capital gains taxes on cryptocurrency investments.
Campaign finance reform groups have criticized the concentration of political funding among wealthy donors. Olly Buston, chief executive of Clean Up Westminster, argued that large donations from a small number of individuals contribute to public concerns about fairness in the political system.
Harborne’s relationship with Farage draws attention
Separate scrutiny has also emerged around Harborne’s financial ties to Farage personally.
According to reports, Farage purchased a $1.9 million property in May 2024 after receiving what was described as a $6.7 million personal gift from Harborne. Critics have argued the payment should have been declared after Farage entered Parliament, prompting calls for an investigation.
Farage and Reform UK have rejected those claims. Farage said the payment was made before he became a member of Parliament and therefore fell outside parliamentary disclosure requirements.
Earlier last month, he said legal advice obtained by his team concluded there was “no obligation” to declare the transfer because it qualified as an “unconditional, non-political, personal gift.”
The issue has already been referred to Parliamentary Standards Commissioner Daniel Greenberg by Conservative officials. Labour chair Anna Turley has also questioned the arrangement, while Reform UK maintains that the payment was exempt from disclosure rules because it was received before Farage became the party’s candidate for Clacton.
