Reform UK received £72 million ($97 million) from two crypto billionaires over two days, more than all British political parties raised last year combined.
Ben Delo announces a record £36 million gift
BitMEX co-founder Ben Delo announced in The Telegraph on Friday that he would donate £36 million to Nigel Farage's Reform UK. Decrypt said it was the largest single donation ever made to a British political party and more than four times the £8 million Delo had already given earlier this year.
Delo said the contribution was equivalent to £1 million a month until the latest date Labour could call an election in 2029. He chose to pay the money up front in case the government moves to cap large donations.
Christopher Harborne matches the amount a day later
On Saturday, Christopher Harborne, the Thailand-based Tether investor, matched Delo's £36 million donation. Since the last election, Harborne has already given Reform £15 million.
Writing in The Telegraph, Harborne said his "competitive spirit" led to the gift and added that he expected "nothing, personally." Reform said the money would be used to hire "the brightest and best minds to work on policy" and 400 campaign managers, one for each target seat. A party spokesman said Reform is "now on election footing."
Recent donations were not made in crypto
Neither the latest donations from Delo and Harborne nor their earlier ones were made in cryptocurrency. Britain banned crypto political donations in March.
Funding rules are under review in the UK
The donations come as the government considers tighter rules. There is currently no limit on what UK-based donors can give. Labour has capped donations from Britons living overseas at £100,000 and plans to apply the same rule to recent returnees.
Since March, donors have needed to be on the electoral register for 12 months in order to give more than £100,000 a year. Delo, who was born in Sheffield, said he will return from Hong Kong.
Both donors have faced scrutiny before
Decrypt noted that both men have previously drawn attention. U.S. President Donald Trump pardoned Delo in 2025, three years after the BitMEX founder pleaded guilty over anti-money laundering failures at the exchange.
At the same time, the Parliamentary Commissioner for Standards is considering whether Farage should have declared a £5 million personal gift from Harborne.
Reform is under criminal investigation over its funding
The latest donations arrive while Reform is under criminal investigation over its funding, though not over either man's gift.
The Metropolitan Police opened an inquiry on Tuesday after allegations from Channel 4 footage showed two senior aides discussing ways around the ban on foreign money. The matter was folded into an existing probe into payments received before the last election. A Reform spokesman said the party "denies any wrongdoing and will fully cooperate."