The UK government announced new election funding rules Monday that cap donations at £100,000 during a donor's first year of UK residency and impose stricter tests on company donors. The measures extend a March ban on crypto donations and could affect Nigel Farage's Reform UK, which has received £12 million from Thailand-based crypto billionaire Christopher Harborne and £4 million from Hong Kong-based Ben Delo. Both donors have registered or stated intentions to vote in the UK.
UK Government Extends £100,000 Donation Cap to First-Year Residents
The measures unveiled Monday extend a £100,000 cap on overseas donations, in force since March, to cover a donor's first year of UK residency. Company donations will be judged on post-tax profits over five years rather than revenue, and candidates must prove that any pre-campaign funding came from "legitimate sources." The reforms build on the March package, which capped overseas donations and banned crypto donations until the UK can regulate them. At the time of the ban, Reform UK was the only major British political party to accept donations made in cryptocurrency. The bill returns to the Commons for its final stages next week.
Reform UK Received £16 Million from Crypto Billionaires Harborne and Delo
Christopher Harborne, who holds a 12% stake in stablecoin issuer Tether, has donated a total of £12 million to Reform UK and has registered to vote in the UK. Ben Delo, the co-founder of the BitMEX exchange, has donated £4 million to Reform and has said he intends to move back to Britain. Delo was pardoned by U.S. President Donald Trump in 2025 after pleading guilty to violations of the Bank Secrecy Act. Neither Harborne nor Delo's donations were made in the form of cryptocurrency, and Reform says no rules were broken. The residency change would leave Delo capped at donating £100,000 for a year upon his return to Britain, according to the Independent.
Farage Faces Investigations Over Undeclared Financial Support
Farage is under investigation over an undeclared £5 million ($6.7 million) gift from Harborne. A Sunday Times investigation alleged that Farage failed to declare years of "in-kind" help, from staff and security to housing, provided by George Cottrell, a longtime confidant and convicted fraudster. Cottrell pleaded guilty to wire fraud in the U.S. after a 2016 sting and is now seeking a pardon from President Trump. According to the Sunday Times, Cottrell became a "key player" in Tether.bet, an offshore casino that took bets in cash or crypto and operated without a UK gambling licence. A Polymarket account linked to Cottrell by blockchain investigator ZachXBT has staked millions on geopolitical bets. Liberal Democrat MP Josh Babarinde has written to the Parliamentary Standards Commissioner calling for an investigation into Farage's "failure to declare financial support" from Cottrell. Farage denies the Cottrell benefits needed declaring, and Cottrell denies having expected anything in return.
FAQ
What new election funding rules did the UK government announce?
The UK government announced Monday that donations are capped at £100,000 during a donor's first year of UK residency, company donations will be judged on post-tax profits over five years, and candidates must prove pre-campaign funding came from legitimate sources. The measures extend a March ban on crypto donations.
How much have crypto billionaires donated to Reform UK?
Christopher Harborne has donated £12 million total to Reform UK, and Ben Delo has donated £4 million. Neither donation was made in cryptocurrency form, and Reform UK states no rules were broken.
What investigations is Nigel Farage facing?
Farage is under investigation over an undeclared £5 million gift from Christopher Harborne and alleged undeclared in-kind support from George Cottrell, including staff, security, and housing, according to a Sunday Times investigation. Liberal Democrat MP Josh Babarinde has called for a Parliamentary Standards Commissioner investigation.
