The British political party Reform UK received 44% of all political donations in the first quarter of 2026, with three quarters of it coming from two donors heavily involved in the cryptocurrency sector, according to data released by the country's Electoral Commission on 4 Jun. Ben Delo gave Nigel Farage’s party £4mn and Christopher Harborne gave £3mn. Together, they accounted for 75% of the party’s intake.
Is Crypto Money Buying Influence in UK Policy Making?
4 June 2026 - 13:20 CEST
The donations reinforce Farage’s recent efforts to align himself with crypto-friendly rhetoric and policy, echoing tactics seen in the US on a smaller scale.
Delo, Harborne
Ben Delo is a co-founder of BitMEX, a prominent cryptocurrency derivatives exchange. He has recently said he is moving back to the UK from Hong Kong, citing new UK rules that cap political donations from overseas-based UK citizens at £100,000.
Delo’s net worth is estimated at around $1bn, according to Celebrity Net Worth and previous rich list assessments. In March 2025, he was pardoned by the Trump administration after pleading guilty in 2022 to failing to maintain adequate anti-money laundering controls at BitMEX.
Christopher Harborne is a Thailand-based British investor whose businesses include aviation fuel trading. According to The Sunday Times Rich List, his net worth exceeds £18bn, with £17.7bn reportedly coming from a 12% shareholding in Tether, the issuer of the world’s largest stablecoin USDT.
In addition to the £3mn donation in Q1, Harborne has previously donated £12mn to Reform UK and gave Nigel Farage £5mn in 2024.
Enquiries, scrutiny
Whether Farage should have declared the £5mn gift is now subject to an enquiry by the Parliamentary Commissioner for Standards. Members of Parliament are legally required to disclose donations received in the 12 months before they are elected.
New UK rules have also introduced a temporary ban on donations made directly in cryptocurrencies while authorities determine how such contributions should be regulated. There is no suggestion that the registered donations from Delo or Harborne breach current rules.
Policy influence
The donations sit alongside Reform UK’s broader engagement with the crypto sector. In May 2025, the party published its Cryptoassets and Digital Finance Bill, which proposed significant deregulation and measures designed to attract crypto capital to the UK.
Farage has also made a personal investment of £215,000 in Stack BTC, a Bitcoin treasury company chaired by former chancellor Kwasi Kwarteng, the finance minister responsible for the disastrous 2022 budget during Liz Truss’ very short prime ministerial term. The company drew attention after making a £2m Bitcoin purchase, marking the first time a sitting Member of Parliament had been directly involved in promoting a cryptocurrency-focused firm.
Stack BTC is listed on the Aquis Stock Exchange and has a market capitalization of around £7.5m. Multiple reports have suggested Farage is entitled to a significant bonus should the valuation exceed £100m.
If Reform UK were to win the next general election and implement its recommended crypto policies, Farage could stand to make personal financial gains.
More broadly, a Reform-led government would represent a clear shift away from the current UK approach, which seeks to balance crypto sector development with consumer protection, towards a model that prioritizes growth over restraint.
Expressive or instrumental
Mirko Draca, an economics professor at Warwick University, has written extensively about political funding. In an interview with Sandmark, he compared Harborne’s role with other major donors and described them as appearing to be "expressive donors" – ideologists who believe in the cause. However, he also noted the possibility that Harborne may be more "instrumental," seeking specific policy outcomes.
He also said Harborne could have made the controversial £5m donation because he "wanted Farage back on the playing-field," hinting that Harborne may in fact be more instrumental than expressive. That is supported by a report in The Nerve linking the timing of Harborne’s donations with Reform UK’s adoption of crypto-friendly policies.
Inherent risks
The donations present several risks. Reform UK is heavily dependent on a few individuals for its funding. A leading politician stands to make personal financial gains from policies his party is promoting. And the future direction of UK crypto policy could be shaped by donors with significant interests in the sector.
The current UK government’s approach seeks to balance innovation with consumer protection. Reform UK’s proposals lean much more heavily toward deregulation.
