Nigel Farage, leader of Reform UK, has pushed back against calls to disclose a £5 million personal gift from crypto investor Christopher Harborne, insisting that the payment did not fall under parliamentary reporting requirements.
Summary
Nigel Farage said the £5 million payment from crypto investor Christopher Harborne did not require official disclosure.
Conservative officials asked Parliamentary Standards Commissioner Daniel Greenberg to review whether any portion of the money supported political activity.
Reform UK maintains the payment was exempt because it was received before Farage officially became the party’s parliamentary candidate for Clacton.
Speaking to broadcasters on Tuesday, Farage said legal advice obtained by his team concluded there was “no obligation” to declare the funds because the transfer was an “unconditional, non-political, personal gift.”
Farage explained that the money was linked to concerns for his personal safety following past threats against him, including a firebomb attack targeting his home. According to the Reform UK leader, the funds would help provide long-term security protection.
Conservative Party officials later referred the issue to Parliamentary Standards Commissioner Daniel Greenberg, requesting an investigation into whether any part of the £5 million may have indirectly contributed to political activity.
Farage, however, rejected calls to refer himself to the parliamentary watchdog, arguing there was “no case to answer.”
Meanwhile, Labour Party chair Anna Turley accused Farage of appearing to have “broken the rules again.” Reform UK responded by saying the payment fell outside disclosure requirements because it was made in June 2024, before Farage agreed to stand as the party’s parliamentary candidate for Clacton.
The controversy follows earlier reports suggesting the payment had not been declared under UK campaign finance rules despite its large size.
Christopher Harborne, who resides in Thailand and reportedly owns a 12% stake in stablecoin issuer Tether, has already become one of Reform UK’s biggest financial supporters.
Crypto donor links draw renewed attention
Harborne has separately donated around £12 million to Reform UK, including a £9 million contribution last year that was described as the largest political donation made by a living individual in British history.
In comments published by The Telegraph, Harborne claimed his donations may have influenced the government’s decision to tighten restrictions on overseas political contributions. He also argued that the government did not have “a right to stop me” and suggested he could return to the UK if future rules became more restrictive.
Harborne additionally stated that he expected nothing in return for the £5 million gift beyond helping Farage improve his personal security. Legal documents reportedly classified the transfer as “unconditional and irrevocable.”
The dispute has intensified scrutiny around Reform UK’s growing links to cryptocurrency investors and digital asset businesses. Earlier this year, the Liberal Democrats urged the Financial Conduct Authority to investigate Farage’s financial ties to crypto company Stack BTC after he appeared in promotional content linked to the firm’s Bitcoin treasury strategy.
Liberal Democrat deputy leader Daisy Cooper argued in a letter to the FCA that Farage’s crypto-related activities raised concerns about potential conflicts of interest and market abuse. Public records later showed Farage had disclosed a $286,000 investment in Stack BTC through his media company, Thorn In The Side, giving him a 6.31% ownership stake in the business.
Stack BTC, chaired by former Chancellor Kwasi Kwarteng, revealed in April that it had expanded its Bitcoin holdings to 68 BTC after purchasing an additional 37 BTC for approximately $2.7 million.
Political concern surrounding crypto-linked donations increased further after the Rycroft Review warned that digital asset funding could create risks tied to foreign interference in British elections. Last month, the UK government imposed a temporary ban on crypto donations to political parties while officials prepare updated political finance rules.
Notably, neither Harborne’s donations to Reform UK nor the separate £5 million payment to Farage were reportedly made using cryptocurrency.
