Crypto Billionaires Fund UK Reform Party with Historic £72 Million
Two prominent figures from the cryptocurrency sector, BitMEX co-founder Ben Delo and Tether investor Christopher Harborne, have each contributed £36 million to the UK Reform Party, totaling £72 million ($97.4 million). This dual donation has surpassed the previous largest single political donation in UK history, which was Lord John Sainsbury's £10 million gift to the Conservative Party in 2022.
Ben Delo revealed in a Telegraph column that his contribution was originally planned as monthly payments of £1 million until the 2029 general election. However, anticipating potential government restrictions on donation caps, he chose to pay the full amount upfront. Delo emphasized that his support aims to break the prevailing political culture in the UK to prevent national decline. Harborne, responding to Delo’s announcement, matched the donation amount driven by competitive spirit. Nigel Farage, leader of the Reform Party, described the donations as an "honour and a humbling experience," acknowledging their support.
Background on Donors and Legal Context
Ben Delo, 42, co-founded BitMEX in 2014. In 2022, he pleaded guilty to failing to implement adequate anti-money laundering procedures, receiving a probation sentence and a $10 million fine. In March 2025, former US President Donald Trump granted him and two other BitMEX founders a pardon. BitMEX announced it would permanently shut down its platform in September 2026. Delo had previously donated £8 million to the Reform Party and relocated from Hong Kong to the UK earlier this year.
Christopher Harborne, a UK investor based in Thailand, holds approximately 12% of Tether shares. Since 2025, he has made multiple contributions to the Reform Party, with his prior largest donation totaling £9 million.
Parliamentary Moves to Regulate Political Donations
The sizable donations come amid parliamentary debate over new legislation aimed at tightening controls on political funding. The proposed Political Donations Bill bans cryptocurrency contributions and restricts donations from overseas-registered voters to a £100,000 cap. The goal is to enhance transparency of political money flows. The bill passed the House of Commons in early September and is awaiting approval from the House of Lords and royal assent.
Proponents highlight cryptocurrency’s high anonymity complicates tracing funds, which may hinder effective oversight. Opponents like Delo argue that limiting opposition funding threatens democratic principles, questioning why unions’ funding to the Labour Party is less restricted.
Regulatory and Investigative Pressure on Reform Party
In 2025, the Reform Party became the first UK party to accept cryptocurrency donations, with Farage pledging, if elected, to create a Bitcoin reserve at the Bank of England and reduce capital gains tax on crypto assets. In 2024, Harborne privately gave Farage an undisclosed £5 million, which sparked a parliamentary inquiry. Farage resigned as an MP in July 2026 amid allegations of bribery and controversies related to offshore crypto platforms.
Recently, the London Metropolitan Police opened a criminal investigation into the Reform Party’s funding following media reports about party senior members discussing donations from a US donor. Several associated figures have resigned during the investigation. The Reform Party maintains that no laws were broken.
The unprecedented cryptocurrency-related donations combined with ongoing legislative reforms signal a pivotal junction for UK political funding and the regulatory landscape governing crypto-linked contributions. Market participants and regulators will be watching closely for further developments.