Reform UK received 75% of Q2 donations from BitMEX co-founder

BitMEX co-founder Ben Delo has supplied £4 million ($5.4 million), or about 75%, of the £5.3 million raised by Reform UK during the second quarter of 2026.

Ben Delo supplied most of Reform UK’s Q2 funding

Electoral Commission records published on Sept. 3 showed that Delo made two cash donations to Reform UK in April, giving the party £1 million and £3 million in separate transactions.

Together, the contributions accounted for roughly three-quarters of the £5.3 million that Reform reported between April and June. The total was equivalent to about $7.1 million based on the exchange rate cited by Reuters, while Delo’s share was worth approximately $5.4 million.

Reform collected more private donations during the quarter than Britain’s governing Labour Party and the opposition Conservatives, Reuters reported. Labour received about £3.6 million, while the Conservatives raised £2.8 million.

Responding to the figures, Reform credited its funding to support from British business owners.

“We are delighted to be supported by successful British entrepreneurs as we continue to build for the next general election,” the party said in a statement cited by Reuters.

Delo, who co-founded the crypto derivatives exchange BitMEX, announced in 2026 that he was returning to the UK from Hong Kong. Reuters reported that he said he wanted to enter politics “to save Britain before decline becomes irreversible.”

Having donated another £4 million during the first quarter, Delo has now given Reform £8 million in 2026. In June, crypto.news reported that Delo and crypto investor Christopher Harborne had supplied £7 million of the party’s first-quarter total.

Reform raised £9.3 million in that period, according to Electoral Commission figures cited by Reuters. Delo contributed £4 million, while Harborne provided slightly more than £3 million.

Reform UK’s crypto-linked donations face scrutiny

Harborne, previously Reform’s largest financial backer, did not report a contribution to the party during the second quarter. The British-born investor lives in Thailand and holds a stake in stablecoin issuer Tether.

His absence followed the UK government’s plans to limit political donations from British citizens living abroad to £100,000 per year. Reuters reported that Harborne had registered to vote in the UK, although the proposed rules have placed renewed attention on how overseas donors qualify to fund domestic political parties.

Delo’s return to Britain could affect how the rules apply to his future contributions. The Guardian reported that Reform believes he meets UK donor requirements, which generally depend on a person appearing on an electoral register or meeting another permitted-donor category.

The party’s funding has also drawn attention because of its leader Nigel Farage’s financial links to Harborne and George Cottrell, another figure connected to the crypto sector.

A parliamentary inquiry is examining whether Farage failed to declare a £5 million personal gift from Harborne under House of Commons rules. Farage has said the money was an unconditional personal gift intended to pay for security and did not need to be entered in the parliamentary register.

Reform has also said the payment complied with the applicable rules. Political opponents have disputed that position, and Parliamentary Standards Commissioner Daniel Greenberg opened an investigation into the matter.

In July, Farage resigned as an MP and sought a new mandate from voters in Clacton while the inquiries remained active. He later returned to Parliament after winning 63.34% of the vote, or 22,239 ballots, in the resulting by-election.

His return allowed parliamentary officials to resume their examination of the £5 million payment and other support associated with Harborne and Cottrell. Farage has denied wrongdoing and said he complied with the relevant disclosure requirements.

UK lawmakers have questioned crypto political donations

Political funding linked to the digital asset industry has led some UK lawmakers to call for tighter donation controls. The debate has focused on whether crypto transactions make it harder for authorities to identify the original source of political funds, particularly when assets pass through several wallets or services.

In February, Labour MP Matt Western called for a temporary ban until the Electoral Commission produced statutory guidance. His proposal included source checks, the use of platforms registered with the Financial Conduct Authority, and restrictions on funds connected to crypto mixers.

As previously covered in February, Western warned in a letter to the government that the existing system lacked a clear national enforcement lead for political finance and foreign interference risks.

The government introduced a moratorium on political donations made in cryptocurrency in March, according to an earlier report covering the policy. Labour lawmakers later considered making the restriction permanent as questions continued over crypto-linked funding received by Farage and Reform.

Neither Delo’s second-quarter contributions nor Harborne’s earlier donations to Reform were reported as cryptocurrency transfers. Electoral Commission filings identified Delo’s April payments as cash donations, meaning the debate over crypto funding also covers the political role of wealthy people whose fortunes came from the digital asset industry.

Farage had previously positioned Reform as receptive to crypto. During the Bitcoin 2025 conference in Las Vegas, he announced that the party would accept digital asset donations, making it the first major Westminster party to adopt such a policy.

Trump pardoned Delo after his BitMEX conviction

Delo’s record in the United States provides a direct connection between Reform’s latest donor figures and American crypto enforcement. He was one of three BitMEX co-founders charged over the exchange’s failure to maintain an adequate anti-money laundering program.

The U.S. Department of Justice said Delo pleaded guilty in February 2022 to violating the Bank Secrecy Act. Prosecutors alleged that BitMEX had operated without the anti-money laundering controls required for a company serving customers in the United States.

Under his plea agreement, Delo accepted responsibility for failing to establish, implement, and maintain the required compliance program. A federal judge sentenced him to 30 months of probation, and he agreed to pay a $10 million criminal fine representing financial gains tied to the offense.

Arthur Hayes and Samuel Reed, the other BitMEX co-founders charged in the case, also pleaded guilty to Bank Secrecy Act violations. Each agreed to pay a $10 million fine, while former BitMEX executive Gregory Dwyer later entered a guilty plea and accepted a $150,000 penalty.

President Donald Trump granted full pardons to Delo, Hayes, and Reed in March 2025. The clemency ended the remaining federal consequences attached to their convictions but did not erase the fines they had already paid under their plea agreements.

The BitMEX pardons followed other clemency decisions involving people tied to the U.S. crypto industry. Trump had pardoned Silk Road founder Ross Ulbricht in January 2025 after Ulbricht served more than a decade of a life sentence.