Reform UK’s £72M donations face new legal test

Reform UK has received £72 million, approximately $97 million, from crypto billionaires Christopher Harborne and Ben Delo through two matching donations announced within 24 hours.

The Guardian reported on Sept. 12 that Harborne gave £36 million to Nigel Farage’s party one day after Delo announced an equal contribution. Each gift matched the largest individual political donation recorded in the U.K., according to the newspaper.

Harborne is an investor in stablecoin issuer Tether and cryptocurrency exchange Bitfinex. Delo co-founded BitMEX, one of the earliest major cryptocurrency derivatives exchanges.

Neither donor said the latest money was transferred in cryptocurrency. Reports covering the contributions did not identify their payment method, making the donors’ industry connections separate from the proposed ban on political donations paid with crypto assets.

Reform’s £72 million donations from two crypto-billionaires could be illegal after ministers make new law retrospective – my report for @ObserverUK https://t.co/DZthlcntvi

— Rachel Sylvester (@RSylvester1) September 13, 2026

Reform UK says both £36 million donations are legal

Reform UK maintains that it checked the donors and accepted both contributions under existing political-finance rules. A party spokesperson said the donations “comply strictly with Electoral Commission rules and UK law.”

Harborne said he expected “nothing” in return, including a policy change or peerage. Farage said the funding would help Reform prepare for the next general election and compete with Britain’s established parties.

Reform economy spokesperson Robert Jenrick defended the donations on Sept. 13. He said the party believed they were “entirely in line with the law” and claimed Delo had returned to Britain partly to comply with changing donation requirements.

Current rules generally permit donations from individuals registered on a U.K. electoral register. Political parties must verify the donor’s eligibility and report qualifying contributions to the Electoral Commission.

Citizenship alone may not settle the latest dispute. Harborne holds British and Thai citizenship and has spent years in Thailand. Delo previously lived in Hong Kong before returning to Britain. Their residency dates and electoral-registration categories could determine whether planned restrictions cover the two contributions.

Harborne and Delo had already provided most of Reform’s privately raised money during early 2026. They contributed approximately £3 million and £4 million, respectively, during the first quarter.

Combined, the two donations represented roughly 76% of Reform’s £9.26 million in reported contributions excluding public funds, based on figures published by the Electoral Commission.

Retrospective restrictions could capture the donations

Communities Secretary Angela Rayner said on Sept. 13 that the £72 million could fall within amendments to the Representation of the People Bill. The legislation is scheduled to move to the House of Lords during the week beginning Sept. 14.

Under the government’s plan, British citizens registered as overseas electors would face an annual political-donation limit of £100,000. The restriction would cover certain people who recently returned to Britain, depending on their residency and registration history.

The planned rules would operate retrospectively once Parliament enacts them. A Sept. 13 report said March 25 would apply to donors registered as overseas electors. July 6 could apply to people outside that category.

Rayner did not issue a legal finding against Reform or either donor. She said the government had contacted the Electoral Commission to determine whether further protections were required.

Reform disputes any suggestion that it accepted unlawful money. The party said both donors were eligible British citizens when their contributions were made.

The dispute will remain unresolved until Parliament settles the bill’s wording and the relevant authorities assess the donors’ records. Current reports do not establish precisely when Delo returned to Britain or whether Harborne remained resident in Thailand when he made his latest contribution.

Once the legislation takes effect, political parties and other regulated recipients would have 30 days to return money determined to be unlawful under its retrospective provisions. Enforcement action could follow after the return period expires.

Crypto donations face a separate U.K. moratorium

The overseas-donor cap is separate from the government’s proposed prohibition on cryptocurrency political donations. The second measure concerns the payment asset, not whether a donor owns or works with crypto companies.

A March 25 government announcement said political parties would be prohibited from accepting cryptocurrency until Parliament and the Electoral Commission consider the regulatory system sufficiently reliable.

Ministers accepted the proposal following the Rycroft Review into foreign financial influence in British politics. The review found that cryptocurrency ownership could be difficult to trace, creating risks involving concealed funding and foreign interference.

Concerns about digital-asset contributions emerged before the government announced the moratorium. In related crypto.news coverage, U.K. lawmakers called for political crypto donations to be suspended until stronger source-verification rules were available.

Proposed interim safeguards included processing contributions through platforms registered with the Financial Conduct Authority. Lawmakers sought clearer checks on beneficial ownership and the original source of transferred assets.

The Electoral Commission’s current guidance says the government intends the moratorium to cover crypto donations received from March 25, subject to parliamentary approval.

No political party had reported receiving a contribution identified as a crypto asset by March 2026, according to a House of Commons Library briefing. Harborne’s earlier £9 million donation was made in cash.

Crypto policy ties deepen scrutiny of Farage

Farage has actively courted the cryptocurrency industry while receiving financial support from people connected to major digital-asset companies.

During a May 2025 Bitcoin conference in Las Vegas, Farage presented policies designed to increase crypto activity in Britain. As crypto.news reported, his platform proposed a national Bitcoin reserve and lower crypto taxes.

The plan included a 10% capital gains tax rate for crypto assets and protections for customers whose banks close accounts because of digital-asset activity. Reform described the measures as part of its attempt to make Britain a competitive crypto market.

Such policy positions do not prove that either Harborne or Delo requested favorable treatment. Harborne has denied seeking policy changes, while Reform says its platform represents the party’s own political program.

Farage’s financial relationships were under examination before the latest £72 million arrived. Crypto.news previously reported that he denied wrongdoing over undisclosed gifts and crypto-linked financial ties while questions grew around his donors and advisers.

A parliamentary standards investigation is examining a separate £5 million personal gift that Harborne provided before Farage entered Parliament in 2024. Farage says the gift was personal and did not constitute a political donation.

Separate police and parliamentary inquiries continue

The Metropolitan Police are investigating allegations involving Reform’s political financing and possible overseas donations. The inquiry is separate from the two newly announced £36 million contributions.

Farage aide Dan Jukes and Reform policy head James Orr were suspended pending an internal investigation connected to the allegations, according to a Sky News report. Reform denies wrongdoing in the financing dispute.

Delo’s background creates a separate U.S. connection. He pleaded guilty in 2022 to violating the Bank Secrecy Act by failing to maintain an adequate anti-money-laundering program at BitMEX. U.S. President Donald Trump later pardoned him.

Delo’s former conviction does not determine whether his Reform contribution complies with British political-finance law. Any assessment of the donation will depend on U.K. rules, the final legislation and his residency and electoral-registration records.

The record contributions have renewed calls for a general limit on domestic political donations. Labour MP Stella Creasy proposed a £100,000 annual cap for most donors, supported by MPs from several parties.

Her amendment did not proceed to a vote after the government referred domestic contribution limits to a task force. Rayner said the government was examining the issue but had not introduced a general cap applying to every U.K.-based donor.

Parliament’s next procedural development is the bill’s consideration in the House of Lords. Its final provisions will determine the relevant retrospective dates, while parties would receive 30 days after commencement to return contributions found unlawful.