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BitMEX co-founder Ben Delo and Tether investor Christopher Harborne each gave Reform UK £36 million, taking their combined donations to £72 million over two days. Delo disclosed his gift in a Telegraph op-ed, and Harborne said he matched it after learning about the plan. Delo's donation is the largest single gift to a British political party on record, exceeding the £10 million left to the Conservatives by Lord John Sainsbury in 2022.
Why it matters
The timing puts the donations at the centre of a live fight over political funding. The Representation of the People Bill would suspend donations made in cryptocurrency and cap donations from British citizens registered to vote from abroad, plus certain recently returned citizens, at £100,000 a year. The crypto provision would apply retroactively to donations made on or after March 25, and applicable gifts would have to be returned within 30 days once the rules take effect.
The bill cleared the House of Commons on Sept. 2 and moved to the House of Lords on Sept. 3. It still needs Lords approval and royal assent. Ministers say crypto payments can be difficult to trace to a real owner. Delo argues the proposed limits restrict opposition funding, while Labour MP Stella Creasy says the size of his gift shows the cap is needed.
Market impact
The market relevance is political and regulatory: the donations test how digital-asset wealth interacts with rules designed to verify a donor's identity and eligibility. Neither donor disclosed the form of the new payments, and Harborne's earlier Reform donations were made in fiat. That distinction matters because a named crypto billionaire is not the same as a donation made in cryptocurrency.
Reform became the first UK political party to accept crypto donations in May 2025. Farage has pledged a bill creating a Bank of England Bitcoin reserve and cutting capital gains tax on crypto to 10% if Reform wins power. The Metropolitan Police opened a criminal investigation into Reform's funding after a Channel 4 News broadcast showed senior party figures discussing routes for money from an American donor; two staffers stepped down, and the party denies wrongdoing.
Frequently asked questions
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Why is Delo's £36M gift a record?
It is described as the largest single donation to a British political party on record, exceeding Lord John Sainsbury's £10M gift to the Conservatives in 2022.
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What donation limits is the UK Parliament considering?
The bill would suspend donations made in cryptocurrency and cap donations from British citizens registered to vote from abroad, plus certain recently returned citizens, at £100,000 a year.
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Could the proposed crypto rule affect these £36M gifts?
The payment form was not disclosed, so it is not clear whether the gifts were made in crypto. If enacted, the bill would apply its crypto provision retroactively to donations made on or after March 25, with applicable gifts returned within 30 days.
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What crypto policy has Reform UK proposed?
Reform became the first UK party to accept crypto donations in May 2025. Farage has pledged a Bank of England Bitcoin reserve and a 10% capital gains tax rate for crypto if the party wins power.
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Why is Reform UK's funding facing further scrutiny?
The Metropolitan Police opened a criminal investigation after a Channel 4 News broadcast showed senior party figures discussing routes for money from an American donor. Two staffers stepped down, and Reform denies wrongdoing.
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