How Did Reform UK Receive £72 Million in Two Days?
Reform UK has received £72 million ($97.4 million) from two cryptocurrency billionaires in just two days, with BitMEX co-founder Ben Delo and Tether investor Christopher Harborne each contributing £36 million.
Delo’s payment is the largest single political donation in British history, surpassing the £10 million bequest left to the Conservative Party by Lord John Sainsbury in 2022.
Delo said he had originally planned to donate £1 million a month until the next general election, which must take place by 2029, but brought the funding forward because of the prospect that the government could impose limits on political donations.
“I believe it is the duty of people with broad shoulders and deep pockets to step up and help Reform to win and govern, rather than allow the British people to be trapped in the political monoculture that is driving this country off a cliff,” Delo wrote.
Harborne disclosed the following day that he had matched Delo’s £36 million contribution after learning about the planned donation.
The two payments dramatically expand Reform’s financial resources at the same time Parliament is considering new restrictions on political funding, including rules affecting cryptocurrency donations and some contributions from overseas-based British citizens.
Who Are the Two Crypto Donors?
Delo, 42, co-founded crypto derivatives exchange BitMEX in 2014 with Arthur Hayes and Samuel Reed. He pleaded guilty in 2022 to violating the U.S. Bank Secrecy Act over BitMEX’s failure to maintain an adequate anti-money laundering program.
He agreed to pay a $10 million criminal fine and received 30 months’ probation. President Donald Trump pardoned Delo, Hayes and Reed in March 2025.
Delo returned to the UK from Hong Kong this year and had already donated £8 million to Reform, including £4 million disclosed in April. BitMEX, meanwhile, has announced that it will permanently wind down its trading platform in September 2026 following a strategic review.
Harborne is a British investor based in Thailand who is estimated to own about 12% of stablecoin issuer Tether. He has donated millions of pounds to Reform since 2025, including a previous £9 million contribution that was then the largest UK political donation from a living individual.
Investor Takeaway
The £72 million funding surge links two major crypto fortunes directly to UK political financing just as Parliament considers stricter donation rules. The immediate issue is political funding, but the debate also puts crypto’s role in campaign finance under closer regulatory scrutiny.
Could Parliament Restrict Future Donations?
The timing is particularly important because the House of Lords is considering the Representation of the People Bill, which would suspend cryptocurrency political donations and cap certain contributions from British citizens registered to vote from abroad, as well as some recently returned citizens, at £100,000 a year.
The proposed crypto restriction would apply retroactively to donations made on or after March 25, when Prime Minister Keir Starmer announced the measure. Donations falling within the new rules would have to be returned within 30 days once the legislation takes effect.
The bill cleared the House of Commons on September 2 and moved to the House of Lords the following day. The restrictions cannot take effect until the legislation completes its parliamentary stages and receives royal assent.
Ministers have argued that cryptocurrency payments can make it harder to establish the ultimate source of political funds and determine whether a donor is legally permitted to contribute.
Neither Delo nor Harborne disclosed whether their latest £36 million payments were made using cryptocurrency. Harborne’s previous contributions to Reform were made in fiat currency.
Why Is Reform’s Crypto Funding Facing More Scrutiny?
Reform became the first UK political party to accept cryptocurrency donations in May 2025. Farage also proposed creating a Bank of England bitcoin reserve and cutting capital gains tax on crypto to 10% if the party entered government.
The party’s funding arrangements have since attracted greater regulatory and political attention. Farage was previously investigated over a £5 million personal gift from Harborne that had not initially been declared, as well as separate financial support connected to another donor.
The Metropolitan Police has also opened a criminal investigation into Reform’s funding after a television investigation showed senior party figures discussing possible routes for funds from an American donor. Two party staff members subsequently stepped down, while Reform has denied wrongdoing.
The latest donations therefore arrive at a sensitive point for both the party and UK political funding rules. Reform has gained an unprecedented financial reserve from two investors whose wealth is closely connected to the cryptocurrency industry, while lawmakers are simultaneously trying to reduce the scope for large and crypto-based political contributions.
If the proposed restrictions become law, the £72 million received over two days could stand as one of the last examples of UK political funding on this scale before a much tighter regime takes effect.
