Two cryptocurrency billionaires have given Reform UK £72 million in donations within two days, surpassing the roughly £69 million all British political parties raised in donations last year.
BitMEX co-founder Ben Delo announced a £36 million donation on Friday, marking the largest single donation in British political history. The contribution is more than four times the £8 million he had previously given to Reform this year. Delo stated he will distribute the funds at approximately £1 million per month through 2029, the latest possible date for a general election, though he is paying the full amount upfront in case the government implements caps on large donations.
Christopher Harborne, a Thailand-based investor in Tether who has previously donated £15 million to Reform since the last election, matched Delo's donation on Saturday. Harborne wrote in the Telegraph that his "competitive spirit" motivated the gift and that he expected "nothing, personally" in return.
Reform UK said the donations would fund the hiring of policy experts and 400 campaign managers, with one assigned to each target seat. A party spokesman stated the organization is "now on election footing."
Neither donor made their recent contributions in cryptocurrency. Britain banned crypto political donations in March. Both men's previous donations were also made outside of cryptocurrency.
The donations come as the government considers stricter donation regulations. Currently, there is no limit on donations from UK-based donors, though the Labour government has capped gifts from Britons living overseas at £100,000 and plans similar restrictions for recent returnees. Since March, donors seeking to give more than £100,000 annually must have been on the electoral register for at least 12 months. Delo, who was born in Sheffield, stated he will return from Hong Kong.
The two donors have faced previous scrutiny. U.S. President Donald Trump pardoned Delo in 2025, three years after the BitMEX founder pleaded guilty to anti-money laundering failures. Additionally, the Parliamentary Commissioner for Standards is investigating whether party leader Nigel Farage should have declared a £5 million personal gift from Harborne.
The donations arrive while Reform UK is under criminal investigation regarding its funding. The Metropolitan Police opened an inquiry into allegations from Channel 4 footage of senior aides discussing ways to circumvent the foreign donation ban. The investigation also encompasses an existing probe into payments received before the last election. Reform denied wrongdoing and said it would cooperate fully.
