Crypto billionaire Ben Delo has given Reform UK a record £36 million donation, saying he wants Nigel Farage’s party to have a “fair fight” at the next general election.
Mr Delo, co-founder of cryptocurrency trading platform BitMEX, said the money would allow Reform to concentrate on preparing for government rather than continuing to raise funds.
He was already the party’s second-largest donor, having previously given £8 million. The latest contribution takes his total support for Reform to £44 million, putting him ahead of fellow crypto billionaire Christopher Harborne, who has donated £9 million.
Mr Delo had pledged to give Reform £1 million a month until the latest possible election date in 2029. He said he had decided to make the payment in one instalment amid concerns that the Government could seek to block such donations.
Reform donation comes amid scrutiny of party finances
The donation comes as Reform faces an investigation by Scotland Yard into separate allegations that it breached donation law. The party denies any wrongdoing.
A Channel 4 undercover investigation last week alleged that two senior members of Mr Farage’s team had sought to circumvent rules governing foreign donations.
A separate £5 million gift from Mr Harborne to Mr Farage is the subject of a parliamentary sleaze inquiry. The previous record donation to a political party was a £10 million bequest to the Conservatives.
Mr Delo criticised Labour’s £100,000 cap on donations that political parties can receive from overseas donors, as well as further proposed changes to party funding in the Representation of the People Bill.
He described the measures as “an attempt at election rigging”, arguing that Labour’s funding from trade unions would not be affected. Mr Delo recently moved back to the UK from Hong Kong.
He told the Telegraph: “Unlike the people who express mock concern for the health of ‘our democracy’ while doing everything they can to keep it as a cartel, I want a fair fight and a level playing field.”
Mr Farage said he was “honoured” and “humbled” by the donation. Reform is expected to use the money to recruit what it describes as “the best brains” for its policy unit and increase the number of campaign managers.
“This is about preparing for government,” a senior party source said, adding that Reform believes Prime Minister Andy Burnham is set to call an early election.
Mr Delo made his first billion four years after founding BitMEX in 2014. He pleaded guilty in the United States in 2022 to failing to implement an anti-money laundering programme, but was pardoned by President Donald Trump last year.
A Labour Party spokesperson said Mr Farage was “still up to his neck in scandal” over the £5 million gift and the investigation into potentially illegal donations.
They added: “Reform UK can’t buy their way out of questions about sleaze, criminal mates and dodgy finances.”
