BitMEX Co-Founder and Tether Investor Donate Record £36 Million Each to UK's Reform Party
Record £72 million floods Reform UK from crypto billionaires
Nigel Farage's Reform UK party received £72 million in donations over two days from two cryptocurrency billionaires. BitMEX co-founder Ben Delo donated £36 million, which was matched by Tether investor Christopher Harborne, bringing the total to £97.4 million.
Delo revealed his donation in a Telegraph op-ed on Friday, calling it the largest single donation to a British political party on record. Harborne confirmed he matched the gift in a separate Telegraph article on Saturday.
Donors' backgrounds and past donations
Ben Delo, 42, co-founded the cryptocurrency exchange BitMEX. He pleaded guilty in 2022 to violating the U.S. Bank Secrecy Act and was pardoned by President Donald Trump in 2025. Delo had previously donated £8 million to Reform UK this year, including an initial £4 million in April.
Christopher Harborne is a British investor based in Thailand who holds an estimated 12% stake in Tether, a stablecoin company. He has donated millions to Reform since 2025, including a previous £9 million gift.
UK Parliament considers donation caps amid scrutiny
The donations come as the UK's House of Lords considers the Representation of the People Bill. This bill would suspend crypto donations and cap overseas giving at £100,000 a year. It cleared the House of Commons on September 2 and moved to the House of Lords on September 3.
Reform UK became the first UK political party to accept crypto donations in May 2025. The party has faced scrutiny, including a parliamentary standards investigation into an undeclared £5 million gift from Harborne to Farage in 2024. The Metropolitan Police also opened a criminal investigation into Reform's funding last week.
Donors explain their motivations
In his op-ed, Delo wrote that he intended to give £1 million monthly until the next general election but brought the payment forward in case the government caps donations. He stated that the money would give Reform a "level playing field" against its opponents.
Harborne said he matched Delo's donation after learning about it, citing his competitive streak. Nigel Farage described Delo's donation as leaving him "honoured and humbled," according to The Guardian.
What is confirmed
The donations of £36 million each from Ben Delo and Christopher Harborne to Reform UK are confirmed by their op-eds in The Telegraph. The total of £72 million in two days is confirmed by the articles. The sources confirm that these are the largest single donations in British political history.
What happens next
The Representation of the People Bill is being considered by the House of Lords. No donation rules will take effect until the bill passes the Lords and receives royal assent. If passed, crypto donations would be suspended retroactively to March 25, and applicable donations must be returned within 30 days.
Why this matters for UK politics
The large donations highlight the growing role of cryptocurrency wealth in political funding. The proposed bill aims to address concerns about traceability of crypto donations and overseas influence. Labour MP Stella Creasy, who is pushing for the cap, told The Guardian that Delo's donation shows the need for the bill to protect British democracy.