Crypto tycoon donates record £36m to Reform UK

A cryptocurrency tycoon has given £36 million to Reform UK, the largest single donation to a British political party on record.

Ben Delo, a British billionaire who reportedly recently moved back to the UK from Hong Kong, said he had given money to ensure a “fair fight” at the polls.

The sum offers a boost to Nigel Farage’s party after a summer dominated by scrutiny of his and Reform’s finances, including an ongoing criminal investigation into allegations it breached rules on political donations.

The party leader said: “I am honoured and humbled that Ben Delo has shown such confidence in Reform.

“Ben knows that we are the only party that can turn the country around and reverse Britain’s decline.”

Mr Delo, a co-founder of cryptocurrency platform BitMEX, is now Reform’s largest donor having previously been second behind billionaire Christopher Harborne, who gave £9 million to the party last August.

Last year, he was given an unconditional pardon by US President Donald Trump over a Bank Secrecy Act violation.

Writing for the Telegraph newspaper, he said: “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.

“My conclusion from Reform’s recent troubles is that they should spend less time trying to raise funds to compete on equal terms and more time preparing for government.”

The Telegraph reported the £36 million figure represents £1 million a month between now and the latest possibly date of the next general election in 2029, but Mr Delo has made the payment up front to avoid attempts to block it.

MPs last week backed measures including a cap on overseas donations at £100,000 and a suspension of funding through cryptocurrency, but the draft legislation still needs to be passed by the House of Lords to become law.

Ministers have argued the changes will prevent foreign money influencing elections, but Reform has said it is a bid to choke its funding.

The party has faced ongoing questions about its finances which overshadowed its annual conference last week following an undercover investigation broadcast on Channel 4 News.

Detectives from the Metropolitan Police are investigating after the report showed senior Reform figures appearing to discuss how to disguise donations from foreign sources.

Reform UK denies any wrongdoing and has said it will co-operate fully with the probe.

Mr Farage’s long-time aide Dan Jukes, who also denies wrongdoing, and head of policy James Orr have been suspended pending an internal investigation into the allegations.

The party leader also faces an investigation by Parliament’s standards watchdog over a £5 million gift he received from Mr Harborne.

Mr Farage has said he has done nothing wrong and the gift was not political.

A Labour spokesperson said: “Nigel Farage is still up to his neck in scandal over his secret £5 million ‘gift’ from his other crypto-billionaire backer and the criminal investigation into potentially illegal donations.

“The questions he faces aren’t going away – in fact they’re piling up.

“Reform UK can’t buy their way out of questions about sleaze, criminal mates and dodgy finances.

“It’s time Farage and Reform finally came clean with the public, co-operated fully with the police, and proved they’re not just in it for themselves.”

Liberal Democrat Cabinet Office spokesperson Lisa Smart said: “Nigel Farage wants to bring Trump’s America to our shores by buying his way into power. He’s trying to get into Number 10 as if it’s a stop on a monopoly board.

“It can’t go on like this. Andy Burnham needs to introduce a cap on political donations. Our democracy depends on it.”

Published: 12/09/2026 by Radio NewsHub