What to know:
- Ben Delo, co-founder of crypto exchange BitMEX, said he donated 4 million pounds ($5.1 million) to Nigel Farage’s Reform UK party.
- Delo backed a proposed U.K. moratorium on political donations made in cryptoassets, even as current Electoral Commission guidance allows such donations if they are valued in pounds and donors are properly verified.
- The U.K. government announced an immediate moratorium on crypto donations to political parties as part of a broader crackdown on foreign interference, while Reform UK has also recently received a £9 million donation from crypto investor Christopher Harborne.
I recently found out that Ben Delo, one of the guys who started BitMEX, gave £4 million (around $5.1 million) to Nigel Farage’s Reform UK party. He wrote about it in an article for The Telegraph yesterday.
According to Delo, the donation was given at the beginning of the year to support Reform UK’s efforts to become a viable political party capable of forming a government.
The article doesn’t say if the donation was made with traditional money or cryptocurrency. However, the author does support a potential new rule in the U.K. that would temporarily stop politicians from accepting donations in crypto, because of how difficult it is to regulate.
According to the U.K. Electoral Commission (last updated April 7, 2026), donating with cryptocurrency isn’t currently illegal for political parties. However, these donations aren’t considered money, so parties need to determine their value in British pounds at the time they receive them. They also need to confirm the identity of donors, especially for contributions exceeding £500.
The Commission is aware of the government’s plan to temporarily ban donations made with cryptocurrency. This ban could apply to donations received from March 25, 2026, onward, but no laws have been changed yet.
Just recently, the U.K. government, led by Prime Minister Keir Starmer, stopped political parties from accepting donations in cryptocurrency. They explained this decision was due to worries that digital currencies could be used to hide who is donating and why.
This action highlights growing concerns about foreign interference, and suggests regulators now see digital currencies as a threat to democracy, not just a financial issue.
Electoral Commission data does not reveal any contributions listed under Delo or BitMEX.
Delo did not respond to a CoinDesk request for further information.
Farage thanked supporters on X, noting that people like Ben Delo were increasingly committed to supporting Reform UK.
Last December, Christopher Harborne, a wealthy British businessman living in Thailand and an investor in both Tether and Bitfinex, donated £9 million to the Reform Party.
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2026-04-09 17:37