Crypto entrepreneur Ben Delo has donated $49 million to Reform UK, marking what is believed to be the biggest political donation ever made to a British party by a living individual. The contribution, announced on September 11, comes as Nigel Farage’s right-wing party faces growing scrutiny over its finances and alleged breaches of political funding rules.
Delo, a co-founder of crypto exchange BitMEX, stated that he made the contribution because Reform does not have the established fundraising networks enjoyed by the Conservatives and Labor parties. He added that he wanted British politics to offer voters a genuine contest rather than a system dominated by the country’s major parties.
According to Delo, he intended to donate $1.1 million each month to Reform until mid-2029, when the general election will be held. However, rather than making the payments separately, he decided to make a single donation of $49 million.
The businessman, 42, said his aim was to help Reform prepare for a possible future role in government. Electoral Commission records show that he had already contributed about $4.4 million to the party earlier in the year.
Delo currently lives in Hong Kong but has said he plans to return to Britain before Labor’s proposed restrictions on political contributions from overseas donors take effect.
His contribution exceeds the previous known record for a single donation by a living individual. That mark was held by fellow crypto billionaire Christopher Harborne, who donated $12 million to Reform last year. A separate record remains for a political bequest, after businessman and former Conservative politician John Sainsbury left about $13 million to the Conservatives in 2022.
Reform, established in 2021 after Farage’s Brexit campaign evolved into a political party, has built support around opposition to immigration and other right-wing policies. It led national opinion polling for much of the past year, although its advantage over Labor has narrowed in recent months.
The party’s position has been further complicated by continuing questions about its finances. Police recently confirmed that an investigation into allegations involving potentially unlawful donations had been expanded following new claims.
Farage has also faced scrutiny over a separate $6.7 million payment from Harborne, which he has argued was intended to cover security costs. Parliament’s standards watchdog is examining the circumstances surrounding the payment. Farage has repeatedly rejected allegations of wrongdoing.
Responding to Delo’s contribution, Farage said he was both humbled and honored by the billionaire’s confidence in Reform.
The crypto industry is continuing to flex its financial muscle in different jurisdictions in Europe and America, and entities like Bit Digital Inc. (NASDAQ: BTBT) will be watching how such contributions to political campaigns influence policy decisions.
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