Ben Delo, co-founder of cryptocurrency exchange BitMEX, said he donated £4 million ($5.1 million) to Nigel Farage’s Reform UK party, in an op-ed for The Telegraph on Wednesday.
Delo wrote that the contribution was made “since earlier this year” to help turn Reform UK into “a true alternative government party”.
The op-ed did not specify whether the donation was made in fiat currency or cryptocurrency, although it also expressed support for a proposed UK government moratorium on political donations made in crypto assets, citing regulatory complexity.
Guidance from the UK Electoral Commission, last updated on April 7, 2026, states that crypto donations are not currently prohibited by electoral law, but are treated as non-monetary donations and must be valued in pounds at the time of receipt. Parties must also verify the identity of the donor, particularly for contributions over £500.
The Commission also took note of the government’s plans to introduce a moratorium on crypto donations, which could apply retrospectively to contributions received on or after March 25, 2026, although no legal changes have yet come into effect.
Late last month, UK Prime Minister Keir Starmer’s government announced an immediate moratorium on cryptocurrency donations to political parties, citing concerns that digital assets could be used to obfuscate the origin and motivation behind donations in British politics.
The move put cryptocurrencies at the center of a broader crackdown on foreign interference, signaling that regulators view digital payments as a democratic rather than a financial risk.
The Electoral Commission data does not reveal any contributions included in Delo or BitMEX.
Delo did not respond to a request from CoinDesk for more information.
Farage acknowledged support for X, writing that “brave people like Ben Delo” were becoming “even more determined” to back Reform UK.
In December, British billionaire Christopher Harborne, a Thailand-based entrepreneur who has invested in stablecoin issuer Tether and cryptocurrency exchange Bitfinex, made a £9 million donation to Reform.
