Nigel Farage, Reform UK leader and Member of Parliament, faces a formal investigation by the parliamentary standards watchdog after failing to declare a £5 million ($6.8 million) gift from crypto billionaire Christopher Harborne, news services including The Guardian reported on Wednesday.
Farage received the donation from Harborne, a Thailand-based businessman with a 12% stake in stablecoin issuer Tether, weeks before announcing he would stand as a candidate in the 2024 general election, and did not declare it when he was elected MP for Clapton. New MPs must record all financial interest received within 12 months prior to their election.
A weekly YouGov poll of voting intentions shows that Reform UK won the highest proportion of the vote, at 28%, putting Farage as the favorite to become the next prime minister. If the watchdog finds he breached the code of conduct, he could face a suspension and potentially be forced to fight for his parliamentary seat again.
Farage, who supports the crypto industry, has said that because Harborne’s donations were intended to cover his security expenses, he was not required by law to declare them. Reform UK recently said the gift falls within the exemption for purely personal gifts. Labor parties and others argue that Harborne’s donations are subject to the rule, and the gift was referred to the parliamentary commissioner last month.
Parliamentary Standards Commissioner Daniel Greenberg will investigate Farage under Rule 5 of the code of conduct, which requires lawmakers to “conscientiously comply” with requirements relating to registering their interests, The Guardian said.
The Reform UK leader does not appear on the commission’s list of current investigations.
In April, BitMEX co-founder Ben Delo said in an op-ed for CoinDesk that he had given the party £4m since the start of the year.
The UK government imposed a moratorium on cryptocurrency political donations in March, citing a review that warned digital assets could be used to funnel foreign money into UK politics. The ban covers donations of any size and will be included in the People’s Representation Bill, with criminal penalties for non-compliance.
Read more: Nigel Farage takes 6% stake in British bitcoin treasury firm Stack BTC
