Reform receives record £36m donation from crypto billionaire
Reform UK secures unprecedented £36m backing from crypto entrepreneur
Ninoda.com – Reform UK has received a £36m commitment from British cryptocurrency billionaire Ben Delo, setting a new record for an individual donation to a UK political party.
The money eclipses previous landmark gifts in British politics and gives Nigel Farage’s party a major financial boost as it prepares for the next general election. Delo, who was born in Sheffield and has already given Reform £4m, said the contribution was intended to help create more equal conditions between political parties.
Delo has indicated that the funding represents £1m for every month until the latest possible point at which Labour could hold a general election in 2029. However, he plans to transfer the entire sum immediately, citing the possibility that future legislation could restrict very large political donations.
“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.”
He argued that Reform should focus less of its energy on fundraising and devote more attention to preparing for the prospect of governing.
“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.”
Farage said he was “honoured and humbled” by Delo’s gift. The donation arrives at a politically sensitive time, with Reform’s fundraising arrangements facing close scrutiny from police and parliamentary authorities.
A new high-water mark for political donations
There is currently no general ceiling on the amount that a UK-based donor can give to a political party. That framework has enabled a series of exceptionally large contributions, but Delo’s £36m donation is larger than any single gift previously made to a British political party.
Until now, the largest donation from a living person had been the £9m given to Reform last year by cryptocurrency investor Christopher Harborne. The Conservative Party had also received a £10m legacy, but Delo’s donation exceeds that figure as well.
The scale of the new funding is likely to intensify debate over how political campaigns are financed. Critics of the present system say huge individual gifts can create an imbalance between parties, while supporters of fewer restrictions argue that legitimate domestic donors should be able to support political causes they believe in.
Labour has previously introduced a £100,000 limit on donations from British citizens who live overseas. The policy prompted strong opposition from Reform and some of its prominent donors, who have accused Labour of trying to hinder the party’s advance.
The government is also seeking to prevent overseas voters who relocate to the UK from donating more than £100,000 during their first year after arriving. That proposal forms part of the Representation of the People Bill, which is due for its second reading in the House of Lords on Monday.
Delo’s continuing support for Reform
Delo has said previously that he intends to move from Hong Kong back to the UK so that he can continue backing Reform. His latest pledge therefore represents a substantial expansion of a relationship that has already delivered millions of pounds to the party.
Last year, Delo received an unconditional pardon from US President Donald Trump over a Bank Secrecy Act violation. His role as a major Reform donor has nevertheless become increasingly significant as the party strengthens its fundraising operation.
For Reform, the immediate benefit is straightforward: a large upfront donation could fund campaigning, staffing, policy development and election preparation over a long period. It also reduces pressure on the party to spend time seeking smaller contributions in order to meet its financial needs.
Yet the funding may also bring increased attention to the party’s donors, accounting and compliance procedures. Political donations are subject to rules designed to ensure that eligible contributors are properly identified and that parties follow the law.
Ongoing inquiries into Reform funding
Police are investigating allegations that Reform may have breached foreign-funding laws following claims aired by Channel 4 News. Reform has denied wrongdoing and said it will co-operate with the investigation.
Farage is separately being examined by the parliamentary standards commissioner over a £5m cash gift from Thailand-based crypto investor Christopher Harborne before the 2024 election. The question is whether the payment should have been declared when Farage became an MP.
Farage has maintained that he did not need to register the money because it was a “purely private” gift and had no connection to his parliamentary duties or political work.
The Metropolitan Police is also looking into whether payments made to Reform shortly before the last election complied with donation rules. That inquiry includes donations made directly to the party by Fiona Cottrell, whose son George Cottrell has long been an ally of Farage.
Investigators are also considering payments from a company controlled by Reform deputy leader Richard Tice. The company received £1m from Fiona Cottrell in June 2024.
Political opponents demand answers
Labour responded to Delo’s donation by arguing that Farage remained surrounded by unanswered questions. A party spokesperson said Reform could not use money to escape concerns about its finances and called on the party to co-operate fully with police.
“Reform UK can’t buy their way out of questions about sleaze, criminal mates and dodgy finances.”
The Liberal Democrats also used the announcement to renew calls for a cap on political donations. Cabinet Office spokesperson Lisa Smart accused Farage of attempting to purchase a route to power and compared his ambitions for Downing Street to advancing around a Monopoly board.
“He’s trying to get into Number 10 as if it’s a stop on a monopoly board.”
With a record-breaking donation now in place, Reform will have significantly greater resources at its disposal. At the same time, the contribution is likely to keep the question of money, influence and transparency at the centre of the political argument around the party.
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