Another crypto billionaire just handed Reform £36m – this is what it could mean

Reform UK has recorded the largest ever single donation to a British political party, having taken in £36m from a cryptocurrency tycoon. British billionaire Ben Delo, who has reportedly recently relocated back to the UK from Hong Kong, outlined his reasoning for the contribution in a column for The Telegraph. “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 wrote. “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.” Shorts The donation comes as Reform struggles to re-establish momentum in the wake of intense scrutiny over the party’s finances, including investigations into whether it accepted contributions from impermissible sources. It also comes as the Lords considers legislation meant to significantly restrict the flow of foreign funds into UK elections, with the package including a measure to cap overseas donations at £100,000. Who is Ben Delo and how has Reform reacted? Delo is a British-born billionaire who co-founded the cryptocurrency trading platform BitMEX. He was convicted of breaking US bank secrecy law in 2022 following allegations the platform had failed to implement adequate anti-money laundering controls before receiving a pardon from Donald Trump. The billionaire has already donated to Reform, contributing £8m to the party in the first half of the year. His latest donation makes him the largest single donor to the party, topping Thailand-based crypto entrepreneur Christopher Harborne. An investigation by the Guardian also suggested Delo had offered in-kind support to Rupert Lowe, head of Reform rival Restore. Reacting to the billionaire’s latest donation, party leader Nigel Farage said he was “honoured and humbled that Ben Delo has shown such confidence in Reform”. “Ben knows that we are the only party that can turn the country around and reverse Britain’s decline,” he added. Is the donation legal and could it be blocked? Under existing legislation Delo’s donation, despite dwarfing the fundraising efforts of Labour and the Conservatives, is legal. In fact, the billionaire said his original intention had been to contribute around £1m a month to Reform between now and the latest possible date of the next election, but had changed his plan in order to ensure the party received the full amount. The change was forced by a package of legislation currently being considered by the Lords, an element of which would place a £100,000 cap on donations from British citizens living overseas. Farage said he was “honoured and humbled that Ben Delo has shown such confidence in Reform” (Photo: AP Photo / Thomas Krych) Delo, who had previously said he would return to the UK in order to continue financially supporting Reform, would have been blocked from making the monthly donations had the Lords passed the legislative package. Some have suggested the crypto billionaire may still be ensnared by the law change as it requires donors to have been a UK resident for 12 months prior to making a contribution, but Reform has rejected those claims. The party expressed confidence Delo, who said he now resides in the UK but did not specify his date of return, would not be forced to take back any of the funds. Will the donation help Reform, or hinder it? In pure monetary terms, Farage and Reform will likely view the record contribution as a significant win. The £36m donation is almost double the combined fundraising total for both Labour and the Conservatives this year. Such a significant cash injection could help Reform re-establish momentum, allowing it to spend big on advertising, events and election campaigns across the country. However, the donation is also likely to invite yet more scrutiny of the party’s finances, which have acted as a major drag on its popularity in recent months. A Metropolitan Police investigation into Reform was expanded following a Channel 4 undercover sting which appeared to show senior aides seeking illegal funding from foreign donors. Farage’s long-term aide, Dan Jukes, and head of policy, James Orr, have both been stood down while the investigation proceeds. Reform’s leader was also himself filmed meeting the fake foreign donors and has denied any wrongdoing, adding the party had “broken no law”. Meanwhile, a separate £5m payment from Harborne, the other crypto tycoon and long-time backer of Reform, to Farage personally is the subject of an ongoing inquiry by the the parliamentary standards watchdog. Farage denies wrongdoing, arguing the funds were a personal gift unrelated to his political activities. Beyond potentially burdening Reform with additional scrutiny, the donation could also hinder the party by speeding up the passage of legislation through the Lords, as well as shoring up support for broader changes to political contributions being considered by the Government. While a cap on donations from all sources had been under consideration by Sir Keir Starmer, and subsequently Andy Burnham, the Government had seemingly backed away from those plans over fears it could impact contributions from unions. However, the Prime Minister has signalled intent to continue pursing legislation to tackle so-called “mega-donors” as part of an effort to prevent a small handful of stakeholders from holding outsized influence over British politics. Delo’s donation could see the Government speed up work on those potential reforms.