Crypto-billionaire Ben Delo has donated a record £36 million to the Reform UK party, aiming to ensure Nigel Farage's party can compete effectively in the next general election. Delo, co-founder of the crypto trading platform BitMEX, stated his intention is to provide Reform UK with a "fair fight and a level playing field."
This substantial contribution follows a challenging summer for the party and was made in a single sum to preempt any potential government attempts to block the donation. Delo, who was previously Reform UK's second-largest donor, had pledged to give the party £1 million per month until the latest possible general election date in 2029. The decision to donate the full amount at once aims to allow the party to focus on campaign preparations rather than fundraising.
Delo's donation is significant, surpassing the previous record of £10 million given to the Conservative Party. He had previously contributed £8 million to Reform UK, with fellow crypto figure Christopher Harborne being the largest donor at £9 million. Harborne's £5 million gift to Farage is currently under scrutiny by a parliamentary sleaze inquiry.
The Reform UK party is also facing its own investigation by Scotland Yard concerning alleged breaches of donation law. This follows an undercover report suggesting senior party members attempted to circumvent rules on foreign donations, claims Reform UK denies.
The timing of Delo's donation also comes amid new regulations proposed by the Labour Party, which include capping donations from overseas donors at £100,000. Delo, who recently relocated to the UK from Hong Kong, criticized these measures as an attempt at election rigging, particularly as he noted that union donations to Labour would remain unaffected.
Nigel Farage expressed that he was "honoured" and "humbled" by the gift. The funds are reportedly earmarked for strengthening Reform UK's policy unit with skilled individuals and expanding its campaign management team, signaling preparation for potential government. This comes as Reform UK anticipates Prime Minister Andy Burnham might call an early election.
A Labour Party spokesperson criticized the donation, linking it to ongoing scandals and investigations surrounding Farage and potentially illegal donations. The spokesperson asserted that Reform UK cannot evade scrutiny over alleged sleaze, questionable associates, and finances, calling for transparency and full cooperation with the police.
Ben Delo's financial success includes making his first billion within four years of founding BitMEX in 2014. He pleaded guilty to failing to implement an anti-money laundering program in the U.S. in 2022 but received a pardon from former President Donald Trump last year.
