Questions over Reform’s donations as electoral watchdog urged to investigate Nigel Farage’s party links with crypto
The Electoral Commission has been asked to investigate cryptocurrency donations to Reform UK amid allegations that Nigel Farage “abused his public position as an MP”.
The Liberal Democrats have called for an investigation after the commission’s quarterly report last week revealed Thailand-based crypto billionaire Christopher Harborne donated £9 million to Reform; this was the largest ever political donation by a single living person.
Reform said none of the donations made by Mr Harborne, who sometimes uses the name Chakrit Sakunkrit in Thailand, were in cryptocurrency. But the party refused to answer further questions about cryptocurrency donations Mr Farage publicly claimed the party had received.
In the letter to the commission, the Liberal Democrats expressed concern about a “potential conflict of interest” that could “undermine public confidence in the integrity of our political system”.
On May 29, Mr Farage announced that Reform would become the first British party to accept political donations in cryptocurrency, following the example of Donald Trump’s campaign in the UK.
Mr. Harborne’s donation was made on August 1. The following month, on September 23, when Mr Farage said he would go to the Bank of England to oppose crypto restrictions, he used an interview on LBC to name-check Tether, one of the cryptocurrencies, along with Bitfinex, the cryptocurrency exchange in which Mr Harborne holds shares.
Nick told Ferrari: “We’ve got to stick with it and wait until it matures – and secondly, Nick, I’ll go ahead and say it tomorrow, you know, Tether is a stablecoin. Stablecoins are the way money moves from traditional currencies to cryptocurrencies and back again. Tether is about to be valued as a $500 billion company.”
“You know, stablecoins, cryptocurrencies – this world is huge and I have been pushing for years for London to embrace it.”
A few weeks later, on October 22, Mr Farage told Reuters that Reform UK had already received “a few” donations in the form of crypto assets, without giving further details.
Mr Farage has been promoting cryptocurrency since May, when he attended the Bitcoin Conference in Las Vegas, and said Reform UK would usher in a “crypto revolution” and introduce a CryptoAssets and Digital Finance Bill.
In a speech in the City of London on November 3, Mr Farage once again called for crypto to be deregulated.
He said: “Secondary loans are booming and may come back to bite us. We have ignored emerging global markets in digital assets, stablecoins and crypto. The city has succeeded by innovating and taking risks; we have done neither. We must lead these sectors of the 21st century.”
Questions sent by Reform were not answered Independent Who donated crypto to the party, how much and what kind of donation it received, or whether there was a stash of Tether at the party when Mr Farage promoted it at LBC.
In a letter to the committee, the Liberal Democrat shadow Cabinet Office spokesperson Lisa Smith said: “The sequence of events raises serious questions about whether the public promotion of Tether by the party leader was linked to, influenced by or otherwise related to this significant financial contribution.
“It also raises the question of whether any specific commitments have been made to give Tether a central role in the ‘Crypto Revolution’ that Nigel Farage’s party has pledged to deliver if it seizes power.
“Even the perception that there is a connection between political advocacy and large corporate donations risks undermining public confidence in the integrity of our political system.”
He continued: “There is also a strong case in the public interest for Mr Farage to disclose whether any donations have been received in the form of cryptocurrency. There is the troubling possibility that Reform was in possession of Tether at the time Mr Farage promoted the currency – which would amount to an abuse of his public position and role as a Member of Parliament.”
The Election Commission stated that no political party registered crypto assets as donations. Political parties must report the donations they received as of October 1 by the end of January.
The spokesperson said: “No political party has reported any donations identified as cryptocurrency.
“Donations in crypto assets will be reported by political parties as ‘non-monetary’ donations. As with all non-monetary donations, details of the nature of the donation will be visible in the donation details in our political finance database.
“The value of donations must be in British Pounds Sterling (GBP) on the date the donation is received. The value in GBP is the market value of the crypto asset, such as the exchange rate of the payment provider or, if not available, the exchange rate of a major currency on the date of receipt.”
Labor leader Anna Turley also called for an investigation. He said: “Nigel Farage has some serious questions to answer.
“After bragging about taking crypto donations and acting as a front for major crypto companies, it looks like nothing has been revealed.
“Farage urgently needs to come out with the truth and clarify whether Reform misled the public or misled the Electoral Commission. He must provide a detailed explanation of who funded him to ensure the public there is no wrongdoing here.”
Meanwhile, the Conservative Party has raised concerns in Parliament, asking the community secretary a series of questions about whether crypto regulations should be addressed in the Election Bill.
Mr Farage said at a press conference on Thursday that Mr Harborne had asked for nothing in return for his donation.
He said: “Does he want anything in return for his money? I’m not promising you anything. Do I talk to him regularly? Maybe once a month, maybe every six weeks, but certainly no more than that.”
Asked later whether Reform had done its due diligence on the donation, he insisted he was “very, very comfortable and confident that we know where his money came from in the case of Mr Harborne”.
A Reform UK spokesman said last week: “This quarter’s figures show the incredible progress Reform UK has made. This is further evidence that we have all the momentum in British politics.”
Independent He contacted Reform for comment.
