Nigel Farage referred to financial regulator over donations from crypto-billionaire

Nigel Farage has been referred to the Financial Conduct Authority (FCA) over claims his cryptocurrency advocacy benefits billionaire backer Christopher Harbone.

The Reform UK leader has previously insisted the millions donated by the Thailand-based crypto investor were gifted to him and the party with the expectation of “absolutely nothing in return”.

But the Labor leader has now written to the financial regulator calling for an investigation into whether Mr Farage’s efforts to promote cryptocurrencies and stablecoins have benefited Mr Harborne.

“Mr Farage’s public advocacy of stablecoins and cryptoassets raises issues within the FCA’s remit,” the letter says.

“He has publicly praised stablecoin Tether, attacked measures that could limit the growth of private stablecoins, and argued that the UK should be a global hub for crypto asset activity. At the same time, both he and his political party are directly funded by people with financial interests in cryptocurrencies.”

“I therefore ask you to investigate Nigel Farage’s apparent efforts to use his public role to benefit those who contribute financially to him.”

The letter, written by Labor Party leader Anna Turley, refers to reports that Mr Farage held a private meeting with Bank of England Governor Andrew Bailey to oppose proposed central bank digital currency and restrictions on stablecoins.

The letter claims that the launch of a central bank digital currency could reduce demand for other cryptocurrencies, such as Tether, in which Mr Harborne holds shares.

The day before the meeting with Mr Bailey in September 2025, he specifically mentioned Tether as an example of a stablecoin in an interview with LBC.

“I will go tomorrow [to the Bank of England] to say this. “As you know, Tether is a stablecoin,” he said.

“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, crypto, this world is huge.

“I have been advocating for years that London should embrace this, that we should become a global trading hub for these things under appropriate regulation.

“And earlier this week the governor of the Bank of England stated that no one, no individual, should be allowed to own more than £10,000 worth of stablecoins, to which some of my friends responded: ‘Why don’t we emigrate?’ he said.

“Why is the bank so disconnected? Why is it acting like a dinosaur? Why aren’t we keeping up with the 21st century? These new technologies aren’t going anywhere. They’re here.”

The letter says that Tether was running a fundraising round during the month of the interview.

Mr Harborne’s donations to Mr Farage and Reform UK have been a particular controversy for the party after he gifted the party £9 million last August – the largest donation from a living person to a political party in history – and a further £3 million this year.

Mr Farage’s recent disclosure of the £5 million “gift” from the crypto entrepreneur prompted an investigation by Westminster’s standards watchdog into whether Mr Farage broke Commons rules by not disclosing it after his election in 2024. The investigation is still ongoing.

Reform England and the FCA have been approached for comment.