2 weeks ago
12
Two crypto-linked billionaires just wrote the largest political checks in British history, and the UK government is not exactly sending thank-you cards.
Ben Delo, co-founder of crypto exchange BitMEX, and Christopher Harborne, a prominent investor in stablecoin issuer Tether, each donated £36 million to Reform UK on consecutive days in September 2026. The combined £72 million dwarfs all private donations made to UK political parties in the previous year.
Labour fires back with retroactive legislation
Angela Rayner, the Labour Party’s deputy leader, responded by pointing to the government’s proposed amendments to the Representation of the People Bill. The legislation, she said, is designed to stop wealthy individuals from buying political influence, and it may apply retroactively.
That last word is doing a lot of heavy lifting. Retroactive application would mean the rules could potentially reach back to affect the Delo and Harborne contributions even though Reform UK says the donations complied with laws as they existed at the time.
The political backdrop here matters. The UK government has been tightening its grip on political donations since the Rycroft Review flagged concerns about foreign interference in British democracy. Since March 2026, the government has imposed a full moratorium on cryptocurrency donations to political parties. It also capped contributions from British citizens living abroad at £100,000, a restriction now extended to recent returnees to the UK.
Who are the donors
Ben Delo became one of Britain’s youngest billionaires through BitMEX, the crypto derivatives exchange he co-founded. The platform was once among the largest in the world by trading volume, though it also attracted regulatory scrutiny from US authorities over anti-money laundering compliance.
Christopher Harborne has deep ties to the stablecoin ecosystem through his investments in Tether, the company behind the world’s most widely used stablecoin, USDT. Harborne is no stranger to Reform UK’s finances either. He has been linked to at least £15 million in donations to the party since the last general election.
Both donors have publicly stated they sought no personal favors in return for their contributions. That hasn’t stopped parliamentary and police investigations from examining previous funding sources connected to both men. Reform UK has faced parallel inquiries related to a separate £5 million gift from Harborne to Nigel Farage, the party’s most prominent figure.
The crypto donation ban and what comes next
The March 2026 moratorium on crypto donations already signaled that the UK government views digital asset-funded political contributions with deep suspicion. The Rycroft Review, which prompted the ban, centered on concerns that cryptocurrency’s pseudonymous nature could enable foreign actors to funnel money into British politics without adequate transparency.
Delo and Harborne’s donations were made in fiat currency, not crypto, which is why they technically fell outside the moratorium. But the source of their wealth, built substantially through crypto ventures, is precisely what makes the contributions politically radioactive. The government’s position appears to be that the origin of the money matters as much as the form it takes when it arrives at a party’s bank account.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
English (US) ·