Crypto capital enters UK politics: Reform Party receives £9 million donation from Bitfinex shareholder
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Crypto capital enters UK politics: Reform Party receives £9 million donation from Bitfinex shareholder
This substantial donation has raised concerns about wealthy donors influencing politics, prompting Transparency International UK to call for an annual cap on individual political donations.
Navigating Web3 tides with focused insightsBy James Woolcock, Lucy White, Bloomberg
Translated by Saoirse, Foresight News
Key Points:
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Reform UK, led by Nigel Farage, received £10.3 million in donations between July and September—the highest among all UK political parties during that period.
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A record-breaking £9 million donation from cryptocurrency investor Christopher Harborne fueled the party’s funding; since Reform UK’s founding, Harborne has donated over £22 million in total.
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The massive donation has sparked concerns about wealthy donors influencing politics, prompting Transparency International UK to call for an annual cap on individual political contributions.
Reform UK, led by Nigel Farage, raised more donations in the third quarter than any other British political party, boosted by a record £9 million (about $12 million) contribution from cryptocurrency investor Christopher Harborne—signaling that businesses and wealthy individuals are taking seriously the party’s strong polling lead.
According to data compiled by Bloomberg from the UK Electoral Commission, the populist party raised £10.3 million between July and September. Keir Starmer’s governing Labour Party raised £2.2 million, while the main opposition Conservative Party raised £4.7 million. These figures do not include public funding provided to opposition parties.
Nigel Farage speaks in London on December 4. Photographer: Dan Kitwood (Getty Images)
Christopher Harborne is not only a major donor to Reform UK but has also regularly contributed to the Conservatives (Tories) over the past 25 years. His latest donation is the second-largest single political contribution since the Electoral Commission established its online database in 2001. In 2022, John Sainsbury posthumously left £10 million to the Conservative Party, marking the largest single donation recorded in the database.
Surge in Reform UK Donations
The £9 million donation energizes Nigel Farage’s party:
Source: Electoral Commission
Although quarterly political donation figures fluctuate, Reform UK raising more than any other major party underscores its growing significance within the UK political landscape. Despite holding just five seats in the 650-member House of Commons, the party has consistently led national opinion polls since April and achieved significant victories in local elections in May.
Electoral Commission data shows that the vast majority of Reform UK’s new funding comes from Christopher Harborne—who has now donated over £22 million to Nigel Farage and Reform UK since the party’s inception. In legal filings last year, Harborne revealed he owns a 12% stake in the cryptocurrency exchange Bitfinex, which shares a parent company with Tether, the world’s largest stablecoin issuer.
Rose Zussman, senior policy manager at Transparency International UK, said in a statement: “This record-breaking donation reveals an alarming level of dependence on a small number of ultra-wealthy individuals.” She called for an annual cap on personal political donations, adding: “When a single donation reaches such an extraordinary scale, it only deepens the public’s belief that money talks loudest in the corridors of power.”
In the cryptocurrency space, Oscar Townsley, founder and CEO of bitcoin derivatives firm A1X, made his first donation of £30,000 to Reform UK. Other notable donors include:
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Claudia Harmsworth (wife of Daily Mail owner Jonathan Harmsworth), who donated £50,000;
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Bassim Haidar (Lebanese-Nigerian billionaire who has previously made large donations to Reform UK), who gave another £130,000;
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Nick Candy (property developer and current treasurer of Reform UK), who donated £490,000, bringing his total contributions to £990,000 and recently confirming he has fulfilled his pledge to donate £1 million.
Nigel Farage and Nick Candy. Photographer: Betty Laura Zapata (Bloomberg)
In addition, Heathrow Airport Holdings, which operates the UK’s largest airport, sponsored Reform UK’s annual conference with a donation valued at £36,000. The party also received a £100,000 donation from Sotheby’s UK property division, owned by former banker George Azar.
Political campaigns require funding to advance nationwide efforts, and the central challenge facing Reform UK is whether it can convert high poll ratings into actual electoral success before the next general election expected by mid-2029. After winning hundreds of local council seats, two mayoral positions, and control of 10 local authorities in last May’s local elections, the party is now aiming to replicate these successes in the upcoming local elections next May, including elections for the Welsh and Scottish parliaments.
The collapse of the traditional two-party system in the UK has turned the post-election “cooling-off” period into a fundraising scramble as parties compete for local seats to establish legitimacy. Opinion polls show double-digit support for each of the UK’s five major national parties, suggesting the winner of the next general election may need to form a coalition to govern.
Nigel Farage has stated his goal is to render the Conservative Party “no longer a national party,” yet despite extensive lobbying, he has so far failed to attract the majority of the Conservatives’ financial backers. Although Farage performs strongly in opinion polls, the treasurer Nick Candy’s earlier promise to raise “tens of millions of pounds” for the party remains unfulfilled—even though he secured support from some Conservative donors early this year and personally donated £500,000 this quarter.
Earlier this year, Elon Musk expressed interest in donating to Reform UK, but after publicly endorsing extremist Tommy Robinson on social media platform X, a public dispute erupted with the party leadership, ultimately preventing any collaboration.
This article was completed with assistance from Emily Nicolle and Anna Irrera.
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