LONDON, September 12 — Reform UK has received the largest single donation ever made to a British political party, a £36 million (about US$46 million) contribution from British cryptocurrency billionaire Ben Delo, according to the supplied source material. Delo, who co-founded the cryptocurrency trading platform BitMEX, set out his reasoning in a column for The Telegraph.
“Unlike the people who express mock concern for the health of ‘our democracy’ while doing everything they can to keep it as a cartel, I want a fair fight and a level playing field,” he wrote. He added: “My conclusion from Reform’s recent troubles is that they should spend less time trying to raise funds to compete on equal terms and more time preparing for government.”
A party under scrutiny
The donation lands as Reform struggles to re-establish momentum after intense scrutiny over its finances, including investigations into whether it accepted contributions from impermissible sources. It also coincides with the House of Lords considering legislation meant to significantly restrict the flow of foreign funds into UK elections, including a measure to cap overseas donations at £100,000 (about US$128,000). Delo, who has reportedly recently relocated back to the UK from Hong Kong, had already donated £8 million (about US$10 million) to Reform in the first half of the year.
His latest contribution makes him the largest single donor to the party, topping Thailand-based crypto entrepreneur Christopher Harborne. A Guardian investigation also suggested Delo had offered in-kind support to Rupert Lowe, head of Reform rival Restore.
Party leader Nigel Farage said he was “honoured and humbled that Ben Delo has shown such confidence in Reform,” adding: “Ben knows that we are the only party that can turn the country around and reverse Britain’s decline.”
Legal questions and a looming cap
Some have suggested the crypto billionaire may still be ensnared by the law change because it requires donors to have been a UK resident for 12 months prior to making a contribution, but Reform has rejected those claims. The party expressed confidence Delo, who said he now resides in the UK but did not specify his date of return, would not be forced to take back any of the funds.
Delo was convicted of breaking US bank secrecy law in 2022 following allegations the platform had failed to implement adequate anti-money laundering controls, before receiving a pardon from Donald Trump. In pure monetary terms, Farage and Reform will likely view the record contribution as a significant win.
Such a cash injection could help Reform re-establish momentum, allowing it to spend big on advertising, events and election campaigns across the country. However, the donation is also likely to invite yet more scrutiny of the party’s finances, which have acted as a major drag on its popularity in recent months. What to watch next is the Lords legislation.
If the £100,000 (about US$128,000) cap on overseas donations passes, the terms under which Delo — and other donors — can keep giving will be settled by Parliament rather than by the party.
