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Reform UK has received £36 million from BitMEX co-founder Ben Delo, the biggest single political donation in British history, intensifying scrutiny of the party’s finances weeks after the Trump-pardoned crypto billionaire relocated from Hong Kong to the UK.
Delo, co-founder of cryptocurrency exchange BitMEX, recently relocated from Hong Kong to the UK and has become the largest individual donor to Reform UK. The contribution, announced on September 12, is the biggest single political donation in British history and comes amid continuing scrutiny of the party’s previous financial arrangements.
Party leader Nigel Farage welcomed the contribution, saying he was “honoured and humbled” by Delo’s confidence in Reform UK. The donation also arrives as the Metropolitan Police investigates a Channel 4 report that appeared to show senior Reform officials discussing how a fictional American donor could provide money to the party.
Delo’s £36 million contribution makes him the largest donor to Reform UK, overtaking fellow cryptocurrency billionaire Christopher Harborne, who donated £9 million to the party in August last year.
The size of Delo’s contribution places it well above previous records for individual political donations in Britain. It also brings renewed focus to the role of wealthy donors in UK politics and the rules governing political contributions.
Writing in the Telegraph, Delo defended his decision to provide the money, arguing that Reform UK should concentrate on preparing for government rather than spending excessive time securing funding.
“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,” Delo 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.”
Delo’s intervention comes at a politically sensitive moment for Reform UK, with the party facing questions over its fundraising practices and the growing influence of major donors.
Delo’s political contribution is also notable because of his legal history in the United States. The BitMEX co-founder was given an unconditional pardon by Trump last year following a Bank Secrecy Act violation.
The pardon has added another layer of scrutiny around the decision by Delo to become a major political donor after moving to Britain. However, the donation itself has been presented by Delo as support for what he considers a political alternative capable of challenging the established parties.
Farage welcomed the backing and described Delo’s contribution as evidence of confidence in Reform UK.
“I am honoured and humbled that Ben Delo has shown such confidence in Reform,” Farage said.
“Ben knows that we are the only party that can turn the country around and reverse Britain’s decline.”
The donation comes while another major donor to Reform UK, Harborne, remains the subject of scrutiny. Parliament’s standards watchdog is investigating a personal £5 million gift that Harborne gave Farage in 2024, which the party leader did not declare.
The scale of the new donation has prompted criticism from opposition parties and campaigners who argue that Britain needs stricter controls on political funding.
A Labour spokesperson said Farage remained under pressure over the undisclosed £5 million gift and the police investigation into potentially illegal donations.
“Reform UK can’t buy their way out of questions about sleaze, criminal mates and dodgy finances,” the spokesperson said.
The Liberal Democrats also criticised the contribution. Lisa Smart, the party’s Cabinet Office spokesperson, accused Farage of attempting to emulate the political system associated with Trump.
“He’s trying to get into Number 10 as if it’s a stop on a monopoly board,” Smart said.
She called for limits on political donations, arguing that such restrictions were necessary to protect democratic institutions.
The controversy has therefore placed Reform UK at the centre of a broader debate about whether individual wealthy donors should be able to provide extremely large sums to political parties.
Olly Buston of Clean Up Westminster, a campaign group seeking to reduce the influence of money in politics, described Delo’s contribution as a serious concern for British democracy.
“Delo’s donation is several times bigger than any political donation in history,” Buston said. “It is an obscene amount. No single individual should be able to buy this much power, let alone a convicted fraudster who has barely set foot in the country in recent years.”
Buston also called for a firm limit on political donations, arguing that delays in introducing restrictions could encourage an escalating contest among wealthy political backers.
The debate comes as Parliament considers changes to political funding rules. MPs recently backed measures that would introduce a £100,000 cap on overseas donations and suspend funding through cryptocurrency. However, those measures still require approval by the House of Lords before they can become law.
For Reform UK, the £36 million contribution provides a significant financial boost while simultaneously increasing scrutiny of the party’s fundraising arrangements. The donation is likely to keep questions about political money, donor influence and transparency high on the Westminster agenda.
As Reform UK seeks to expand its political influence, the unprecedented size of Delo’s contribution ensures that its finances will remain under close examination. The party now has access to an extraordinary level of funding, but the political debate surrounding where that money comes from and how it should be regulated is likely to continue.
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