Cryptocurrency money poured into the Reform UK Party in two days, totaling US$72 million

Two cryptocurrency billionaires donate £ 72 million to the Reform Party: setting a record for political donations in the UK

In just two days, two cryptocurrency billionaires donated up to £ 72 million to the Reform Party led by Nigel Farage. This amount even exceeds the total donations made by major political parties in the UK throughout the year. The move comes as the government considers stricter limits on political donations.

Dello took the lead, and Harborne followed up the next day

BitMEX co-founder Ben Delo broke the historical record on Friday, announcing a donation of 36 million pounds (approximately US$48 million). This is believed to be the largest single individual donation in British political history. Many believe that this sum, together with another subsequent donation, constitutes the most significant financial support to date provided to a British political party.

On Saturday, Thailand-based Christopher Harborne donated funds to the party equal to Derlo. The Tether investor, who had donated £ 15 million to the Reform Party in previous election cycles, said the action was in a "competitive spirit" and did not expect any personal reward.

Dellow's £ 36 million donation is four times his previous donation to the party (previously £ 8 million). The donation will be paid in the form of 1 million pounds (approximately US$1.3 million) per month until August 2029, the latest possible time for the next general election. However, according to the Associated Press, the funds were paid in advance to prevent the government from imposing any restrictions on large donations. The Reform Party stated that the funds would be used to hire "top talent" in policy formulation and 400 campaign managers.

The motivation behind £ 72 million

However, the two men have very different views on how to define their financial contribution. In an interview, Harborne said he supported the Reform Party because he believed that its economic policies could attract the investment needed to promote economic development and fund public services such as health care and education.

At the same time, Dello described his financial contribution as a blow to the political establishment. He reportedly explained that his donations were aimed at breaking the "cartel" that has dominated British electoral politics for a century. "When people talk about the health of 'our democracy,' all they do is make sure it's a monopoly alliance; I just want a level playing field," Dellow said.

Opposition parties hold different opinions on this. The Liberal Democrats, the third-largest party in the House of Commons, have called on Prime Minister Andy Burnham to limit financial donations. Lisa Smart, a party spokeswoman, said: "Farage is trying to bring Trump-style America to our land by purchasing power. He treats Downing Street like a square on the "Monopoly" chessboard."

No cap on UK donors

Current UK regulations place no limits on how much money UK-based donors can provide to political parties, making such large donations possible. Although the country has banned political donations in the form of cryptocurrencies since March this year, neither Dello nor Harborne's donations are in the form of cryptocurrencies.

Other restrictions are relatively loose. Labour has capped donations from British expatriates at £ 100,000 and plans to apply the same limit to newly returning citizens. Since March, anyone who contributes more than £ 100,000 a year must be registered on the electoral register for a full 12 months. Derlow, who was born in Sheffield, said he planned to return to the UK from Hong Kong.

The total amount of donations collected over the weekend is particularly unusual considering the overall industry context. According to Election Commission data, British political parties received a total of £ 64.8 million in donations last year.

The Reform Party's cryptocurrency funding sources have been investigated

The money fell into the hands of a political party that is facing fundraising difficulties. According to Scotland Yard, it began an investigation on Wednesday into the Reform Party's acceptance of foreign donations, which is illegal under British law. The investigation follows an undercover report exposed by Channel 4 News on Tuesday. During the filming of the report, senior officials at the Reform Party's annual conference discussed how to conceal the source of foreign funds.

In addition, Farage himself is under parliamentary investigation for allegedly undeclared a personal gift of £ 5 million (US$6.7 million) given by Harborne before he joined the House of Commons. Farage claimed it was a personal gift that had nothing to do with politics.