BitMEX co-founder Ben Dellow donated a record £ 36 million

How did the Reform Party get £ 72 million in two days?

The UK's Reform UK received donations totaling £ 72 million (US$97.4 million) from two cryptocurrency billionaires in just two days, including BitMEX co-founder Ben Delo and Tether investor Christopher Harborne each donating £ 36 million. DeLow's donation became the largest single political donation in British history, exceeding the £ 10 million bequest Lord John Sainsbury left to the Conservative Party in 2022.

Dellow said he originally planned to donate £ 1 million a month until the next general election (according to law, the election must be held before 2029), but in view of the possible government policy to restrict political donations, he decided to complete the injection of funds ahead of schedule. "I believe it is the responsibility of people with great power and deep financial resources to step forward and help the Reform Party win and govern, rather than leave the British people trapped in a political monoculture that is pushing the country off a cliff." Dellow wrote.

Harborne disclosed the next day that after learning of Dellow's planned donation, he decided to match Dellow's £ 36 million donation. The two huge payments have greatly expanded the Reform Party's financial resources, while Parliament is considering new political funding restrictions, including rules covering cryptocurrency donations and contributions from some British citizens living overseas or recently returning.

Who are these two cryptocurrency donors?

Dellow, 42, co-founded the cryptocurrency derivatives exchange BitMEX in 2014 with Arthur Hayes and Samuel Reed. In 2022, he pleaded guilty to violating the U.S. Bank Secrecy Act by BitMEX's failure to maintain adequate anti-money laundering procedures. As a condition of the settlement, he agreed to pay a $10 million criminal fine and receive 30 months of probation. In March 2025, President Donald Trump pardoned DeLow, Hayes and Reid. This year, Dellow returned to the UK from Hong Kong and had previously donated £ 8 million to the Reform Party, including £ 4 million made public in April. At the same time, BitMEX announced that it will permanently close its trading platform in September 2026 after a strategic review.

Harborne is a British investor based in Thailand and is estimated to hold about 12% of stablecoin issuer Tether. Since 2025, he has donated millions of pounds to the Reform Party, including the previous record for the largest British political donation by a living individual-£ 9 million.

Investor Revelation

The £ 72 million surge in funding directly links two major cryptocurrency wealth to British political financing, coinciding with Parliament considering stricter donation rules. While the current focus is political funding, the debate has also put the role of cryptocurrencies in campaign finance under stricter regulatory scrutiny.

Will Parliament not restrict future donations?

The timing is particularly critical because the House of Lords is considering the Representation of the People Bill. The bill proposes to suspend political donations in cryptocurrencies and cap annual donations at £ 100,000 for certain British citizens registered to vote overseas, including some who have recently returned. The proposed cryptocurrency restrictions will apply retroactively to donations made on and after March 25, 2025, when Prime Minister Keir Starmer announced the measure. Once the legislation takes effect, donations that meet the new rules must be refunded within 30 days. The bill passed the House of Commons on September 2 and was transferred to the House of Lords the following day. These restrictions cannot take effect until the legislation completes all parliamentary procedures and receives royal approval.

The government minister argued that cryptocurrency payments make it more difficult to determine the ultimate source of political funds and whether donors are legally entitled to donate. Currently, neither Dellow nor Harborne has disclosed whether their latest £ 36 million donation was made in cryptocurrency. Harborne's previous donations to the Reform Party were made in legal tender.

Why does the Reform Party's cryptocurrency funding face more scrutiny?

The Reform Party became the first British political party to accept cryptocurrency donations in May 2025. Farage also proposed that if the party comes to power, it will build up the Bank of England's Bitcoin reserves and cut capital gains tax on cryptocurrencies to 10%. Since then, the party's funding arrangements have attracted more regulatory and political attention. Farage had previously been investigated for undeclared £ 5 million personal gifts from Harborne and independent financial support related to another donor. In addition, the Metropolitan Police in London has launched a criminal investigation into Reform Party funding after a television survey showed senior party figures discussed funding channels from U.S. donors. Two party staff members subsequently resigned, while the Reform Party denied any wrongdoing.

So the latest donation comes at a sensitive moment in the party and UK political funding rules. The Reform Party has secured unprecedented financial reserves from two investors closely associated with the cryptocurrency industry, while lawmakers are also trying to reduce the room for large and cryptocurrency-based political donations. If the proposed restrictions become law, the £ 72 million received in the past two days could become one of the last large-scale cases of political financing in the UK before such a strict regime takes effect.