Britain's Reform Party's £ 72 million donation faces new legal test

Reform UK Party receives £ 72 million in donations from two cryptocurrency billionaires

Reform UK has received a total of £ 72 million (approximately US$97 million) from cryptocurrency billionaires Christopher Harborne and Ben Delo through two matching donations announced within 24 hours. These two huge donations, each of 36 million pounds, set a record for political donations in the UK.

Government amendment proposes to retroactively restrict donations from overseas voters

According to the government's amendment, the annual political donations cap for eligible overseas voters will be set at £ 100,000, and this rule will have retroactive effect after the law is promulgated. Reform Britain Party said both donations were in compliance with current law, but uncertainty remained about their future legal status. In addition, the UK plans to ban cryptocurrency-related political donations until regulators believe its security measures are sufficiently transparent and robust.

Dispute over donor compliance and funding source

According to media reports, Habneau donated £ 36 million to the party led by Nigel Farage a day before Dellow announced an equal donation. Each donation broke the previous British record for the largest individual political donation. Habono is an investor in stablecoin issuer Tether and cryptocurrency exchange Bitfinex; Dellow is a co-founder of BitMEX, one of the early major cryptocurrency derivatives exchanges.

Although neither donor said whether the latest funds were transferred in cryptocurrency, and the report did not clarify the payment method, their industry background is in sharp contrast to the proposed ban on the use of cryptoassets for political donations. Reform Britain insists that both sides checked donors under existing political financing rules and accepted the two donations. A party spokesman said the donations "strictly comply with Election Commission rules and British law."

Habneau said he expected "nothing" in return, including policy changes or aristocratic titles. Farage said the funds would help the Reform British Party prepare for the next general election and compete with established British parties. Robert Jenrick, spokesman for Reform Britain's economy, defended the donations on September 13, saying the party believed the donations were "fully in accordance with the law" and claimed DeLow was returning to the UK in part to comply with changing donor requirements.

Potential conflict between current rules and retrospective restrictions

Current rules generally allow individuals registered on the UK voter register to make donations. Political parties must verify the qualifications of donors and report eligible donations to the election commission. However, nationality alone may not resolve the dispute. Habano holds dual British and Thai citizenship and has lived in Thailand for many years; Delo previously lived in Hong Kong and later returned to the UK. Their date of residence and voter registration category may determine whether planned restrictions cover both donations.

As early as early as 2026, Habneau and DeLow had provided most of the privately raised funding of the Reform UK Party. They contributed about £ 3 million and £ 4 million respectively in the first quarter. According to data released by the Election Commission, these two donations together account for approximately 76% of the Reform Britain Party's reported donation of 9.26 million pounds after excluding public funds.

Communities Secretary Angela Rayner said on September 13 that the £ 72 million could fall within the scope of amendments to the Representatives of the People Act. The legislation is scheduled to be submitted to the House of Lords for consideration during the week of September 14. Under government plans, British citizens registered as overseas voters will face a £ 100,000 per year political donations limit. The restriction will cover certain people who have recently returned to the UK, depending on their residence and registration history.

The proposed rules will have retroactive effect once Parliament passes the relevant law. According to reports, the March 25 date may apply to donors registered as overseas voters, while July 6 may apply to people who do not fall into this category. Reiner did not make an illegal finding of Reform Britain or any donors, and said the government had contacted the Election Commission to determine whether further protection was needed.

Reform Britain Party denies any suggestion of accepting illegal funds and says both donors were eligible British citizens at the time of the donation. The dispute will be pending until Parliament determines the wording of the bill and relevant authorities assess donor records. Current reports do not specify when Dellow will return to the UK, nor does it clarify whether Habano was still living in Thailand when he made his latest donation.

Once the legislation takes effect, political parties and other regulated recipients will have 30 days to return funds deemed illegal under its retroactive terms. Enforcement action may be taken after the return period expires.

Cryptocurrency donations face a separate suspension period

Overseas donor limits are separate from the government's proposed ban on political donations in cryptocurrencies. The second measure focuses on the payment asset itself, rather than whether the donor owns or works with a cryptocurrency company. The government announced on March 25 that political parties would be banned from accepting cryptocurrencies until Parliament and the Election Committee deemed the regulatory system reliable enough.

Ministers accepted the proposal after the Rycroft Review, which was designed to investigate the impact of foreign finance on British politics. The review found that cryptocurrency ownership is difficult to track and poses risks of hidden funds and foreign interference. Concerns about digital asset donations had already arisen before the government announced the moratorium. British lawmakers have called for a moratorium on political cryptocurrency donations until stronger source verification rules are provided.

The proposed temporary safeguards include the processing of donations through institutions registered with the Financial Conduct Authority (FCA). Lawmakers sought to examine more clearly beneficial ownership and the original source of transferred assets. The Electoral Commission's current guidance document states that the government intends to extend the moratorium to cover cryptocurrency donations received from March 25, subject to parliamentary approval.

According to the House of Commons Library Brief, as of March 2026, no political party has reported receiving donations confirmed as crypto assets. Habneau's previous £ 9 million donation was made in cash.

Farage's cryptocurrency policy draws more scrutiny

Farage actively seeks support from the cryptocurrency industry while gaining financial support from people associated with large digital asset companies. At a Bitcoin conference in Las Vegas in May 2025, Farage demonstrated policies aimed at increasing cryptocurrency activity in the UK. His platform proposes to build a national Bitcoin reserve and reduce cryptocurrency taxes.

The plan includes a 10% capital gains tax on cryptocurrency assets and protection for customers who close accounts due to digital asset activity. The Reform UK Party describes the measures as making the UK part of a competitive cryptocurrency market. Such a policy stance does not prove that Habneau or Dellow are demanding preferential treatment. Habanaugh denies seeking policy changes, while Reform Britain says its platform represents the party's own political platform.

Farage's financial relationship was already under review ahead of the latest £ 72 million. It has been previously reported that as doubts about his donors and advisers mount, Farage denied violations related to undisclosed gifts and financial links related to cryptocurrencies. A parliamentary standards inquiry is reviewing another £ 5 million personal gift provided by Habenow before Farage entered Parliament in 2024. Farage said the gift was personal and did not constitute a political donation.

Independent police and parliamentary investigations continue

The Metropolitan Police Department is investigating allegations involving the Reform British Party's political financing and possible overseas donations. The survey is separate from two recently announced donations of £ 36 million each. According to news reports, Farage's aide Dan Jukes and Reform Britain Party policy chief James Orr have been suspended pending an internal investigation related to the allegations. Reform Britain Party denies wrongdoing in the financing dispute.

Dellow's background brings a separate American connection. He pleaded guilty in 2022 to violating the Bank Secrecy Act for failing to maintain adequate anti-money laundering procedures at BitMEX. Former U.S. President Donald Trump later pardoned him. Dellow's criminal record does not determine whether his donations to Reform the British Party comply with British political financing laws. Any assessment of donations will depend on UK rules, final legislation and his residence and voter registration records.

These record donations have revived calls for a general limit on domestic political donations. Labour MP Stella Creasy proposed a £ 100,000 annual limit for most donors, which was supported by MPs from multiple parties. Her amendment was not voted on because the government referred the issue of domestic donor limits to a working group. Reiner said the government was reviewing the issue but had not yet introduced a universal limit that would apply to every UK-based donor.

The next procedural development in Parliament was the consideration of the bill in the House of Lords. Its final terms will determine relevant retroactive dates, and after the bill takes effect, political parties will have 30 days to return donations deemed illegal.