Reform UK gets 75% of its donations from crypto entrepreneur pardoned by Trump

Reform UK Gets 75% of Its Donations from Trump-Pardoned Crypto Entrepreneur

Reform UK's Funding and Political Implications

By Andrew MacAskill and Naomi Rovnick

Major Donation from Ben Delo

LONDON, Sept 3 (Reuters) - Britain's populist Reform UK party received a £4 million ($5.4 million) donation from a crypto investor convicted of a banking secrecy violation in the United States and pardoned by Donald Trump, accounting for 75% of the party's donations last quarter.

The party led by veteran Brexit campaigner Nigel Farage received the big donation from Ben Delo, who announced this year he was returning to the UK from Hong Kong and involving himself in politics "to save Britain before decline becomes irreversible".

Quarterly Fundraising Overview

In total, the party raised £5.3 million in the April-June quarter, more than its mainstream opponents but less than the more than £9 million it had raised in each of the two previous quarters, according to figures published by election officials on Thursday.

Background on Ben Delo

Delo pleaded guilty to a U.S. banking secrecy violation in 2022 after prosecutors accused his crypto company BitMEX of deliberately failing to maintain required safeguards against money laundering. He was pardoned by Trump last year.

"We are delighted to be supported by successful British entrepreneurs as we continue to build for the next general election," Reform said in a statement.

Changes in Donor Landscape

Top Donor Absent Amid Tighter Donation Rules

TOP DONOR ABSENT AMID TIGHTER DONATION RULES

Reform disclosed no donations in the quarter from its biggest donor, Christopher Harborne, another crypto entrepreneur. Harborne is British-born and based in Thailand.

Government's New Donation Regulations

The British government has announced plans this year to tighten rules on political donations by British citizens who live abroad, and limit their contributions to £100,000.

Party's Political Standing and Recent Controversies

Reform has only eight members of parliament but led opinion polls in Britain for most of the past two years, until the resignation of Prime Minister Keir Starmer and his replacement by Andy Burnham in July revived the fortunes of the governing Labour Party.

Reform's popularity has been dented since news emerged this year that Harborne had given Farage £5 million in 2024, which Farage did not declare.

Parliamentary Investigation and Farage's Response

Parliamentary officials are investigating whether that broke rules on declaration of political donations. Farage denies wrongdoing and says the funds were a personal gift that did not require declaration. He stepped down from parliament and won re-election last month but could be removed and have to stand again if found to have broken rules.

Comparison with Other Parties

The governing Labour Party received £3.6 million in donations, excluding public funds, in the quarter, while the official opposition Conservative Party raised £2.8 million.

($1 = 0.7404 pounds)

(Reporting by Andrew MacAskill and Naomi RovnickEditing by Elizabeth Piper and Peter Graff)