Ben Delo, co-founder of crypto exchange BitMEX, says he’s given 4 million pounds (about $5.1 million) to Nigel Farage’s Reform UK party — a contribution he revealed in an opinion piece for The Telegraph on Wednesday.
Delo wrote the donation was made “since the start of this year” to help turn Reform UK into “a genuine alternative party of government.” He did not specify whether the funds were delivered in fiat or crypto, and CoinDesk’s request for further details went unanswered. Notably, Delo also voiced support for a proposed U.K. government moratorium on political donations in cryptoassets, citing the regulatory complexity such gifts create.
That debate is playing out against current guidance from the U.K. Electoral Commission (updated April 7, 2026): crypto donations are not banned under electoral law today but are treated as non-monetary donations and must be converted to pounds at the time of receipt. Parties are required to verify donor identities, especially for contributions over £500. The government has signalled plans for a moratorium on crypto political donations — potentially with retrospective effect for gifts received from March 25, 2026 — but no legal changes have yet taken effect.
Last month the government, led by Prime Minister Keir Starmer, announced an immediate moratorium on cryptocurrency donations, framing digital assets as a potential tool to obscure the origin and intent of political funding. The move has put crypto squarely in the crosshairs of a broader crackdown on foreign interference and political finance risks.
Electoral Commission records do not show donations attributed to Ben Delo or BitMEX. Farage acknowledged the reported backing on X, saying “brave people like Ben Delo” were becoming “even more determined” to support Reform UK. The Delo disclosure follows other high-profile contributions to the party: in December, billionaire Christopher Harborne donated £9 million to Reform; Harborne has investments in crypto firms including Tether and Bitfinex.
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