Nigel Farage Under Scrutiny for $6.7 Million Donation from Tether Billionaire

According to a report by The Guardian, Nigel Farage, the leader of Reform UK, received a substantial gift of approximately £5 million, equivalent to around $6.7 million, from Christopher Harborne, a billionaire with significant interests in the cryptocurrency company Tether. This donation was made prior to Farage's announcement to run for the Clacton seat in 2024. The gift has sparked controversy, with the Conservative party referring Farage to the Parliamentary Standards Commissioner and Labour accusing him of violating House of Commons rules. Farage has confirmed the donation, stating it was intended to ensure his safety and security following previous incidents, including a milkshake being thrown at him and a firebomb attack on his home. Harborne, who has a 12% stake in Tether, made the payment in 2024, before Farage's candidacy announcement and subsequent win. A spokesperson for Reform UK has defended the payment, describing it as a 'personal, unconditional gift' that was made before Farage's election and is unrelated to his decision to stand as a Member of Parliament. The Commons code of conduct requires new MPs to disclose benefits received in the 12 months preceding their election, and any benefits that raise doubt should be registered. Reform UK claims the gift is exempt as it falls under the category of purely personal gifts. The Conservative Party has written to the Parliamentary Standards Commissioner, requesting an investigation into whether any of the donated funds were used for political activities rather than security purposes. Labour Party chair Anna Turley has stated that Farage appears to have broken the rules again. The issue of cryptocurrency donations has become increasingly significant in UK politics, with Harborne's donation to Reform UK being the largest single donation from a living person on record. Earlier this month, Ben Delo, co-founder of BitMEX, announced that he had donated £4 million to Reform UK since the start of the year. In response to concerns about the potential for digital assets to be used to channel foreign money into UK politics, the UK government has imposed a moratorium on crypto donations to political parties, with the ban covering donations of any size and including criminal penalties for non-compliance. Additionally, Farage has invested £215,000 in Stack BTC, a London-listed bitcoin treasury company, taking a 6.31% stake through his investment vehicle.