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

According to a report by The Guardian, Nigel Farage, leader of Reform UK, received a substantial donation of approximately £5 million, equivalent to around $6.7 million, from Christopher Harborne, a billionaire with ties to the cryptocurrency company Tether, prior to announcing his candidacy for the Clacton seat in 2024. This donation has sparked controversy, with both the Conservative and Labour parties referring him to the Parliamentary Standards Commissioner for allegedly breaching House of Commons rules by not declaring the gift. Farage has acknowledged the donation, stating it was intended to ensure his safety and security following past incidents, including a milkshake attack in 2019 and a firebomb incident at his home last year. Harborne, who holds a 12% stake in Tether, made the donation in 2024, before Farage's successful election to the Clacton seat. A spokesperson for Reform UK has defended the donation as a personal and unconditional gift, unrelated to Farage's decision to run for office, and claims that all necessary declarations have been made in accordance with the rules. However, the Commons code of conduct requires new MPs to register any benefits received in the 12 months preceding their election, and the Conservative Party has requested an investigation into whether any of the donated funds were used for political purposes rather than security. This development comes amid growing scrutiny of cryptocurrency donations in UK politics, following a record-breaking £9 million donation from Harborne to Reform UK and a £4 million donation from BitMEX co-founder Ben Delo. In response to concerns about the potential for foreign money to influence UK politics through cryptocurrency donations, the UK government has imposed a moratorium on such donations, which will be codified into law with penalties for non-compliance.