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

According to a report by The Guardian, Reform UK leader Nigel Farage received a substantial donation of approximately £5 million, equivalent to around $6.7 million, from Christopher Harborne, a billionaire associated with the cryptocurrency company Tether, prior to announcing his candidacy for the Clacton seat in 2024. This donation has sparked controversy, with the Conservative party referring Farage to the Parliamentary Standards Commissioner and the Labour party accusing him of breaching House of Commons rules. Farage has confirmed the donation, stating it was intended to ensure his safety and security after experiencing incidents such as a milkshake being thrown at him in 2019 and a firebomb attack on his home last year. The donation was made by Harborne, who holds a 12% stake in Tether, in 2024, before Farage announced his candidacy and subsequently won the seat. A spokesperson for Reform UK has described the payment as a 'personal unconditional gift' that was made before Farage's election and is unrelated to his decision to run as an MP. The spokesperson expressed confidence 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 any benefit should be registered if there is doubt. The Conservative party has requested that the Parliamentary Standards Commissioner investigate whether any of the donated funds were used to support political activities rather than security, with Labour chair Anna Turley stating that Farage 'appears to have broken the rules again.' This controversy comes amidst a broader discussion about cryptocurrency donations in UK politics, with Harborne having made a record-breaking donation of £9 million to Reform UK last year, and BitMEX co-founder Ben Delo announcing a donation of £4 million to the party earlier this month. 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, which will be codified in the Representation of the People Bill with 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.