Ben Delo donates $5.4M to Nigel Farage’s Reform UK

Ben Delo, co-founder of cryptocurrency exchange BitMEX, has confirmed a $5.4 million donation to Nigel Farage’s Reform UK party.

Under UK electoral law, donations above a set threshold to registered political parties must be declared to the Electoral Commission. A gift of $5.4 million exceeds that threshold and will appear in the commission’s published returns.

Reform UK, led by former Brexit Party head Nigel Farage, rebranded in 2021 as the successor to the Brexit Party. The party campaigns on issues including immigration, taxation and national sovereignty.

Large individual donations may be used for campaigning, advertising and party operations, subject to reporting and spending rules that apply during regulated election periods. The Electoral Commission’s returns typically list the donor’s name, amount and any conditions attached to the gift.

Delo rose to prominence as a BitMEX co-founder in the mid-2010s and is described as a crypto billionaire because of his holdings and role in the industry.

Reform UK will record the donation in its accounts and submit the required returns. Any further details on the intended use of the funds or conditions attached should appear in official filings or in statements from the party or donor.

In March, the UK halted crypto donations to political parties, describing the pause as a temporary safeguard while regulators develop verification standards for donor identities and the origins of digital funds.