Parliament probes Farage over $6.3M crypto gift

The Parliamentary Commissioner for Standards is investigating Reform UK leader Nigel Farage over an undisclosed $6.3 million (£5 million) payment from cryptocurrency investor Christopher Harborne that Farage says arrived in early 2024.

Farage described the payment as a ‘personal, unconditional gift’ intended to cover his personal security costs before he stood for Parliament. He has told officials the money ‘wasn’t political in any sense at all.’

The inquiry will examine whether the payment should have been registered under House of Commons rules. New MPs must declare financial interests or benefits above about $380 received in the 12 months before their election. The code exempts purely personal gifts in some cases but asks MPs to consider the giver’s motive and the use of the funds; where there is doubt, the benefit should be registered.

Christopher Harborne, a Thailand-based businessman, has been a major donor to Reform UK. He gave roughly $11.4 million (£9 million) to the party last year and about $15.2 million (£12 million) to the party in 2024 in total. Opponents from the Conservative and Labour parties have sought details about the $6.3 million payment.

A Conservative Party spokesperson demanded an explanation, noting the gift exceeds most people’s lifetime earnings and calling for clarity on how and why the payment was made.

The matter comes as the UK has moved to ban cryptocurrency donations to political parties, citing difficulties in verifying the source of digital funds and risks of concealed funding.

The Electoral Commission confirmed it is considering information about the payment after a formal complaint from the Conservative Party. The standards commissioner’s findings will determine whether parliamentary rules were breached and could lead to further action by Commons authorities and regulators.

Farage was found in January to have failed to register £384,000 ($485,000) in interests on time; the commissioner treated that breach as inadvertent and allowed him to correct the record without sanction. If the current inquiry concludes he breached the code, possible sanctions range from a formal apology to suspension from the House of Commons or, in extreme cases, expulsion.