Reform UK accepts record 72 million pounds from two crypto billionaires as critics call for a donations cap
Read how Nigel Farage, the two donors, union leader Paul Nowak, Labour, Liberal Democrat and Conservative politicians and a transparency campaigner responded after Reform UK accepted 36 million pounds each from Ben Delo and Christopher Harborne in September 2026.
Case period:
Published by The Dispute Index editorial teamPublished Updated
Overview
Reform UK accepted two donations of 36 million pounds each in September 2026. Ben Delo, a co-founder of the crypto trading platform BitMEX, announced his gift on September 11, and Christopher Harborne, a Thailand-based cryptocurrency investor, matched it the next day. According to the BBC, they are the largest sums a UK political party has received since donations had to be declared in 2001. Party leader Nigel Farage called the money an investment in democratic renewal that levels the playing field with Labour and the Conservatives, and Harborne said he expects nothing in return. Trades Union Congress general secretary Paul Nowak called Reform a party for sale and the donations a crisis for democracy, and a Labour cabinet minister, Liberal Democrats and a transparency campaigner criticized the donations or called for limits. The dispute is whether Reform was right to accept the money.
Read the full background
This case classifies responses to one decision: Reform UK's acceptance of the two 36 million pound donations from Ben Delo and Christopher Harborne in September 2026. A statement that defends the donations or the party's decision to take them is labeled as defending it, and one that criticizes them is labeled as condemning it. The police inquiry into Reform's earlier funding and the standards investigation into Harborne's 5 million pound gift to Nigel Farage are background, not the subject of this case.
Delo announced his donation in a Daily Telegraph article on September 11, 2026. He wrote that he had planned to give 1 million pounds a month until the latest possible date of the next general election, in 2029, and paid the whole sum at once in case the government limited large donations (BBC News (opens in a new tab)). Harborne matched the gift the next day. Reform said it would use the 72 million pounds to hire policy staff and up to 400 campaign managers in target seats, and the BBC reported that the total was more than the just over 69 million pounds received by all UK political parties in 2025 (BBC News (opens in a new tab)).
Delo co-founded the crypto trading platform BitMEX. He pleaded guilty in the United States in 2022 to a breach of anti-money-laundering law at the company and was pardoned by President Donald Trump in 2025 (BBC News (opens in a new tab)). He was previously based in Hong Kong and has returned to the UK, according to the BBC (BBC News (opens in a new tab)). Harborne is a citizen of the UK and Thailand (The Guardian (opens in a new tab)). He gave Reform 9 million pounds in 2025, at the time the largest single donation to a UK party by a living person (BBC News (opens in a new tab)). Reporting describes both men as crypto billionaires because of their cryptocurrency businesses and investments. The Electoral Commission register lists their earlier donations to Reform as cash (Electoral Commission (opens in a new tab)); the commission had not yet published donations for July to September 2026 when this case was opened.
There is no limit on donations from UK-based donors. The Representation of the People Bill would cap donations from British citizens living abroad at 100,000 pounds a year, backdated to March 25, 2026, and apply the same cap for a period after a donor returns to the UK (BBC News (opens in a new tab)). Reform said both donations complied with Electoral Commission rules and UK law (The Guardian (opens in a new tab)), while Angela Rayner, the minister responsible for the bill, said the new rules would apply retrospectively (BBC News (opens in a new tab)). On September 15, Downing Street said it was looking to introduce a stricter residency test for donors. The Guardian reported that the change could mean the money having to be returned, and a spokesperson rejected the suggestion that it targeted Reform (The Guardian (opens in a new tab)).
The donations also reopened a debate inside Labour. Trade unions, the party's largest donors, have resisted a general cap that could cover their own funding. Union general secretaries said on September 15 that the scale of the Reform donations should concern anyone who cares about democracy, but that union money should not be treated like gifts from wealthy individuals (The Guardian (opens in a new tab)). Reform's deputy leader, Richard Tice, compared the donations to union funding of Labour (BBC News (opens in a new tab)). In a letter reported on October 13, the government's Ethics and Integrity Commission told Prime Minister Andy Burnham that reliance on large donations from a few sources risks giving donors undue influence, and recommended that any reform be worked out with all major parties (The Independent (opens in a new tab)).
People in this case
Nigel FarageDirectly involved
Ben DeloDirectly involved
Timeline
4 timeline entries on this page. Dates: September 11, 2026 to October 12, 2026
September 2026
Ben Delo announces a 36 million pound donation to Reform UK
Incident
Ben Delo, a co-founder of the crypto trading platform BitMEX, announced in a Daily Telegraph article that he had given Reform UK 36 million pounds. The BBC reported it as the biggest single donation ever given to a UK political party. Delo wrote that he gave the whole sum at once, rather than 1 million pounds a month until 2029, in case the government limited large donations.
[01]BBC
BBC News report on Ben Delo's 36 million pound donation to Reform UK. It quotes the article Delo wrote for the Daily Telegraph announcing the gift, and describes the investigations Reform and Nigel Farage faced at the time.
Reform receives record £36m donation from crypto billionaire · BBCFull article; Delo's Telegraph article quoted in the opening paragraphsChristopher Harborne matches Delo's donation
Incident
Christopher Harborne, a Thailand-based cryptocurrency investor, announced that he had given Reform UK a matching 36 million pounds, and the Guardian reported that the party had already received the money. According to the BBC, the combined 72 million pounds was more than the just over 69 million pounds received by all UK political parties in 2025. Reform said it would hire up to 400 campaign managers in target seats.
[02]BBC
BBC News report on Christopher Harborne matching Ben Delo's donation to Reform UK. It quotes Harborne's Daily Telegraph article, Reform UK, Richard Tice, and reactions from Labour, the Greens, the Liberal Democrats and Transparency International UK.
Reform receives second £36m donation in two days as crypto investor matches record · BBCFull article; reactions from Labour, the Green Party, the Liberal Democrats and Transparency International UK near the end[03]The Guardian
Guardian report on Christopher Harborne's 36 million pound donation to Reform UK, with his statement on what he expects in return, Reform's statement on the donors' eligibility, and reactions from Labour, the Greens, Transparency International UK and others.
Christopher Harborne matches £36m Reform donation of Ben Delo · The GuardianFull article; Harborne's statement in the middle sectionDowning Street says it is looking at a stricter residency test for donors
A Downing Street spokesperson said ministers were looking to introduce a residency test requiring political donors to show an ongoing presence in the UK, through amendments to the Representation of the People Bill. The Guardian reported that the change could mean the Delo and Harborne donations having to be returned. The spokesperson rejected the suggestion that the move targeted Reform UK.
[04]The Guardian
Guardian report on the joint statement by trade union general secretaries at the TUC Congress on September 15, 2026, Angela Rayner's remarks to the congress, and a Downing Street statement on a stricter residency test for political donors.
Union leaders resist political donations cap after Reform given £72m · The GuardianFull article; Rayner's TUC remarks and the Downing Street statement on residency rules[05]BBC
BBC News report on the House of Lords debate on the Representation of the People Bill after the Reform UK donations, with the proposed 100,000 pound cap on donations from Britons overseas and recent returnees, and remarks from Richard Tice, Paul Nowak, Robert Jenrick and Angela Rayner.
Donations law changes to be debated after Reform's £72m windfall · BBCFull article
October 2026
Ethics watchdog warns the prime minister about reliance on large donors
The Ethics and Integrity Commission wrote to Prime Minister Andy Burnham that reliance on large donations from a limited number of sources creates a risk that donors exert undue influence, or are seen to. It recommended that the government team examining donation rules work with all major parties so that any changes are not seen as partisan. The Independent reported that Reform had begun using the new money to expand its staff.
[06]The Independent
Independent report on a letter from the Ethics and Integrity Commission to Prime Minister Andy Burnham about reliance on large political donations, published as the government weighed tighter donor residency rules after the Reform UK donations.
Reliance on political 'mega-donors' risks giving them 'undue influence', watchdog warns · The IndependentFull article
Claims
Claims separate what was said from what is contested. Follow each source for the original wording and context.
What's disputed
Disputed claim
Christopher Harborne expects nothing in return for his 36 million pound donation to Reform UK, including no peerage and no policy change.
Sources (1)
- Christopher Harborne matches £36m Reform donation of Ben Delo · The GuardianFull article; Harborne's statement in the middle section
Response record
Responses
Choose one response filter, or select All responses to see the full record.
3 matching responses. Newest first.
Nigel FarageLeader of Reform UK and MP for Clacton, writing on the party's websiteDirectly involvedBefore this statement
Farage opened the article by saying he was delighted and humbled by Harborne's donation, which followed Delo's. He wrote that both men gave the full sum at once because they feared the Labour government would change the rules, citing past proposals to cap donations from individuals while leaving trade union funding untouched.
"The donations of Mr Harborne and Mr Delo help to level a playing field that has always been tilted against any genuine challenge to the two-party duopoly. ... It must also be said that neither Christopher Harborne, nor Ben Delo, nor any other donor to Reform UK will receive a knighthood or a peerage in return for their donations. The cash-for-peerages scandals that have disgraced successive governments must be consigned to the dustbin of history. This money is an investment in democratic renewal, pure and simple."
Defended or excusedCase context: Reform UK accepts record 72 million pounds from two crypto billionaires as critics call for a donations cap
Full statement and sources
In an article on Reform UK's website, Farage wrote that the two donations level a playing field tilted against challengers to Labour and the Conservatives, said neither donor would receive a knighthood or peerage in return, and called the money an investment in democratic renewal.
After the statement
He closed by calling the next election the last chance to save Britain and urging readers to vote Reform UK. Earlier in the article he wrote that the money would pay for a research and policy department and for professional organizers in target seats. The page says it is a slightly edited version of an article first published in the Mail on Sunday on September 13.
These £72m donations are in investment in democratic renewal · Reform UKFull article; closing paragraphs on the donors and peeragesWhy this label?
The reference point is Reform UK's acceptance of the two 36 million pound donations from Ben Delo and Christopher Harborne in September 2026. Defended or excused: Farage, whose party took the money, argues that the donations level an unfair playing field, says no donor will receive a knighthood or peerage in return, and calls the money an investment in democratic renewal. The closest competing label is Challenged characterization; it loses because he does more than dispute how critics describe the donations: he argues that accepting them is good for democracy.
This label describes the statement's response within the context above.
Christopher HarborneInvestor and donor to Reform UK, in a statement announcing his donationDirectly involved Before this statement
Harborne announced on September 12, 2026 that he would match the donation Ben Delo had announced the day before. According to the BBC, he wrote in the Daily Telegraph that his competitive spirit had inspired him to equal Delo's gift.
"There will be a lot of media speculation regarding this donation. So what do I expect in return for my donations? Nothing. No peerage, no policy change, just a party that is ready for government."
Defended or excusedResponding to: Christopher Harborne expects nothing in return for his 36 million pound donation to Reform UK, including no peerage and no policy change.
Full statement and sources
Announcing that he had matched Delo's 36 million pound donation, Harborne said he expected nothing in return for it, no peerage and no policy change, only a party ready for government.
After the statement
He said he had already accumulated enough wealth for the rest of his life, that he wanted his children and grandchildren to be able to live happy and productive lives in Britain, and that he was giving to the party he believed would get that done. According to the BBC, he also described Reform as a start-up party that needs more money than membership fees can provide.
Christopher Harborne matches £36m Reform donation of Ben Delo · The GuardianFull article; Harborne's statement in the middle sectionReform receives second £36m donation in two days as crypto investor matches record · BBCFull article; reactions from Labour, the Green Party, the Liberal Democrats and Transparency International UK near the endWhy this label?
The reference point is Reform UK's acceptance of the two 36 million pound donations from Ben Delo and Christopher Harborne in September 2026. Defended or excused: Harborne, one of the two donors, presents the gift as one that asks for nothing in return, rules out a peerage or a policy change, and says its purpose is a party ready for government. The closest competing label is Challenged characterization; it loses because he goes beyond answering speculation about his motives and argues for the donation itself.
This label describes the statement's response within the context above.
Ben DeloCo-founder of BitMEX and donor to Reform UK, writing in the Daily TelegraphDirectly involvedBefore this statement
According to the BBC, Delo had planned to give Reform 1 million pounds a month until the latest date of the next general election in 2029, and decided to give the whole sum at once in case the government moved to limit large donations.
"Unlike the people who express mock concern for the health of 'our democracy' while doing everything they can to keep it as a cartel, I want a fair fight and a level playing field. ... My conclusion from Reform's recent troubles is that they should spend less time trying to raise funds to compete on equal terms and more time preparing for government."
Defended or excusedCase context: Reform UK accepts record 72 million pounds from two crypto billionaires as critics call for a donations cap
Full statement and sources
Announcing his 36 million pound donation in a Daily Telegraph article, Delo contrasted himself with people he said express mock concern for democracy while keeping it a cartel, and said Reform should spend less time raising money and more time preparing for government.
After the statement
The BBC report notes that Reform was under scrutiny over its finances at the time, including a police investigation announced that week into allegations that it broke foreign funding laws. The party denied wrongdoing.
Reform receives record £36m donation from crypto billionaire · BBCFull article; Delo's Telegraph article quoted in the opening paragraphsWhy this label?
The reference point is Reform UK's acceptance of the two 36 million pound donations from Ben Delo and Christopher Harborne in September 2026. Defended or excused: Delo, one of the two donors, presents his gift as giving Reform a fair fight and a level playing field, and describes those who object as wanting to keep democracy a cartel. The closest competing label is Challenged characterization; it loses because he argues for the donation rather than only disputing how others describe it.
This label describes the statement's response within the context above.
Sources
(9)
Original text
These £72m donations are in investment in democratic renewal
Relevant passage: Full article; closing paragraphs on the donors and peerages
About this source
An article by Reform UK leader Nigel Farage on the party's website about the two 36 million pound donations from Christopher Harborne and Ben Delo. The page says it is a slightly edited version of an article published in the Mail on Sunday on September 13, 2026.
- Author
- Nigel Farage
- Published
- Accessed
Reporting
Reliance on political 'mega-donors' risks giving them 'undue influence', watchdog warns
Relevant passage: Full article
About this source
Independent report on a letter from the Ethics and Integrity Commission to Prime Minister Andy Burnham about reliance on large political donations, published as the government weighed tighter donor residency rules after the Reform UK donations.
- Author
- George Lithgow
- Published
- Accessed
Reporting
Donations law changes to be debated after Reform's £72m windfall
Relevant passage: Full article
About this source
BBC News report on the House of Lords debate on the Representation of the People Bill after the Reform UK donations, with the proposed 100,000 pound cap on donations from Britons overseas and recent returnees, and remarks from Richard Tice, Paul Nowak, Robert Jenrick and Angela Rayner.
- Author
- Joe Pike, Chris Graham
- Published
- Accessed
Reporting
Union leaders resist political donations cap after Reform given £72m
Relevant passage: Full article; Rayner's TUC remarks and the Downing Street statement on residency rules
About this source
Guardian report on the joint statement by trade union general secretaries at the TUC Congress on September 15, 2026, Angela Rayner's remarks to the congress, and a Downing Street statement on a stricter residency test for political donors.
- Author
- Jessica Elgot, Peter Walker
- Published
- Accessed
Reporting
Christopher Harborne matches £36m Reform donation of Ben Delo
Relevant passage: Full article; Harborne's statement in the middle section
About this source
Guardian report on Christopher Harborne's 36 million pound donation to Reform UK, with his statement on what he expects in return, Reform's statement on the donors' eligibility, and reactions from Labour, the Greens, Transparency International UK and others.
- Author
- Geraldine McKelvie
- Published
- Accessed
Reporting
Reform receives second £36m donation in two days as crypto investor matches record
Relevant passage: Full article; reactions from Labour, the Green Party, the Liberal Democrats and Transparency International UK near the end
About this source
BBC News report on Christopher Harborne matching Ben Delo's donation to Reform UK. It quotes Harborne's Daily Telegraph article, Reform UK, Richard Tice, and reactions from Labour, the Greens, the Liberal Democrats and Transparency International UK.
- Author
- Maia Davies, Dan Sales
- Published
- Accessed
Reporting
Reform receives record £36m donation from crypto billionaire
Relevant passage: Full article; Delo's Telegraph article quoted in the opening paragraphs
About this source
BBC News report on Ben Delo's 36 million pound donation to Reform UK. It quotes the article Delo wrote for the Daily Telegraph announcing the gift, and describes the investigations Reform and Nigel Farage faced at the time.
- Author
- Ben Wright, Doug Faulkner
- Published
- Accessed
Reporting
Unions to intervene on political funding as TUC chief warns 'super-rich' threaten democracy
Relevant passage: Full article; Nowak's address and Boris Johnson's GB News remarks
About this source
Guardian report on union leaders' discussions about a cap on political donations after the Reform UK donations. It quotes Paul Nowak's TUC Congress address, union general secretaries, Richard Tice, and Boris Johnson's remarks on GB News.
- Author
- Jessica Elgot, Heather Stewart
- Published
- Accessed
Original text
TUC Congress 2026: Read General Secretary Paul Nowak's address in full
Relevant passage: Section beginning with the passage on Nigel Farage, after the remarks on the Employment Rights Act
About this source
The full text of the keynote address TUC general secretary Paul Nowak gave to the TUC Congress in Brighton on September 14, 2026, as published by LabourList. The TUC also posted the speech on its own website.
- Author
- Paul Nowak
- Published
- Accessed
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Cite this record
- Publisher
- The Dispute Index
- Title
- Reform UK accepts record 72 million pounds from two crypto billionaires as critics call for a donations cap
- First published
- Last updated
- Permalink
- https://disputeindex.com/cases/reform-uk-accepts-72-million-pounds-crypto-billionaires-donations-cap
The Dispute Index. "Reform UK accepts record 72 million pounds from two crypto billionaires as critics call for a donations cap". First published: 2026-10-14. Last updated: 2026-10-14. https://disputeindex.com/cases/reform-uk-accepts-72-million-pounds-crypto-billionaires-donations-cap