Ben Delo, co-founder of cryptocurrency derivatives exchange BitMEX, has publicly confirmed a $5.4 million donation to Reform UK, the party led by Nigel Farage. Writing in an op-ed for the Daily Telegraph, Delo said the contribution marked his first foray into political activity. He described his motivation as concern over what he characterised as a deeply troubled UK political system driven by self-deception among its elites. The Hong Kong-based donor said he hoped the funding would help transform Reform into a credible alternative party of government.
Delo confirmed the donation was made earlier this year, ahead of a newly introduced £100,000 cap on contributions from British citizens residing abroad. He argued in his piece that Reform was distinguishing itself by acknowledging the true scale of the country’s difficulties, which he described as a grave threat. The party welcomed the contribution, calling Delo a true patriot in response to the announcement.
Delo’s background includes a significant legal episode in the United States. In 2022, he pleaded guilty to violating the Bank Secrecy Act for failing to put adequate anti-money-laundering measures in place at BitMEX, resulting in a $10 million criminal fine. He subsequently received a presidential pardon from Donald Trump and characterised the case in his op-ed as a regulatory matter that would not constitute a crime under UK law.
His donation adds to a growing pool of internationally based financial support for Reform. Christopher Harborne, a Thailand-based investor in Tether, has previously contributed £11.4 million to the party. These donations have drawn attention to Reform’s position as the most openly crypto-aligned party in British politics, having accepted digital asset contributions, promoted industry-friendly policies, and cultivated relationships with prominent figures in the sector.
The influx of crypto-linked funding has placed Reform at the centre of a wider political debate. Government ministers have responded by tightening rules on overseas donations and imposing a moratorium on cryptocurrency contributions, following a government-commissioned review into foreign financial influence. That review recommended capping expatriate donations and flagged concerns around transparency and enforcement in crypto-based political funding. Transparency campaigners have echoed those concerns, warning that digital asset donations could open new channels for opaque or foreign-linked money to enter the political system.
Reform has pushed back against the proposed restrictions, characterising them as a targeted attack on the party rather than a principled regulatory reform. The party argues that existing rules are sufficient to accommodate cryptocurrency donations and that stricter limits would unfairly disadvantage newer political entrants. Farage retweeted Delo’s op-ed, stating that the actions of Keir Starmer had only made determined supporters like Delo more committed to defeating Labour at the next general election.
Farage himself has deepened his ties to the crypto sector in recent months. He invested last month in a Bitcoin treasury firm and has earned tens of thousands of dollars from speaking engagements at cryptocurrency conferences. He has also advocated for lower taxes on digital assets and the establishment of a national Bitcoin reserve. Delo, for his part, said he plans to relocate to the UK, a move he described as driven by both personal reasons and a wish to take a more direct role in shaping the country’s future, and one that would allow him to continue donating without the restrictions that apply to overseas residents.
Originally reported by Decrypt.
