The UK Parliamentary Commissioner for Standards, Daniel Greenberg, has started a formal investigation into Nigel Farage regarding a £5 million payment that was not disclosed. This development follows a nationwide prohibition on cryptocurrency donations in British politics.
The funds originated from Christopher Harborne, a Thailand-based investor with a 12% share in Tether, the firm behind the stablecoin. Harborne has contributed more than £22 million to Reform UK since its creation, making him one of the most significant backers of any political party in the UK. Farage received the £5 million in early 2024, shortly before he reversed an earlier stance and declared his intention to run for the Clacton seat.
Farage claims the money was a personal gift intended for lifetime security expenses after a firebomb attack on his home, and he argues that this type of gift is exempt from disclosure rules. Reform UK has described the payment as unconditional and irrevocable. However, both the Conservative and Labour parties challenged this exemption, prompting them to refer the matter to Greenberg, who has now opened a comprehensive inquiry.
The investigation comes just seven weeks after Prime Minister Keir Starmer imposed a moratorium on political crypto donations, effective March 25, 2026. This ban was inspired by the Rycroft Review, which highlighted the risk of foreign interference through digital assets due to the difficulty of tracing funds in pseudonymous blockchain transactions. The ban will be incorporated into the Representation of the People Bill, with criminal penalties for violations once enacted.
Separately, BitMEX co-founder Ben Delo revealed that he has donated roughly £4 million to Reform UK since the start of 2026. Reform was the first major Westminster party to accept cryptocurrency, a policy Farage announced at the Bitcoin 2025 conference in Las Vegas.
If Greenberg determines that a breach occurred, potential sanctions range from a formal apology to suspension from the Commons, which could trigger a by-election in Clacton. According to a recent YouGov poll, Reform UK currently holds 28% of voting intentions, placing it ahead of both Labour and the Conservatives.