Ben Delo, the co-founder of BitMEX, a Hong Kong-founded cryptocurrency derivatives exchange, has donated a record £36 million to Reform UK, saying he wants Nigel Farage's party to have "a fair fight" at the next general election.
The gift is the largest single donation ever made to a British political party, surpassing the previous record of £10 million left to the Conservative Party. Delo was already Reform's second-largest donor, having previously given the party £8 million.
He said he made the new donation following a difficult summer for Reform, adding that he believes the party "should spend less time trying to raise funds" and should instead concentrate on preparing for government.
Party under police investigation
The donation comes as Reform is under investigation by Scotland Yard, the operational name for London's Metropolitan Police, over separate claims that the party breached donation law. Last week, a Channel 4 undercover sting alleged that two senior members of Farage's team had sought to circumvent rules on foreign donations. Reform denies any wrongdoing.
Delo's earlier £8 million gift had put him behind only fellow crypto entrepreneur Christopher Harborne, who donated £9 million to Reform. A separate £5 million gift from the Thailand-based Harborne to Farage is the subject of a parliamentary sleaze inquiry. Such inquiries are carried out by parliamentary watchdogs that examine whether gifts or donations to MPs have breached standards rules.
Farage said he was "honoured" and "humbled" by the latest donation.
The Reform leader initially said the money from Harborne was intended to pay for security for the rest of his life, before later suggesting it was a "reward" for his years of Brexit campaigning. He went on to call this summer's Clacton by-election in what was widely seen as an attempt to draw a line under the scrutiny, but the police investigation restarted after he retained the seat. Clacton, on the Essex coast, is the seat Farage won in the 2024 general election, his first as an MP after seven previous attempts. All other major parties refused to take part in the by-election contest, leaving comedy candidate Count Binface, a satirical fringe contender known for standing in high-profile races, as Farage's main challenger.
The record gift means Reform has now raised five times as much money as the Conservatives and six times as much as Labour so far this year.
Who is Ben Delo?
Delo made his first billion just four years after founding BitMEX in 2014. He pleaded guilty in the United States in 2022 to failing to implement an anti-money laundering programme at the firm, but was pardoned by President Donald Trump last year.
He told the Telegraph: "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."
A single payment to beat any block
Delo had previously vowed to give Reform £1 million a month between now and the latest possible date for the next general election, in 2029. He said he decided to hand over the full £36 million in one go instead, to defy any government attempt to block the donations.
The move follows a decision by the Labour government to cap donations that political parties can receive from overseas donors at £100,000.
Delo, who recently moved back to the UK from Hong Kong as a result of the change, criticised the cap as well as further reforms to party funding contained in Labour's Representation of the People Bill. He described the plans as "an attempt at election rigging," adding that Labour's millions of pounds in funding from trade unions would be unaffected.
How Reform plans to spend the money
The money is understood to be earmarked for recruiting "the best brains" to Reform's policy unit and for expanding its number of campaign managers. "This is about preparing for government," a senior party source said, with Reform convinced that Prime Minister Andy Burnham is set to call an early election.
Labour's response
A Labour Party spokesman said: "Nigel Farage is still up to his neck in scandal over his secret £5 million 'gift' from his other crypto-billionaire backer and the criminal investigation into potentially illegal donations. The questions he faces aren't going away, in fact they're piling up."
"Reform UK can't buy their way out of questions about sleaze, criminal mates and dodgy finances," the spokesman added. "It's time Farage and Reform finally came clean with the public, co-operated fully with the police, and proved they're not just in it for themselves."
