Reform UK has received a record £36 million donation from British cryptocurrency billionaire Ben Delo, marking the largest single donation ever given to a UK political party.
Delo, who was born in Sheffield, said he was making the donation because he wanted to ensure a “fair fight and a level playing field” in British politics. He has already given £4 million to Reform and has previously indicated that he plans to return to the UK from Hong Kong to continue supporting the party.
The billionaire said he intended to donate £1 million every month until the latest possible date for a general election in 2029. However, he decided to provide the entire amount upfront amid concerns that the government could introduce restrictions on large political donations.
There are currently no limits on the amount that donors based in the UK can give to political parties. However, Labour has proposed restrictions on donations from British citizens living overseas and people who have recently returned to the UK.
Reform UK leader Nigel Farage described the donation as a significant development for the party, saying he was “honoured and humbled” by Delo’s support.
The donation comes at a challenging time for Reform, which has faced increasing scrutiny over its fundraising activities and financial arrangements.
Police announced an investigation into the party on Thursday following allegations that electoral laws governing foreign donations may have been breached. The investigation followed a Channel 4 News report in which an undercover reporter recorded two senior Reform aides apparently discussing ways to secure foreign donations while avoiding electoral restrictions.
Reform has denied wrongdoing and said it would cooperate with the police investigation.
Farage is also being investigated by the parliamentary standards commissioner over whether he should have declared a £5 million gift from Thailand-based cryptocurrency investor Christopher Harborne before the 2024 general election. Farage has maintained that the gift was private and unrelated to his political or parliamentary activities.
The Metropolitan Police is separately examining payments made to Reform in the weeks before the 2024 election, including donations from Fiona Cottrell, the mother of longtime Farage ally George Cottrell. Investigators are also examining a £1 million payment she made to a company controlled by Reform deputy leader Richard Tice.
Delo himself has faced legal controversy in the past. In 2022, he pleaded guilty in the United States to breaching anti-money laundering requirements connected to his cryptocurrency trading platform, BitMEX. Last year, US President Donald Trump granted him an unconditional pardon.
The new donation surpasses the previous record for a single political contribution by a living individual. Harborne previously donated £9 million to Reform, while the Conservatives had received a £10 million legacy donation.
Labour criticised the latest contribution, accusing Farage and Reform of being surrounded by questions over their finances and political conduct.
The Liberal Democrats also called for tighter limits on political donations, arguing that wealthy individuals should not be able to use their fortunes to gain disproportionate influence over British politics.
