Nigel Farage, leader of the UK Reform Party, has lost over £560,000 on his investment in Stack BTC.
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Reform Party leader Nigel Farage will resign over an investigation into cryptocurrency donations and seek re-election.
According to Foresight News , citing The Block, Reform Party leader Nigel Farage has announced he will resign as a Member of Parliament and seek re-election after it was confirmed that Parliament will investigate donations related to cryptocurrencies. Farage stated the investigation relates to donations from Christopher Harborne and George Cottrell, and he denies any wrongdoing.
British Reform Party leader Farage has been exposed for failing to declare funding from the cryptocurrency gaming industry; one of the funders has a prior conviction for fraud.
PANews reported on July 6th that, according to an investigation by The Block citing The Sunday Times, Reform Party leader Nigel Farage failed to declare, as required, financial support from George Cottrell for security, drivers, social media personnel, and accommodations before his election as a Member of Parliament in 2024. Cottrell, who previously served eight months in prison in the US for wire fraud, later became a key figure in a cryptocurrency gambling platform. Farage only declared a £9,253 trip to Belgium funded by Cottrell and a £15,276 flight donation, failing to mention the security costs already paid by Cottrell.
The leader of the UK's Reform Party has been accused of improperly lobbying the central bank against a digital pound, possibly related to undeclared grants.
According to Foresight News , Decrypt reports that Labour MP Phil Brickell has filed a whistleblower complaint with the Parliamentary Standards Commissioner regarding Reform Party leader Nigel Farage's alleged lobbying of the Bank of England. The complaint alleges that Farage's push for crypto policies could benefit his largest donor, Christopher Harborne, a major investor in Tether. The core of the complaint involves a private meeting last September, during which Farage allegedly urged Governor Andrew Bailey to abandon plans to issue a central bank digital currency, "Britcoin." The Bank of England subsequently withdrew its proposed £20,000 cap on individual stablecoin holdings. The investigation focuses on whether there is a connection between this grant and Farage's lobbying activities.
The UK is considering tightening rules on political donations, potentially restricting contributions from crypto billionaires to the Reform Britain party.
BlockBeats reported on July 6th that the UK government announced a new round of political donation reforms, proposing to extend the £100,000 cap on overseas donations to the first year after the donor becomes a UK resident, and to raise the scrutiny standards for corporate political donations, in order to further restrict the inflow of foreign funds into UK politics. The new regulations build on the ban on cryptocurrency political donations implemented in March of this year and are expected to be submitted to Parliament for final review next week. Analysts believe the new regulations may affect the political donation capabilities of key crypto industry supporters of the Reform Party (Reform UK). Christopher Harborne, an investor holding approximately 12% of Tether's shares, has donated approximately £12 million to the Reform Party and is registered to vote in the UK; BitMEX co-founder Ben Delo has donated approximately £4 million and has stated his intention to return to the UK to settle, at which point his political donations within a year of his return may be subject to the £100,000 cap. The report states that none of the donations were in cryptocurrency, and the Reform Party stated that all donations complied with current regulations. Meanwhile, party leader Nigel Farage is also facing further investigation for allegedly failing to declare non-cash support from supporter George Cottrell.
British politician Nigel Farage has resigned from his seat as a member of parliament and will run in a by-election in an attempt to regain his seat.
PANews reported on July 7th, citing Bloomberg, that British MP Nigel Farage has announced his resignation as the Member of Parliament for Clacton and will run in the by-election, stating that this move is "giving the middle finger to the entire establishment." He was first elected before the 2024 general election, but has recently faced increasing scrutiny for undeclared political donations, including a £5 million donation from Thai cryptocurrency investor Christopher Harborne, which is currently under investigation by Parliament's Standards Commissioner, Daniel Greenberg.
Farage’s Reform UK gets biggest donation ever from crypto billionaire: Reports
Ben Delo, co-founder of BitMEX, donated almost $50 million to Nigel Farage’s Reform UK party.