Ben Delo, co-founder of BitMEX, has announced a $5.4 million (£4 million) donation to Nigel Farage’s Reform UK party, citing dissatisfaction with the UK’s political system as his motivation for entering politics. Based in Hong Kong, Delo detailed this contribution in an op-ed for The Daily Telegraph, made before a £100,000 cap on donations from British expatriates was introduced. He asserts that this funding will transform Reform into a viable governing party.
Delo contends that the UK is under significant threat due to political elites’ self-deception and praises Reform for acknowledging these challenges. Previously co-founding BitMEX, an early crypto derivatives exchange, Delo admitted in 2022 to violating the Bank Secrecy Act by not enforcing sufficient anti-money-laundering measures. He paid a $10 million fine but was later pardoned by President Trump, calling his case a regulatory error that wouldn’t be considered criminal in the UK.
The donation adds to Reform’s substantial backing from international donors, including £11.4m from Tether investor Christopher Harborne based in Thailand. Reform is positioning itself as the UK’s most crypto-aligned political party, accepting cryptocurrency donations and advocating pro-crypto policies. This distinguishes it from Labour and Conservative parties.
This stance has sparked debate over crypto and political finance. Government ministers have tightened rules on overseas donations and imposed a moratorium on cryptocurrency contributions following a review into foreign financial influence, recommending expatriate donation caps due to transparency and enforcement risks with crypto funding.
Reform argues that existing regulations can accommodate crypto and warns that tighter restrictions could harm newer parties like theirs. Critics, including transparency advocates, suggest crypto donations may enable opaque or foreign-linked funding.
Nigel Farage, Reform leader and recent investor in a Bitcoin treasury firm, retweeted Delo’s op-ed. He claimed opposition from Labour leader Keir Starmer would not deter their efforts, asserting that such actions only strengthen the resolve of supporters like Delo to challenge Labour in upcoming elections. Farage has promoted crypto-friendly policies, including reduced taxes on digital assets and establishing a national Bitcoin reserve.
Reform lauds Delo as “a true patriot.” He plans to move to the UK to continue his contributions unrestrictedly, driven by personal reasons and a wish to influence the nation’s future directly.