Reform UK leader Nigel Farage has stated that he is under “no obligation” to disclose a $6.7 million (£5 million) personal gift received from Christopher Harborne, a crypto billionaire holding a 12% stake in stablecoin issuer Tether.
In an interview with broadcasters on Tuesday, Farage asserted, “Believe you me, we’ve looked at this from every legal angle,” emphasizing that there is “no obligation to declare something that is an unconditional, non-political, personal gift.” He justified the donation by citing past threats to his safety, such as a firebombing of his home, explaining it would help ensure his long-term security.
The issue has been referred to Parliamentary Standards Commissioner Daniel Greenberg by Conservatives who want him to determine if any part of the £5 million was used for political purposes. Farage insists there is “no case to answer,” refusing to self-refer to the watchdog.
Labour chair Anna Turley criticized Farage, suggesting he “appears to have broken the rules again.” Reform UK defends the transaction as exempt from declaration since it occurred before Farage planned to stand for Parliament.
The £5 million gift, disclosed last month, was made in June 2024, months prior to Farage’s candidacy announcement for the Clacton seat and was not reported under UK campaign finance laws.
Harborne, residing in Thailand with a significant stake in Tether, has also donated £12 million to Reform UK, including a record-breaking £9 million contribution last year. He told the Telegraph that he believed his actions prompted the government’s cap on overseas donations, stating he saw no right for the government to prevent him from donating.
Harborne emphasized there were no expectations in return for the gift to Farage, aside from ensuring his safety, and claimed a legal document confirmed it as “unconditional and irrevocable.”
Decrypht has reached out to Tether and Farage’s office for comments and will update this article if responses are received.
The disclosure of Harborne’s £5 million gift coincides with increased scrutiny on crypto-related donations in the UK, following a government-imposed moratorium on such contributions to political parties. This decision came after the Rycroft review into foreign electoral interference.
Philip Rycroft, who led this review commissioned by the government in December 2025, highlighted that even marginal influences from hostile actors could significantly affect democratic discourse. He recommended a temporary halt on crypto donations due to their potential use for channeling foreign funds into politics.
Reform UK was the sole major party accepting crypto donations and reportedly exited Parliament when the moratorium was announced, reacting to Prime Minister Keir Starmer’s remarks about one leader willing to make divisive statements if paid.