The UK’s elections regulator is weighing whether to open an inquiry into a previously undisclosed £5 million gift handed to Reform UK leader Nigel Farage by crypto investor Christopher Harborne, after the Guardian revealed the payment this week.
In a written reply to the Conservative Party, the Electoral Commission said it is “aware of this matter and are considering it under our regulatory remit,” adding that it will review all relevant information and decide “what, if any, next steps the commission will take.” The commission also told the Conservatives it will provide a formal response by 12 May, after next week’s elections in Scotland, Wales and parts of England.
The £5m was reportedly given to Farage — then Reform’s honorary president and not publicly committed to standing — weeks before he reversed a previous decision not to run for Parliament and announced his candidacy in June 2024. He became an MP for the first time in July 2024 and has since said he expects to become prime minister at the next general election.
Reform UK says the payment from Harborne, a Thailand-based crypto billionaire, was an “unconditional gift” to Farage and that the funds were used for security arrangements. The Conservatives argue the donation should have been declared to the Electoral Commission “at the time as a regulated donee,” and have referred the matter both to the Electoral Commission and to the parliamentary commissioner for standards, Daniel Greenberg, alleging a breach of the Commons code of conduct for failing to register a political donation.
Parliamentary rules require benefits to be registered within 12 months before taking office depending on whether they serve political or personal purposes, and state: “If there is any doubt, the benefit should be registered.”
Kevin Hollinrake, chair of the Conservative Party, said the donation “raises serious questions,” calling on Farage and Reform UK to “come clean” and insisting the leader had been “obliged” to declare the gift.
The story spotlights growing scrutiny of crypto-linked money in UK politics and could prompt an investigation into whether the donation should have been treated as a regulated political contribution. The Electoral Commission’s forthcoming decision will determine whether formal proceedings are opened.
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