Nigel Farage has defended a £5 million ($6.7 million) private gift from a crypto billionaire, saying he can spend it “on Ferraris” or racehorses if he likes — and that how he uses the cash is nobody’s business but his own. The Reform UK leader made the remarks during a round of broadcast interviews as the Parliamentary Standards Commissioner opened an investigation into whether he should have declared the payment after being elected MP for Clacton in 2024.
The donation came from Christopher Harborne, a Thailand-based British billionaire who owns roughly a 12% stake in USDT issuer Tether and ranks sixth on the Sunday Times Rich List. Harborne has also been a major backer of Reform UK in recent years, alongside BitMEX co-founder Ben Delo; together they account for much of the party’s recent funding. Neither Harborne’s gift to Farage nor his donations to Reform were made in cryptocurrency, despite the government’s recent moratorium on political donations made in crypto.
New MPs are required to register gifts over £300 received in the previous year unless the gift could not reasonably be tied to political activity. Farage has maintained that the £5 million was “an unconditional gift” and that he was “not in politics” when he received it. BBC presenter Nick Robinson noted Farage had spent about 40 minutes on his own podcast discussing a possible parliamentary run at the time — a point critics say undermines the “not in politics” defence.
Farage’s explanation of the gift has shifted in public comments. He first suggested it was intended to fund his personal security, then later described it as “a reward for campaigning for Brexit for 27 years.” He denied telling conflicting stories, insisting the money was given without conditions and that any motive was for the donor, not a quid pro quo. He also rejected suggestions the gift bought crypto-friendly advocacy, arguing he already supported crypto reforms — including a national Bitcoin reserve and lower capital-gains tax on digital assets.
The case has political ramifications. Labour accuses Farage of dodging scrutiny, and the standards probe could lead to suspension from the House of Commons or even trigger a by-election in Clacton if a breach is found. Farage said he would consider returning the money only if the standards commissioner ruled he had broken the rules, telling reporters the issue was “none of your business” until then.
For the crypto sector, the episode highlights the tricky optics and regulatory scrutiny that follow large political donations linked to figures with significant holdings in major stablecoin issuers. With Harborne’s Tether stake and the ongoing public debate over crypto’s role in politics, the investigation will be watched closely by those tracking potential links between crypto capital and political influence.
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