Nigel Farage has defended a £5 million ($6.7 million) personal gift from a crypto-connected billionaire — saying it’s “purely private” and that he can “spend it on Ferraris” or “put it on the horses” if he chooses, as questions mount over whether he should have declared the money.
The cash was given by Christopher Harborne, a Thailand-based British billionaire who reportedly owns about a 12% stake in Tether, the issuer of the USDT stablecoin, and ranks sixth on the Sunday Times Rich List. Farage says the payment was “an unconditional gift” and has pushed back hard against scrutiny during a round of broadcast interviews.
Why this matters for politics and crypto
- The Parliamentary Standards Commissioner has opened an inquiry into whether Farage should have registered the gift after he was elected MP for Clacton in 2024. New MPs must declare gifts over £300 from the previous year unless the gift could not reasonably be linked to political activity.
- Farage maintains he “wasn’t in politics” when the money was given, though BBC presenter Nick Robinson noted Farage had spent time on his podcast discussing a possible parliamentary run. Farage says he was “far from making my mind up” at that point.
Shifting explanations
- Farage’s description of the gift’s purpose has changed. He initially argued it was for personal security and therefore not a political donation; later he described the money as “a reward for campaigning for Brexit for 27 years.” He insists he did not give conflicting accounts and reiterates the gift was unconditional.
- On LBC Radio he said: “I believe it was a reward for giving up a quarter of a century of my life… that is that side of the equation. The other side of the equation is what I intend to do with that. I’ve made that perfectly clear.”
Crypto connections and accusations
- Harborne’s donation is separate from the multi-million pound donations he has made directly to Reform UK. Harborne, together with BitMEX co-founder Ben Delo, has provided much of Reform UK’s recent funding.
- Labour has accused Farage of avoiding scrutiny over the gift. The revelation comes after the UK imposed a moratorium on political donations made in cryptocurrency — though neither Harborne’s gift to Farage nor his donations to Reform UK were made in crypto.
Farage’s stance on crypto
- Farage has branded himself a crypto “champion,” calling for a national Bitcoin reserve and for lower capital gains tax on digital assets. He denied being paid to promote crypto, saying he already supported legal changes to benefit the industry. He also downplayed the prospect of London becoming a dominant crypto trading hub, saying it would be “a minute part of the global market” unlikely to move prices.
Potential consequences
- If the standards commissioner finds Farage breached rules by not declaring the gift, penalties could include suspension from the House of Commons and potentially triggering a by-election in Clacton. When asked whether he would return the money if found to have broken the rules, Farage said it was “not your business” but left open that he would comply if the commissioner decides otherwise.
Bottom line: the donation spotlights the growing intersection of crypto money and UK politics — and raises fresh questions about disclosure, influence and transparency as regulators and standards bodies investigate.
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