In brief
- Ben Delo’s £4m donation was made prior to a new cap on overseas contributions.
- Reform UK has positioned itself as the most crypto-aligned party in Britain.
- The BitMEX co-founder was previously convicted in the U.S. over the exchange’s AML failures.
BitMEX co-founder Ben Delo has revealed that he donated $5.4 million (£4 million) to Nigel Farage’s Reform UK party, saying he was motivated to become politically active for the first time by what he described as a failing UK political system.
Delo, who is based in Hong Kong, wrote in a Daily Telegraph op-ed that he made the contribution earlier this year before the introduction of a £100,000 cap on donations from British citizens living abroad. He said the funding would help build Reform into “a genuine alternative party of government”.
In the article, Delo said the UK faced a “grave threat” driven by “self-deception” among political elites and argued that Reform was gaining support by recognising the scale of the country’s problems.
Delo co-founded BitMEX, one of the crypto industry’s earliest derivatives exchanges. In 2022, he pleaded guilty in the U.S. to breaching the Bank Secrecy Act after failing to implement adequate anti-money-laundering controls, paying a $10 million criminal fine. He later received a presidential pardon from Donald Trump, describing the case in his op-ed as “a regulatory failing that isn’t even a crime in the UK.”
His donation adds to significant backing for Reform from internationally based donors, including £11.4m from Thailand-based Tether investor Christopher Harborne.
Reform UK and crypto
The funding comes as Reform positions itself as the UK’s most crypto-aligned political party. It has accepted cryptocurrency donations, promoted pro-crypto policies and built ties with industry figures, distinguishing it from more cautious approaches taken by Labour and the Conservatives.
That stance has placed Reform at the centre of a broader debate over crypto and political finance. Government ministers have moved to tighten rules on overseas donations and imposed a moratorium on cryptocurrency contributions following a government-commissioned review into foreign financial influence. The review recommended capping donations from expatriates and highlighted risks around transparency and enforcement in crypto-based funding.
Reform has branded these recommendations an attack on its party specifically and has pushed back, arguing existing rules can accommodate crypto and that tighter restrictions risk disadvantaging newer parties. Critics, including transparency campaigners, argue that crypto donations could create new channels for opaque or foreign-linked funding.
Reform leader Nigel Farage, who last month invested in a Bitcoin treasury firm and has made tens of thousands of dollars from speaking engagements at crypto conferences, retweeted Delo’s op-ed, stating that “the scheming and dishonest Keir Starmer will not stop us.”
“In fact, his actions have only made brave people like Ben Delo even more determined to beat Labour at the next election,” he added.
Farage has also advocated crypto-friendly policies, including lower taxes on digital assets and the creation of a national Bitcoin reserve.
Reform described Delo as “a true patriot”.
Delo said he intends to relocate to the UK, which would allow him to continue donating without restriction. He said the move reflected both personal reasons and a desire to play a more direct role in the country’s future.
