BitMEX co-founder Ben Delo has announced a £36 million (approximately $48.7 million) donation to the UK political party Reform UK, led by Nigel Farage. This marks the largest single donation to a political party in the country’s history, according to The Telegraph.
In discussions with journalists, Delo explained that he wants to ensure Reform UK has the funding to prepare for the next parliamentary elections, expected in 2029.
Why Delo Supports Reform UK
Delo compared the party’s situation to a startup under intense public scrutiny. He believes that scandals surrounding funding deter potential sponsors who fear for their reputations.
With his contribution, he aims to free Reform UK from the constant search for funds.
“Developing thoughtful policies and legislation takes time, and it requires real money,” the entrepreneur wrote.
Delo also referred to the treatment of another major party sponsor, crypto entrepreneur Christopher Harborne. He noted that wealthy supporters should help Reform UK win elections and prepare to govern the country, despite potential criticism.
The donation is structured as £1 million per month over three years. Delo provided the entire sum upfront, fearing that Labour might use its parliamentary majority to restrict such funding.
Previously, the entrepreneur had already donated £8 million to Reform UK in 2026. With the new payment, his support for the year totals £44 million.
In March, the UK government announced restrictions on political donations: banning cryptocurrency contributions and setting an annual limit of £100,000 for British voters living abroad. Farage claimed the measures targeted Reform UK.
Controversies Surrounding Party Funding
Questions about Farage’s funding have arisen before. In July, The Sunday Times reported undisclosed support for the politician from George Cottrell, who was convicted of fraud and linked to the crypto betting platform Tether.bet.
According to the publication, before Farage’s election to Parliament in July 2024, Cottrell covered expenses for his security, drivers, accommodation, and social media staff.
In September, a new reason for scrutiny emerged. Following a covert Channel 4 and Verbatim project recording, London police began investigating alleged illegal foreign donations to Reform UK.
Two of Farage’s associates, Dan Jukes and James Orr, stepped back from their duties during the internal investigation.
Delo’s donation size also drew criticism. Labour MP Stella Creasy stated that Reform UK received more money from one person than Labour spent on its entire 2024 election campaign. She argued that such a contribution does not create a level playing field for parties.
In February 2022, Delo pleaded guilty to violating the US Bank Secrecy Act. The charge related to the lack of an adequate anti-money laundering program at BitMEX.
In March 2025, US President Donald Trump pardoned him and other exchange executives.
