In brief
- Reform UK leader Nigel Farage defended an undeclared £5 million ($6.7 million) gift from Tether stakeholder Christopher Harborne, telling interviewers on Tuesday it was “a purely private matter.”
- The Parliamentary Standards Commissioner is investigating whether the Reform UK leader should have declared the 2024 gift after winning his seat.
- Farage insisted he “wasn’t in politics” when he received the gift, and rejected accusations that the gift bought crypto-friendly advocacy.
Nigel Farage says that what he spends his £5 million gift from a crypto billionaire on, whether it be luxury cars or the horses, is nobody’s business but his own.
The Reform UK leader bristled at questions about the undeclared gift across a round of broadcast interviews on Tuesday, calling it “a purely private matter.” In an appearance on LBC Radio, Farage said, “It’s an unconditional gift. I can spend it on Ferraris if I want,” adding, “I can do what I want with it. I can put it on the horses.”
The £5 million ($6.7 million) gift came from Christopher Harborne, a British, Thailand-based billionaire who holds a roughly 12% stake in USDT issuer Tether and sits in sixth place on the Sunday Times Rich List.
The Parliamentary Standards Commissioner has opened an investigation into whether Farage should have declared the gift after he was elected MP for Clacton in 2024. New MPs must register gifts above £300 from the previous year, unless they could not reasonably be tied to political activity.
Farage insisted he “wasn’t in politics” when the money changed hands, though BBC Radio 4‘s Nick Robinson noted that Farage had spent 40 minutes on his own podcast discussing a possible run for Parliament. Farage said that at the time he was, “far from making my mind up.”
His account of the gift’s purpose has also shifted. Having argued he had no obligation to declare it as funding for his personal security, Farage subsequently described it as “a reward for campaigning for Brexit for 27 years.”
He denied giving conflicting stories, saying that he was given the money “unconditionally.”
“I believe it was a reward for giving up a quarter of a century of my life, giving up a huge income in the City of London, putting up with lots of abuse,” Farage told LBC Radio. “I believe that was the motive, whether it was or not. 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.”
Farage and crypto
Farage also pushed back on the idea the gift bought crypto-friendly advocacy, saying he was not paid to promote the industry because he already backed changing the law. Even if London became a crypto-trading hub, he told the BBC, “it would still be a minute part of the global market,” and would not move prices “in any way at all.”
He has styled himself a crypto “champion,” calling for a national Bitcoin reserve and lower capital-gains taxes on digital assets.
The gift is separate from the multi-million pound donations that Harborne has made to Reform UK itself. Harborne and BitMEX co-founder Ben Delo together account for much of Reform’s recent funding.
Labour has accused Farage of dodging scrutiny over the gift, which surfaced after the UK imposed a moratorium on political donations made in crypto—though neither Harborne’s gift to Farage, nor his donations to Reform UK, were made in the form of cryptocurrency.
Asked whether he would return the money if found to have broken the rules, Farage said he didn’t think it was “any of your business, frankly,” but that “if the standards commissioner decides that it is, we’ll talk about it again.” A breach could mean suspension from the Commons and, potentially, a by-election in Clacton.
