Crypto investor gives Reform UK record $12M in election donation

United Kingdom political party Reform UK has received a record 9 million British pounds (about $12 million) donation from early crypto investor Christopher Harborne.

The sum is the largest single political gift ever made by a living person in Britain and comes months before local elections scheduled for May, the BBC reported on Thursday, citing newly published figures from the Electoral Commission.

Harborne, a British national now based in Thailand, has a history of backing UK political campaigns. He previously donated to the Conservatives under Boris Johnson and to the Brexit Party, later rebranded as Reform UK, during the 2019–2020 cycle, per the report.

The donation breaks the previous individual record of $10.7 million given by supermarket heir Lord David Sainsbury to the Liberal Democrats in 2019.

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Harborne’s crypto ties

Harborne, a self-described “digital nomad,” is also known for his crypto investments. He holds a nearly 13% stake of Tether, the company behind the USDt (USDT) stablecoin, a position linked to compensation tied to a 2016 hack at Bitfinex. He said he holds no executive role at either firm.

Last year, Harborne filed a defamation lawsuit against The Wall Street Journal over a 2023 article that accused him of allegedly abetting illegal activities at Tether and Bitfinex. He said the media wrongly accused him of “committing fraud, laundering money, and financing terrorists.”

The article claimed Bitfinex struggled to keep access to banking services in late 2018 and turned to intermediaries and shell companies, citing internal documents. Parts referencing Harborne were later removed.

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UK weighs ban on crypto political donations

The record donation comes as the UK is considering banning crypto donations to political parties. The proposal is reportedly being discussed as part of a new Elections Bill aimed at strengthening trust in politics and tightening campaign financing rules.

Reform UK this year became the first party to accept crypto donations. The party is leading in polls, topping opinion polls at around 27% nationally, well ahead of Labour and the Conservatives, both of which trail below 20%.

Reform UK leads in polls. Source: Politico

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