Ben Delo, co-founder of crypto exchange BitMEX, donated £4 million (approximately $5.4 million) to the Reform UK party in the second quarter of 2026. The funds were transferred across two separate transactions in April, starting with an initial £1 million donation followed by a second £3 million transfer. This Q2 capital injection accounted for 75% of the total £5.3 million raised by Reform UK between April and June 2026.
The contribution brought Delo’s total donations to the Nigel Farage-led party to £8 million in 2026, following a previous £4 million injection in the first quarter. This influx of private capital from the former crypto executive placed Reform UK’s funding ahead of both the Labour Party, which recorded £3.6 million in private donations, and the Conservative Party with £2.8 million over the same quarter.
When Major Donors Pull Back
Delo’s donations arrived just as Christopher Harborne stepped back from the major donor list. The crypto investor and Tether shareholder did not register a single contribution in the second-quarter financial disclosures. Harborne halted his funding following UK government plans to cap political donations from overseas-domiciled citizens at £100,000 per year.
The cessation of Harborne’s political funding coincided with a Parliamentary Standards committee investigation into Reform UK leader Nigel Farage. The politician, who recently won reelection in Clacton with 63.34% of the vote, is being investigated over his receipt of £5 million in personal gifts from Harborne.
Cash Loophole Amid Crypto Ban
Delo’s emergence as a major donor resurfaced his past legal record. In February 2022, he pleaded guilty in a US court to violating the Bank Secrecy Act. The case stemmed from the lack of an adequate anti-money laundering program on the BitMEX platform.
The UK government had actually imposed a moratorium on all crypto political donations in March 2026, but Delo’s funds were reportedly cleared as standard cash transactions. Ironically, this fiat inflow flowed to Reform UK, the first Westminster party to officially embrace digital asset donations on stage at the Bitcoin 2025 conference in Las Vegas.
With digital asset transfers blocked by state regulations, crypto industry figures have shown they can readily pivot back to traditional banking channels. Conventional cash has now become a new tool for the former industry executive to ensure financial backing continues to flow into party coffers without breaching on-chain restrictions. Reported by crypto.news.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
