The Americanisation of British political donations

A $15.5 million boost to Nigel Farage’s party from a crypto investor raises questions about the influence of big money in politics.

- Lucy White and Emily Nicolle

Reform UK broke records after it emerged last week that it had received a single £9 million (S$15.5 million) donation from a cryptocurrency investor. While the size captured headlines, its significance went well beyond the amount of money involved.

Some in Britain saw it as another attempt to import tactics that helped propel Mr Donald Trump to the presidency in the US, and a signal of just how much donors may be willing to spend to influence an upstart party creating policy from scratch.

The right-wing party, led by Mr Nigel Farage, was handed the mega-donation by Mr Christopher Harborne, who was an early buyer of Bitcoin and amassed a 12 per cent stake in the cryptocurrency exchange Bitfinex, which shares a parent with Tether, the world’s largest stablecoin issuer.

The crypto industry has sought to build ties with Mr Farage, as it sees an opening to influence policy in a country that it believes has been slow to embrace digital assets. For Mr Farage, that interest coming from a deep-pocketed industry represents funding opportunities.

While Mr Harborne’s donation was the highest-ever amount received by a British political party from a living donor, it would be unremarkable in the US, where donations from individuals frequently hit tens of millions of dollars.

Billionaire Elon Musk gave a single donation in 2025 of more than US$27 million (S$35 million) to the America political action committee (PAC) he created to support Mr Trump. He also raised the prospect of donating to Reform, before clashing with the party’s leadership over his support for British far-right activist Tommy Robinson.