Lib Dems want probe into Reform's crypto donations

The Electoral Commission has been asked to investigate cryptocurrency donations to Reform UK amid claims Nigel Farage may have “abused his public position as an MP”.

- DAVID MADDOX

The Lib Dems have requested an investigation after the commission's quarterly report last week revealed that Thaibased crypto billionaire Christopher Harborne had given Reform a £9m donation - the largest ever political donation by a single living person.

Reform has said none of the donations from Mr Harborne - who sometimes goes under the Thai name Chakrit Sakunkrit - were in cryptocurrency. But it has declined to answer other questions on cryptocurrency donations that Mr Farage has publicly claimed that the party has received.

In the letter to the commission, the Lib Dems raised concerns over “a potential conflict of interest”, which could “undermine public trust in the integrity of our political system”.

On 29 May, Mr Farage announced that Reform would be the first British party to accept political donations in cryptocurrency, following the example of Donald Trump’s campaign.

The donation by Mr Harborne was given on 1 August. The following month, on 23 September, Mr Farage used an interview on LBC to namecheck Tether - one of the cryptocurrencies, along with cryptocurrency exchange Bitfinex, that Mr Harborne has shares in - when he said he was going to the Bank of England to argue against curbs on crypto.

He told Nick Ferrari: “We should hang on to this and wait till they mature - and secondly, Nick, I’m going to go tomorrow to say this, you know, Tether is a stablecoin. Stablecoins are the way in which money goes from conventional currencies into cryptocurrencies and back again. Tether is about to be valued as a $500bn company.

“You know, stablecoins, crypto - this world is enormous and I’ve been urging for years that London should embrace it.”