BitMEX founder donates record £36 million to Reform UK

Ben Delo, co-founder of the crypto trading platform BitMEX, is donating £36 million to the British party Reform UK. This is the largest single donation ever made to a British political party. Delo says he is transferring the full amount in one go because he fears that the British government will soon impose a cap on large political donations. Party leader Nigel Farage reacts by saying he is honoured by the gift.

In brief:

• Ben Delo donates £36 million to Reform UK, a British record for a single political donation.
• He transfers the entire amount in advance, fearing future restrictions on large donations.
• The donation comes at a time when Reform UK is under fire over financial issues and ongoing police investigations.

Record donation amid fears of new rules

Delo initially intended to donate £1 million a month until the deadline by which the British government must call the next general election, in 2029. But because he expects the Labour government to curb large donations in the meantime, he has chosen to transfer the total amount now in one go.

At present, there are no limits in the United Kingdom on donations to political parties by citizens resident in the country. Labour previously introduced a cap of £100.000 for Britons living abroad. A bill that would also limit returning expats to £100.000 for a year is currently being considered in the House of Lords.

In an article in the Daily Telegraph, Delo writes that he wants a fair fight, in which all parties receive equal opportunities. He argues that Reform should spend less time on fundraising and can better prepare itself for possible participation in government.

Delo previously pardoned by Trump

Delo, born in Sheffield and resident in Hong Kong, had previously donated £4 million to Reform UK and has indicated that he wants to move back to the United Kingdom to continue supporting the party. Last year, he received an unconditional pardon from US President Donald Trump. That related to a guilty plea Delo entered in 2022 for violations of US anti-money laundering rules at BitMEX.

The record donation comes at a difficult time for Reform UK. Undercover footage shows two senior party staff members apparently discussing how foreign donations can be arranged outside the rules. The party denies involvement in irregularities and says it is cooperating with the investigation. Farage himself is also under scrutiny from the Parliamentary Commissioner for Standards because of a £5 million private gift he is said to have received from a Thailand-based crypto investor.

The London police are also investigating whether payments to the party shortly before the 2024 elections complied with donation regulations. According to the BBC, Labour responded by saying that Farage is “up to his neck in scandals” and that Reform UK cannot buy its way out with money.