Reform UK leader Nigel Farage has hit back at questions over a £5 million gift from a crypto billionaire, insisting that what he does with the money, be it luxury cars or wagers on the horses, is nobody's concern but his own.
Across a string of broadcast interviews on Tuesday, Farage bristled at being pressed on the undeclared gift, dismissing it as a purely private matter. Speaking on LBC Radio, he said, "It's an unconditional gift. I can spend it on Ferraris if I want," before adding, "I can do what I want with it. I can put it on the horses."
The Billionaire Behind the Gift
The £5 million ($6.7 million) came from Christopher Harborne, a British, Thailand-based billionaire who owns a roughly 12% stake in USDT issuer Tether and ranks sixth on the Sunday Times Rich List.
Why the Watchdog Stepped In
The Parliamentary Standards Commissioner has launched an investigation into whether Farage should have declared the gift after he was elected MP for Clacton in 2024. New MPs are required to register gifts above £300 from the previous year, unless they cannot reasonably be linked to political activity.
Farage maintained he "wasn't in politics" when the money changed hands. BBC Radio 4's Nick Robinson, however, pointed out that Farage had spent 40 minutes on his own podcast discussing a possible run for Parliament. Farage responded that at the time he was "far from making my mind up."
Shifting Explanations
His account of why the money arrived has also moved around. After first arguing he had no duty to declare it because it funded his personal security, Farage later described it as "a reward for campaigning for Brexit for 27 years."
He rejected the suggestion that he had given conflicting stories, stressing the money was handed over "unconditionally." "I believe it was a reward for giving up a quarter of a century of my life, giving up a huge income in the City of London, putting up with lots of abuse," Farage told LBC Radio. "I believe that was the motive, whether it was or not. That is that side of the equation. The other side of the equation is what I intend to do with that. I've made that perfectly clear."
Pushing Back on Crypto Lobbying Claims
Farage also rejected the idea that the gift had bought crypto-friendly advocacy, saying he was not paid to promote the sector because he already supported changing the law. Even if London became a crypto-trading hub, he told the BBC, "it would still be a minute part of the global market," and would not move prices "in any way at all."
He has cast himself as a crypto "champion," calling for a national Bitcoin reserve and lower capital-gains taxes on digital assets.
The Money Flowing to Reform UK
The personal gift is separate from the multi-million pound donations Harborne has made to Reform UK itself. Harborne and BitMEX co-founder Ben Delo together account for much of Reform's recent funding, with crypto billionaires donating $9.4 million to Reform UK in the first quarter.
Labour has accused Farage of dodging scrutiny over the gift, which came to light after the UK imposed a moratorium on political donations made in crypto. Neither Harborne's gift to Farage nor his donations to Reform UK, however, were made in the form of cryptocurrency.
What a Breach Could Mean
Asked whether he would hand the money back if found to have broken the rules, Farage said he didn't think it was "any of your business, frankly," but that "if the standards commissioner decides that it is, we'll talk about it again." A breach could lead to suspension from the Commons and, potentially, a by-election in Clacton.
