British cryptocurrency entrepreneur Ben Delo has announced a record £36 million donation to Reform UK, handing Nigel Farage's party a huge financial boost as it prepares for the next general election.
Delo, the British co-founder of cryptocurrency trading platform BitMEX, said the funding was intended to allow Reform to spend less time raising money and more time preparing for government.
The commitment is equivalent to £1 million a month in the run-up to the next general election, which is expected in 2029. Delo said he had front-loaded the money into a single £36 million payment.
Record political donation
Reuters reported that the £36 million contribution is a record individual political donation in Britain.
Delo was already one of Reform UK's biggest financial backers, having previously donated £8 million to the party.
The new contribution comfortably exceeds the previous £10 million record left to the Conservative Party by businessman John Sainsbury, according to Electoral Commission records cited by Reuters.
Electoral Commission figures also show Delo giving Reform £2 million in January 2026, while the party accepted more than £9.2 million in donations during the first quarter of the year.
Delo says Reform needs to prepare for government
Explaining his decision, Delo said he wanted Reform to be able to compete on a more equal financial footing with Labour and the Conservatives.
He argued that developing detailed policies, preparing legislation and building an organisation capable of governing requires both time and substantial financial resources.
Delo said Reform's recent difficulties had convinced him that the party should devote less effort to fundraising and more to preparing for government.
Farage welcomed the announcement, saying he was “honoured and humbled” by Delo's confidence in Reform.
Who is Ben Delo?
Delo is a British entrepreneur and co-founder of BitMEX, a cryptocurrency derivatives trading platform.
In 2022, he pleaded guilty in the United States to violating the Bank Secrecy Act in connection with BitMEX's failure to establish and maintain an adequate anti-money-laundering programme. He was later pardoned by US President Donald Trump.
The conviction and subsequent presidential pardon are established matters of public record and have again attracted attention following the announcement of his political donation.
Donation comes amid political funding row
The announcement comes during heightened scrutiny of political funding and follows allegations concerning Reform UK and potential foreign donations. The Metropolitan Police has opened a criminal investigation into alleged breaches of electoral law. Reform has denied wrongdoing and has said it will cooperate with the authorities.
No finding of wrongdoing has been made against the party in relation to that investigation.
The Government is separately pursuing substantial changes to Britain's political finance rules through the Representation of the People Bill.
Those plans include an annual cap on donations from overseas electors and a moratorium on political donations made using cryptocurrency. The proposed restrictions are intended to apply retrospectively to relevant donations from 25 March 2026 once the legislation comes into force.
There is no suggestion that Delo's £36 million contribution was made in cryptocurrency. The fact that his wealth was generated in the cryptocurrency industry does not itself make the donation a cryptoasset donation.
Major boost for Farage
The £36 million injection gives Reform UK substantial resources to expand its organisation, recruit staff, develop policy and prepare for the next nationwide election campaign.
It also places the wider question of Britain's rules governing extremely large political donations firmly back on the political agenda.
For Reform, however, the immediate significance is clear: one of the party's existing financial supporters has provided it with an unprecedented level of funding as Farage seeks to position the party as a potential government-in-waiting.
Sources
Sources
- Reuters — Crypto investor Ben Delo announces record £36 million donation to Reform UK
- Electoral Commission — Political parties accept £24.7m in donations in Q1 2026
- Electoral Commission — Searchable political donations database
- GOV.UK — Cap on donations from overseas electors and ban on crypto donations to protect democracy
- GOV.UK — Government response to the Rycroft Review