Ben Delo, co-founder of BitMEX, donates £36 million to Reform UK, marking the largest single political donation in UK history.
Ben Delo, co-founder of the cryptocurrency exchange BitMEX, has made a groundbreaking donation of £36 million (around $48.7 million) to Reform UK, the political party led by Nigel Farage. This contribution is noted as the largest single donation to a political party in the UK, according to reports.
Delo expressed that his intention is to equip Reform UK with the necessary funding to prepare for the upcoming parliamentary elections expected in 2029. He compared the party's current state to that of a startup facing significant public scrutiny, which he believes discourages potential donors worried about reputational risks.
“Developing thoughtful policies and legislation takes time, and for that, real money is required,” Delo stated.
He structured the donation to provide £1 million monthly over a three-year period but chose to deliver the entire sum upfront, concerned that Labour might leverage their parliamentary majority to impose restrictions on such funding. This latest donation brings Delo's total contributions to Reform UK for the year to £44 million, following an earlier £8 million donation in 2026.
In March, new UK government regulations were introduced, including a ban on cryptocurrency donations and an annual cap of £100,000 for British voters residing abroad, measures which Farage claims are targeted specifically at Reform UK.
Concerns Over Party Funding
Reform UK has faced scrutiny regarding its funding sources. Reports have surfaced about undisclosed financial support from George Cotterell, a convicted fraudster linked to the cryptocurrency betting platform Tether.bet, who allegedly covered various expenses for Farage prior to his parliamentary election in July 2024. Additionally, a recent investigation was initiated following hidden camera footage that raised allegations of illegal foreign donations to the party.
The scale of Delo's donation has also sparked criticism; Labour MP Stella Creasy pointed out that it exceeds the total campaign spending of the Labour Party during the 2024 elections, suggesting it undermines competitive fairness among political parties.
It is important to note that Delo had previously pleaded guilty to violating U.S. anti-money laundering laws related to BitMEX's operations but was pardoned by former President Donald Trump in March 2025 along with other exchange executives.
