Ben Delo, a co-founder of the cryptocurrency exchange BitMEX, has made headlines with a significant donation of £36 million (approximately $48.7 million) to the British political party Reform UK, led by Nigel Farage. This contribution marks the largest single donation to a political party in the history of the UK, according to The Telegraph.
Source: The Telegraph.In an interview, Delo stated that his goal is to "ensure Reform UK has the funding necessary to prepare for the upcoming parliamentary elections," which are anticipated to take place in 2029.
Reasons Behind Delo's Support for Reform UK
Delo likened the party's situation to that of a startup under intense public scrutiny. He believes that scandals surrounding funding deter potential backers who are concerned about their reputations.
Through this donation, he aims to relieve Reform UK from the constant need to raise funds.
"Developing thoughtful policies and legislation takes time, and for that, real money is required," the entrepreneur explained.
Delo also referenced the party's other major benefactor, cryptocurrency entrepreneur Christopher Harbourne, and emphasized that wealthy supporters should assist Reform UK in winning elections and preparing to govern, even in the face of potential backlash.
The donation is structured to provide £1 million per month over three years. Delo opted to deliver the entire amount upfront, fearing that Labour might exploit their parliamentary majority to restrict such funding.
Previously, he had donated £8 million to Reform UK in 2026, bringing his total support for the year to £44 million with this latest contribution.
In March, the UK government announced new restrictions on political donations, including a ban on cryptocurrency contributions and an annual cap of £100,000 for British voters living abroad. Farage claimed these measures were aimed specifically at Reform UK.
Controversies Surrounding Party Financing
Concerns regarding Farage's funding have surfaced before. In July, The Sunday Times reported undisclosed support from George Cotterell, a convicted fraudster linked to the cryptocurrency betting platform Tether.bet.
According to the publication, Cotterell had been covering Farage's security, drivers, accommodation, and social media staff expenses prior to his election to parliament in July 2024.
In September, a new investigation was launched following hidden camera footage released by Channel 4 and the Verbatim project, which prompted the London police to examine allegations of illegal foreign donations to Reform UK.
Two of Farage's associates, Dan Jukes and James Orr, have stepped back from their roles during the internal investigation.
The size of Delo's donation has also faced criticism. Labour MP Stella Creasy remarked that Reform UK received more money from a single individual than the Labour Party spent throughout its entire 2024 campaign, arguing that such a contribution undermines fair competition among parties.
It is worth noting that in February 2022, Delo pleaded guilty to violating U.S. anti-money laundering laws related to BitMEX's lack of an adequate anti-money laundering program. He was pardoned by U.S. President Donald Trump in March 2025, along with other exchange leaders.