Co-founder of the crypto exchange BitMEX Ben Delo announced a donation of £36 million (about $48.7 million) to the UK’s Reform UK led by Nigel Farage. This is the largest one-off contribution to a political party in the country’s history, The Telegraph reports.
Speaking to journalists, he explained that he wants to “ensure Reform UK has funding to prepare for the next parliamentary elections,” expected in 2029.
Why Deen supported Reform UK
Deen compared the party’s situation to a startup under intense public scrutiny. In his view, scandals surrounding funding put off potential sponsors who worry about their reputation.
With his contribution, he intends to free Reform UK from the constant search for funds.
“It takes time to develop a well-thought-out policy and draft bills, and for that you need real money,” the entrepreneur wrote.
Deen also pointed to his attitude toward another major party sponsor — the crypto entrepreneur Christopher Harborne. He noted that wealthy supporters should help Reform UK win the election and prepare to govern the country, despite possible criticism.
The donation was calculated based on £1 million per month over three years. The entire amount was paid in advance, fearing that the Labour Party would use its parliamentary majority to limit such funding.
Before this, the entrepreneur had already provided Reform UK with £8 million in 2026. Taking into account the new payment, its support over the year reached £44 million.
In March, the UK government announced limits on political donations: a ban on contributions in cryptocurrency and an annual cap of £100,000 for British voters living abroad. At the time, Farage said the measures were aimed at Reform UK.
Disputes over party funding
Questions about Farage’s funding had arisen earlier as well. In July, The Sunday Times reported on undisclosed support for the politician from George Cottrell, who was convicted of fraud and is linked to the crypto-betting platform Tether.bet.
According to the publication, before Farage entered parliament in July 2024, Cottrell paid for his security, drivers, accommodation, and the work of staff for social media.
In September, a new reason for scrutiny emerged. After the publication of an undercover video by Channel 4 and the Verbatim project, the London police began investigating the alleged solicitation of banned foreign donations by Reform UK.
Two of Farage’s associates — Dan Jucls and James Orr — stepped away from their duties for the time being while an internal investigation was conducted.
The size of the donation also drew criticism. Labour MP Stella Creasy said Reform UK received more money from one person than Labour spent on its entire 2024 election campaign. In her view, such a contribution does not create a level playing field for parties.
Recall that in February 2022, Deen admitted guilt for violating the US Bank Secrecy Act. The charge involved the failure to have a proper anti–money laundering program in place at BitMEX.
In March 2025, the President of the United States, Donald Trump, pardoned him and other exchange executives.