Nigel Farage, leader of Reform UK, faces an official inquiry by the UK's Parliamentary Standards Commissioner. The investigation follows revelations he received £5 million from Christopher Harborne, a Tether shareholder and Reform donor, in early 2024. This money was given weeks before Farage declared his candidacy for the general election.
Farage maintains the £5 million was a "personal, unconditional gift" intended for his private security, not a political donation. He states that because the money arrived before he became an MP, he had no obligation to declare it. Opponents, however, argue he broke Commons rules by failing to register the sum in the MPs' register of interests after his election.
The Commons code of conduct requires MPs to register all current financial interests and any registrable benefits received in the 12 months before their election within one month of being elected. "Purely personal gifts or benefits" do not require registration. But the rules also specify that "both the possible motive of the giver and the use to which the gift is to be put should be considered." It adds that if there is any doubt, the benefit should be registered.
A spokesman for Reform UK confirmed communication with the Parliamentary Commissioner for Standards. "He has always been clear that this was a personal, unconditional gift and no rules were broken," the spokesman said. "We look forward to this being put to bed once and for all."
The Guardian first reported the £5 million payment last month. Farage responded hours before that report's publication with an article in The Telegraph titled "Farage: My home was firebombed." In his piece, Farage claimed Harborne gave him the money "so that I would be safe and secure for the rest of my life." He called Harborne "an ardent supporter who is deeply concerned for my safety," and expressed frustration over a lack of government security funding. Farage also mentioned an arson attack on his home last year.
Harborne is a wealthy crypto tycoon with investments in aviation and defense firms. He has donated over £22 million to Reform UK over the past seven years. His significant holdings include Ethereum and Tether. Since Harborne's donations to Farage and Reform, Farage has promoted Tether on a UK talk show and proposed various crypto-friendly policies.