Reform UK’s Nigel Farage Faces Standards Probe Over Tether Billionaire’s $6.7 Million Gift

The British Parliamentary Standards Commissioner is reportedly launching an investigation into a $6.7m (£5m) gift that Nigel Farage, the leader of Reform UK, received from billionaire Tether investor Christopher Harborne.

Farage stated he was “under no obligation” to disclose the donation, which was made before he announced his intention to stand as a candidate in the 2024 general election. “Believe me, we have looked at this from every legal angle,” he said told broadcasters earlier this week.

He claimed that the gift from Harborne, who owns a 12% stake,… stable currency issuing institution Tetherwas to ensure his personal safety, to report that it would help “ensure that I can be safe for the rest of my life.”

A spokesperson for Reform UK defended the scheme, telling the BBC that Farage “has always been clear that this was a personal, unconditional gift and that no rules were broken.”

Harborne, who lives in Thailand and has Thai citizenship under the name Chakrit Sakunkrit, has thrown his support behind Reform UK and donated around £12 million to the party, including a contribution of £9 million last year, which is the largest political donation from a living individual in British history.

His contributions were responsible about two-thirds of Reform’s funding last year, making him the party’s dominant financier.

Reform UK has emerged as an enthusiastic advocate for cryptocurrency, with Farage declaring last year that he would be a “champion” for the sector, calling for lower capital gains taxes on cryptocurrencies and the creation of a national Bitcoin reserve.

The party was the only major political party in the country to accept cryptocurrency donations, prior to a moratorium imposed by the British government in March over concerns about “foreign financial influence and interference” in the democratic process.

The ban was imposed by order of the government Rycroft Reviewalso introduced one Annual maximum of £100,000 about political donations made by British citizens living abroad. Harborne claimed is said to have been “the reason” behind the limit, adding that he has not ruled out returning to Britain to get around it.

Farage won his Parliamentary seat of Clacton in July 2024 after leading Reform UK to do so significant profits at the general election.

The Code of Conduct of the House of Commons states that new MPs must “register all their current financial interests and any recordable benefits (other than income) received in the twelve months before their election within one month of their election”.

If he is found to have breached the code of conduct, Farage faces possible penalties ranging from a written or verbal apology to suspension or expulsion from the House of Representatives, with the latter reserved for the most serious breaches.

Declutter has contacted Christopher Harborne and Nigel Farage for comment.