Major Donations Recorded in Electoral Commission Data

Electoral Commission records released in early September showed that BitMEX co-founder Ben Delo transferred £4 million to Reform UK through two separate cash donations in April. One payment of £1 million was made on April 17, followed by a £3 million transfer on April 30. The combined sum represented approximately 75 percent of the party’s total declared donations for the second quarter of 2026, which ranged between £5.3 million and £5.55 million across available filings.

Reform UK’s quarterly total exceeded the amounts raised by the Labour Party, which received about £3.6 million, and the Conservatives. No other single donor approached Delo’s contribution level. Outside his gifts, the largest individual donation recorded by Reform in the period was £180,000.

Cumulative Support and Shifting Donor Pattern

Delo had already provided £4 million earlier in the year, bringing his 2026 total to £8 million. In the first quarter, Reform raised more than £9 million, with substantial portions coming from Delo and fellow crypto-linked donor Christopher Harborne. Harborne, who previously contributed more than £3 million, did not appear in the second-quarter register.

The absence of Harborne’s funding contributed to a notable drop in Reform’s overall intake compared with the prior quarter. Delo has indicated plans to return to the United Kingdom from Hong Kong and has expressed interest in political involvement to address what he describes as national decline.

Background of the Donor and Regulatory Context

Delo co-founded the cryptocurrency derivatives exchange BitMEX. In 2022 he pleaded guilty in the United States to violating the Bank Secrecy Act in connection with the platform’s anti-money laundering controls. He received a sentence of probation and paid a $10 million fine. In March 2025, U.S. President Donald Trump issued full pardons to Delo and two other BitMEX co-founders, Arthur Hayes and Samuel Reed.

BitMEX itself is scheduled to close on September 23, 2026, following a strategic review by its owner. Delo’s latest contributions were made in cash rather than cryptocurrency, placing them outside a temporary UK moratorium on crypto-asset political donations introduced earlier in the year and separate from a £100,000 annual limit applied to certain overseas donors.

Wider Questions Over Crypto Industry Ties

Reform UK and its leader Nigel Farage have faced sustained attention over financial links to individuals connected with the digital asset sector. Parliamentary inquiries have examined gifts and support associated with Harborne and another figure, George Cottrell. Farage resigned his parliamentary seat in July amid the scrutiny, then regained it in a subsequent by-election with more than 63 percent of the vote.

Lawmakers have debated tighter controls on political funding linked to the crypto industry, citing challenges in tracing the original sources of such assets. The second-quarter figures have renewed focus on the role of wealthy individuals whose wealth originated in digital assets, even when donations themselves are made in conventional currency.

Further donation data is expected in the next Electoral Commission register in November.