Reform UK receives £72m in donations from crypto billionaires in just 24 hours

Reform UK has received £72m in the past 48 hours from two cryptocurrency billionaires — the largest single donations in British political history. Christopher Harborne announced his £36m donation in the Telegraph newspaper, matching an identical sum given on Friday by fellow crypto investor Ben Delo.

Both donors carry controversial backgrounds. Harborne has lived outside the UK for years, based in Thailand, while Delo until recently lived in Hong Kong and was convicted of violating the US Bank Secrecy Act before being pardoned by President Trump last year.

Jenrick defends the donations

Reform's economics spokesperson Robert Jenrick appeared on Sky News and the BBC on Sunday, describing the donations as a "breakthrough moment" for the party from "two patriotic businessmen." He said the money would make Reform "battle ready" both for the next general election, due by 2029, and for preparing to govern. Jenrick denied the huge sums put the party "in hoc" to crypto billionaires, insisting the donations would not buy peerages or any other formal favours.

Criticism and regulatory scrutiny

Government minister Angela Rayner told the BBC that such enormous sums raise concerns about who is really funding politics, warning that a small number of individuals wielding this level of influence over power is a worry for democracy. Parliament is currently considering new legislation to cap foreign donations to political parties, with Labour pushing for any such cap to apply retrospectively.

The scale of the donations has also raised questions about Reform's ties to the crypto industry, given the party has pledged more crypto-friendly policies, including wider adoption of unregulated currency, should it win power. Current law restricts only foreign donations, but the episode has prompted calls across the political spectrum for caps on large domestic donors as well.