Reform UK leader Nigel Farage is under formal investigation by the UK's parliamentary standards commissioner for failing to declare a £5 million gift from a major Tether investor. The gift from Christopher Harborne was received before Farage's election, but rules require disclosure of benefits received within 12 months prior to taking office.
UK Member of Parliament and Reform UK leader Nigel Farage is facing a formal investigation by the parliamentary standards watchdog over his failure to declare a £5 million ($6.7 million) gift from an investor in stablecoin issuer Tether.
"Believe you me, we've looked at this from every legal angle," Farage told broadcasters, arguing he was under “no obligation” to declare the gift. A Reform U.K. spokesperson said the funds were a "personal, unconditional gift and no rules were broken," intended to cover personal security expenses.
The investigation, confirmed by Parliamentary Standards Commissioner Daniel Greenberg, centers on whether Farage breached the House of Commons code of conduct. The code requires new MPs to register all registrable benefits received in the 12 months before their election within one month of taking their seat. The gift came from Christopher Harborne, a Thailand-based billionaire with a reported 12% stake in Tether, before Farage announced his successful candidacy for the Clacton seat in the July 2024 general election. Harborne is Reform UK's largest backer, contributing over £12 million to the party.
Should the commissioner find Farage broke the rules, penalties could range from a formal apology to a suspension from Parliament. A suspension of more than 10 days could trigger a recall petition, forcing a by-election in his constituency. The case magnifies the growing scrutiny of crypto-linked wealth in British politics, following a government moratorium on crypto donations in March amid concerns over foreign influence.
Farage has maintained the gift was a "reward for campaigning for Brexit" and unrelated to his political activities. It was also reported that Farage purchased a £1.42 million property in May 2024, though a Reform spokesperson stated there is no connection between the purchase and the gift from Harborne. The investigation brings the issue of political financing and transparency into sharp focus, particularly as it intersects with the international and often opaque world of cryptocurrency.
This article is for informational purposes only and does not constitute investment advice.
