Key facts
- Reform UK received a £36 million donation from cryptocurrency billionaire Ben Delo.
- Delo was convicted in the US in 2022 for failing to implement adequate anti-money laundering controls.
- Delo was pardoned by US President Donald Trump.
- Delo has previously donated £8 million to Reform UK this year.
- The donation makes Delo the largest political donor to Reform UK by far.
- The government is reportedly considering ways to address large political donations.
Reform UK has received a record £36 million donation from British cryptocurrency billionaire Ben Delo, who has previously been convicted in the US for failing to implement adequate anti-money laundering controls. This substantial contribution significantly surpasses previous donations and positions Delo as the party's largest donor.
Delo, who has moved back to the UK from Hong Kong, was convicted in 2022 for anti-money laundering failings at his cryptocurrency business, BitMEX, before receiving a pardon from then-US President Donald Trump. He had already contributed £8 million to Reform UK earlier this year.
The donation arrives as Reform UK faces scrutiny, including a police investigation into overseas funding and a standards inquiry regarding an undeclared gift. The party has expressed confidence that Delo's donation complies with residency requirements for donors.
Delo stated his motivation for supporting Reform UK stems from his belief that England is his home and that "the biggest obstacle to national recovery is the entrenched self-deception of our elites." He also cited personal reasons related to government culture and honesty.
The significant cash injection has amplified calls from opposition parties, particularly Labour, for stricter caps on political donations to prevent undue influence by a few wealthy individuals. Labour MPs have expressed alarm at the potential impact of such a large sum on the upcoming election. The government has acknowledged concerns about "mega-donations" and is reportedly exploring measures to address them.