By Benson Daniel
Reform UK has received another £4 million donation from British cryptocurrency billionaire Ben Delo, taking his total financial contribution to the party to £8 million as the party continues to attract major backing from wealthy donors.
The latest donation accounted for about 75 per cent of Reform UK’s total donations in the second quarter of 2026. Electoral Commission figures showed the party raised £5.3 million between April and June, although that was below the more than £9 million it received in each of the previous two quarters.
Delo, co founder of cryptocurrency exchange BitMEX, previously gave Reform £4 million in January. He has since become one of the party’s most prominent financial backers as it seeks to strengthen its position in British politics under leader Nigel Farage.
His political involvement has attracted particular attention because of his legal history in the United States. Delo pleaded guilty in 2022 to violating the Bank Secrecy Act after US prosecutors accused BitMEX of failing to maintain adequate anti money laundering controls. He was later pardoned by Donald Trump.
Delo has described his decision to become politically active as a response to what he sees as the failure of Britain’s political establishment. He has also presented himself as a strong supporter of free speech and greater political diversity.
The billionaire had been based in Hong Kong but has been moving back to Britain. His return is particularly significant because the government is considering tighter restrictions on political donations from British citizens living overseas.
Under proposed rules, overseas based British citizens could face a £100,000 annual limit unless they meet conditions relating to their connection with the UK. Reform has said it is confident Delo qualifies to make donations above that threshold because of his residency circumstances.
The controversy comes against the backdrop of a wider debate over the influence of wealthy individuals on British politics.
Reform has relied heavily on large donations from a relatively small number of wealthy supporters. Delo is now the party’s second biggest contributor, behind Christopher Harborne, another cryptocurrency investor who has given Reform millions of pounds.
Harborne has contributed £15 million to Reform since the last general election and also gave £5 million personally to Farage. That separate payment has attracted scrutiny because it was not initially declared by Farage, with the matter referred for investigation.
The latest figures show that Reform remains ahead of its two main traditional rivals in fundraising for the quarter. The party raised £5.3 million, compared with £3.6 million for Labour and £2.8 million for the Conservatives, according to the Electoral Commission figures.
The scale of Reform’s fundraising has intensified calls for stricter controls on political donations. The government has established a taskforce to examine the influence of political mega donors, while politicians across Westminster continue to debate whether individual contributions should be capped.
The proposed restrictions have also generated resistance, particularly from organisations that rely heavily on large donations. The government has yet to introduce a comprehensive cap covering all political contributions.
For Reform, however, the flow of private money provides an important financial advantage as the party seeks to turn its strong polling position into electoral gains. Its fundraising machine has increasingly been supported by wealthy individuals with backgrounds in technology, cryptocurrency and international business.
Delo’s latest contribution therefore represents more than another large cheque. It highlights the growing role of cryptocurrency wealth in British political financing and the increasingly difficult question of how much influence individual billionaires should be able to exercise through political donations.
With Britain considering new rules for overseas donors, the circumstances surrounding Delo’s contributions are likely to remain part of the wider argument over money, influence and transparency in British politics.
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