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United Kingdom politician Nigel Farage, the leader of the Reform Party, purchased a property valued at 1.4 British pounds ($1.8 million) after receiving a 5 million pound ($6.7 million) “personal gift” from crypto billionaire Christopher Harborne.
The real estate deal closed in May 2024, several weeks before Farage announced that he was running for office in the general elections, according to Sky News.
Farage is now facing a UK parliamentary probe over the 5 million pound gift, which critics of the politician say should have been declared and registered after he took office.
The Reform Party and Farage maintain that no wrongdoing occurred. Farage said that because the gift was received before he entered office, it is not subject to the same reporting requirements.
Nigel Farage says the Reform Party will fight back against bans or temporary moratoriums on crypto political donations. Source: Sky News
The probe follows months of UK lawmakers and government officials urging a ban on crypto political donations over ethics concerns and growing regulatory scrutiny of political figures accepting crypto for campaign funds or personal gifts.
Related: UK Liberal Democrats call for Farage probe in $2.7M Stack BTC promotion
UK officials and lawmakers target crypto political donations
In February 2025, Matt Western, chair of the United Kingdom’s Joint Committee on the National Security Strategy, urged lawmakers to temporarily ban crypto donations sent to political parties and political figures.
Western cited concerns over foreign governments influencing UK elections and politics, with their donations as the primary reason for the ban.
“As the security environment worsens and the UK’s military role in Europe grows, the value of influencing the UK’s political positions, for example, on Ukraine, or US-EU relations, is likely to increase,” he said
The letter from the Joint Committee on the National Security Strategy urges a temporary ban on crypto donations. Source: UK Parliament
The UK government advanced a legislative proposal in March to temporarily ban political crypto donations, following the recommendations from Western and an independent inquiry into the threats posed by foreign political donations.
However, the legislation must still pass through both chambers of the UK parliament and receive approval from King Charles III before it is codified into law.
“We will act decisively to protect our democracy,” UK Prime Minister Keir Starmer said about the legislation to curb crypto political donations.
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