$5 million political donation by BitMEX’s Delo lands amid U.K. crypto crackdown

Ben Delo, co-founder of crypto exchange BitMEX, said he donated 4 million pounds ($5.1 million) to Nigel Farage’s Reform UK party, in an opinion piece for The Telegraph Wednesday.

Delo wrote that the contribution was made “since the start of this year” to help build Reform UK into “a genuine alternative party of government.”

The op-ed does not specify whether the donation was made in fiat currency or cryptocurrency, though he also expressed support for a proposed U.K. government moratorium on political donations made in cryptoassets, citing regulatory complexity.

Guidance from the U.K. Electoral Commission, last updated April 7, 2026, states that crypto donations are currently not prohibited under electoral law, but are treated as non-monetary donations and must be valued in pounds at the time of receipt. Parties must also verify donor identity, particularly for contributions above 500 pounds.

The Commission also noted government plans to introduce a moratorium on crypto donations, potentially applying retrospectively to contributions received from March 25, 2026, though no legal changes have yet taken effect.

Late last month, U.K. Prime Minister Keir Starmer’s government announced an immediate moratorium on cryptocurrency donations to political parties, citing concerns that digital assets could be used to obfuscate the origin and motivation behind donations in British politics.

The move placed crypto at the centre of a broader crackdown on foreign interference, signaling that regulators view digital payments as a democratic risk rather than a financial one.

Electoral Commission data does not reveal any contributions listed under Delo or BitMEX.

Delo did not respond to a CoinDesk request for further information.

Farage acknowledged the support on X, writing that “brave people like Ben Delo” were becoming “even more determined” to back Reform UK.

In December, British multi-billionaire Christopher Harborne, a Thailand-based entrepreneur who has invested in stablecoin issuer Tether and crypto exchange Bitfinex, made a donation of 9 million pounds to Reform.