Nigel Farage is facing a parliamentary standards probe over an undisclosed £5 million ($6.7 million) gift from crypto investor Christopher Harborne ahead of the 2024 election.
The Conservatives and Labour have referred the matter to the Parliamentary Standards Commissioner, arguing the payment may have breached rules requiring MPs to declare financial benefits received before election.
Farage said the funds were intended to keep him “safe and secure for the rest of my life,” citing past security incidents, while Reform UK maintains the payment was a personal, unconditional gift exempt from disclosure.
Harborne, who holds a stake in Tether, made the payment before Farage announced his candidacy for the Clacton seat, which he later won in July 2024.
UK parliamentary rules require MPs to register benefits received in the 12 months prior to election if they could reasonably be linked to their political role.
The case comes amid tighter scrutiny of crypto-linked political funding, with the UK government recently imposing a moratorium on such donations over concerns about foreign influence.
The controversy adds pressure on crypto’s role in politics, as regulators move to limit digital asset donations and enforce stricter transparency requirements.