New UK Election Funding Rules Could Hit Reform's Crypto Billionaire Donors
The UK is tightening rules on foreign money in politics, with new measures aimed at limiting donations from overseas-linked backers and stopping people from moving to Britain and immediately giving large sums. The £100,000 cap on overseas donations will now also apply during a donor’s first year of UK residency. Company donations will be assessed using five years of post-tax profits instead of revenue, and candidates must show any pre-campaign funding came from legitimate sources. The changes could hit Reform UK’s crypto-linked donors hardest. Thailand-based Christopher Harborne has given £12 million, and Hong Kong-based BitMEX co-founder Ben Delo has given about £4 million and plans to return to Britain. Both donations were not in crypto. The crackdown follows allegations that Nigel Farage failed to declare in-kind support from George Cottrell, a longtime associate with crypto and gambling ties. Farage is already under investigation over an undeclared £5 million gift from Harborne.
