Watchdog faces call to investigate if Farage’s crypto advocacy benefitted donor

David Lynch, Press Association Political Correspondent

The UK’s financial watchdog should investigate whether Nigel Farage’s advocacy for cryptocurrency has benefitted his billionaire backer Christopher Harborne, Labour has said.

Crypto-billionaire Mr Harborne, who is based in Thailand and is also known by the Thai name Chakrit Sakunkrit, has donated more than £25 million to Reform UK, the political party which Mr Farage leads.

The businessman was an early investor in prominent cryptocurrency Bitcoin, and is reported to own a stake in Tether, a company which issues a so-called “stablecoin” with the same name.

Mr Farage and his deputy Richard Tice met with Bank of England governor Andrew Bailey in October 2025, and directly raised cryptocurrency.

The Reform leader has also come under fire for a £5 million gift he received from the wealthy backer in the run up to the 2024 general election, before he announced he would stand as an MP in the poll.

Mr Farage is currently being investigated by Parliament’s standards commissioner over the gift, which critics say he should have declared.

Anna Turley, chairwoman of the Labour Party, has written to the Financial Conduct Authority (FCA), asking it to investigate whether Mr Farage’s public pronouncements about Tether and other cryptocurrencies may have been intended to benefit his donor.

In her letter, she said: “Mr Farage’s public advocacy for stablecoins and cryptoassets raises issues within the FCA’s remit.

“He has publicly praised the stablecoin Tether, attacked measures that could limit the growth of private stablecoins, and argued that the United Kingdom should become a global centre for cryptoasset activity.

“At the same time, he and his political party are both being funded directly by people with financial interests in cryptocurrencies.

“I therefore urge you to investigate Nigel Farage’s apparent efforts to use his public role to benefit those who have contributed to him financially.”

‘Legitimate public interest’

She later added: “I believe there is a legitimate public interest in ensuring that communications relating to cryptoassets are transparent, compliant with applicable regulatory requirements, and assessed consistently regardless of the status or prominence of the individual concerned.”

Mr Farage has previously insisted his backer Mr Harborne wants nothing in return for his donations to Reform UK, and he has repeatedly denied wrongdoing over the £5 million gift, insisting it was unconnected to his political activity.

On Tuesday, he told the BBC he believed the gift to be “a wholly private matter”.

But he appeared to concede he could be facing a parliamentary sanction, adding: “The standards commissioner may take a different view.”

Reform and the FCA have been contacted for comment.