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Nigel Farage has been referred to the Monetary Conduct Authority (FCA) over claims his cryptocurrency advocacy has benefited his billionaire backer, Christopher Harbone.
The Reform UK chief has beforehand insisted the thousands and thousands donated by the Thailand-based crypto investor was gifted to him and the social gathering with the expectation of “completely nothing in return in any respect”.
However the Chair of the Labour Get together has now written to the monetary regulator calling for an investigation into whether or not Mr Farage’s efforts to advertise cryptocurrencies and stablecoins might have benefited Mr Harborne.
“Mr Farage’s public advocacy for stablecoins and cryptoassets raises points throughout the FCA’s remit,” the letter reads.
“He has publicly praised the stablecoin Tether, attacked measures that would restrict the expansion of personal stablecoins, and argued that the UK ought to develop into a world centre for cryptoasset exercise. On the identical time, he and his political social gathering are each being funded immediately by individuals with monetary pursuits in cryptocurrencies.
“I subsequently urge you to research Nigel Farage’s obvious efforts to make use of his public function to profit those that have contributed to him financially.”
The letter, written by Chair of the Labour Get together Anna Turley, refers to studies Mr Farage used a non-public assembly with the Governor of the Financial institution of England, Andrew Bailey, to argue towards a proposed central financial institution digital forex and restrictions on stablecoins.
The letter claims the introduction of a central financial institution digital forex may scale back the demand for different cryptocurrencies, comparable to Tether, through which Mr Harborne reportedly holds shares in.
A day earlier than the assembly with Mr Bailey in September 2025, he particularly referred to Tether for instance of a stablecoin in an interview with LBC.
“I’ll go tomorrow [to the Bank of England] to say this. You recognize, Tether is a stablecoin,” he stated.
“Stablecoins are the way in which which cash goes from typical currencies by means of into cryptocurrencies and again once more. Tether is about to be valued as a $500 billion firm, , stablecoins, crypto, this world is gigantic.
“I’ve been urging for years that London ought to embrace it, we should always develop into a world buying and selling centre for these items underneath correct regulation.
“And the governor of the Financial institution of England earlier this week indicated that no person, no particular person ought to be allowed to have greater than £10,000 price of stablecoins, to which a few of my associates have stated, ‘Why don’t we simply to migrate?’
“Why is the Financial institution so out of contact? Why is it behaving like a dinosaur? Why not get with the twenty first century? These new applied sciences aren’t going away. They’re right here.”
The letter goes on the say Tether had been pursuing a fundraising spherical in the identical month the interview happened.
Mr Harborne’s donations to Mr Farage and Reform UK have been a topic of specific controversy for the social gathering, after he gifted it £9m final August – the largest single donation in historical past to a political social gathering from a dwelling individual – and an extra £3m this 12 months.
Mr Farage’s current disclosure of the £5m “reward” from the crypto entrepreneur has additionally prompted an investigation by Westminster’s requirements watchdog into whether or not Mr Farage broke Commons guidelines by not declaring it after his election in 2024. The investigation continues to be ongoing.
Reform UK and the FCA have been approached for a remark.
