Reform UK has secured an additional £4 million donation from British cryptocurrency entrepreneur Ben Delo, who previously operated out of Hong Kong. The party expressed confidence that Delo will not be affected by the new regulations limiting donations from overseas contributors.
Delo, who was convicted in the United States in 2022 for inadequately implementing anti-money laundering measures in his cryptocurrency enterprise, was later pardoned by former President Donald Trump. Earlier this year, he had already contributed £4 million to Reform UK, bringing his total donations to £8 million. This positions him as the party’s second-largest donor, following Thailand-based crypto investor Christopher Harborne, who has contributed £15 million since the last election and an additional £5 million directly to Nigel Farage before May 2024.
Recent disclosures from the Electoral Commission reveal that Harborne did not make any donations in the second quarter of the year, nor did billionaire Sasan Ghandehari, who has recently committed to making substantial contributions. Both Harborne and Ghandehari could fall under the donor restrictions implemented in March, which require overseas donors to be registered on the UK electoral roll for a minimum of 12 months to avoid being subject to an annual £100,000 cap.
Although Delo had anticipated being affected by the cap after acknowledging his latest donation in a Telegraph article, a source from Reform indicated that the party believes it will not need to return Delo’s recent £4 million contribution. This raises the possibility that he may have been registered on the UK electoral roll longer than initially assumed.
In light of recent developments, Andy Burnham’s administration is deliberating the introduction of annual limits on donations from UK residents as well as international ones. A newly established task force aims to address the issue of large-scale donors based in the UK. However, the government refrained from including a cap in the latest elections bill due to concerns from trade unions regarding their ability to contribute financially.
In the second quarter of this year, political parties received a total of £17 million in donations, an increase from £11 million in the same period last year, as parties prepare for the potential of an earlier election under Burnham’s leadership. Labour received £650,000 from Gary Lubner, the founder of Autoglass, and supermarket magnate Lord Sainsbury, while entrepreneur Ali Mosawi contributed £550,000. The Conservative Party raised £265,000, falling behind both Reform and Labour, primarily from Flowidea, a company owned by banker Henry Angest.
Restore Britain recorded its largest donation to date, receiving £250,000 from Cade Hill Investments, owned by tech entrepreneur Simon Galbraith. Delo, who was pardoned by Trump last year, is reportedly in the process of relocating back to the UK.
In his April article for the Telegraph, Delo articulated his reasons for supporting Reform UK, asserting that England is his home and claiming that “the biggest obstacle to national recovery is the entrenched self-deception of our elites.” He expressed a newfound political engagement, stating, “For the first time in my life, I’ve become politically active.” He emphasized his support for Farage’s efforts to establish Reform UK as a viable alternative party, noting its growing recognition of the challenges facing the country.
Delo, who identifies as being on the autism spectrum, criticized the current political climate, claiming it enforces a culture of dishonesty, particularly regarding discussions around transgender issues. He had previously pleaded guilty in the US to violations of the Bank Secrecy Act due to insufficient anti-money laundering practices at BitMEX, the cryptocurrency exchange he co-founded.
In his article, he reflected on his experiences, stating, “I helped build one of the world’s first major crypto trading platforms, fell foul of US regulators, accepted a plea bargain, and received a civil fine for a regulatory failing that isn’t even a crime in the UK, yet was pardoned by Donald Trump.”
Delo, an Oxford alumnus and self-proclaimed advocate for free speech, supports over 50 organizations across various political spectrums and public life, including non-affiliated groups. A Guardian investigation into his political influence in Westminster revealed his backing for Rupert Lowe, a right-leaning anti-migration MP challenging Nigel Farage, as well as connections to more mainstream figures such as Conservative leader Kemi Badenoch and former cabinet minister Michael Gove. Delo’s legal representatives have stated that he creates platforms for diverse viewpoints and provides financial support to a wide array of organizations, emphasizing that such support does not equate to endorsing every viewpoint expressed.
