Ben Delo, a co-founder of the cryptocurrency exchange BitMEX, has made two cash donations totaling £4 million to the political party Reform UK. The payments, made on April 17 and April 30, bring Delo’s total contributions to the party this year to £8 million.
These recent donations represent a significant portion of Reform UK’s fundraising, accounting for 75% of the party’s total donations in the quarter. According to Electoral Commission records, these were the two largest single gifts made to any British political party during that period. Reform UK’s total donations for the quarter reached £5.33 million, compared to Labour’s £3.59 million in the same timeframe.
The donations were made in cash, following the UK’s ban on cryptocurrency political donations, which came into effect in March. This ban meant Reform UK, which had previously been a recipient of crypto donations, had to adjust its funding methods.
Donor Background and Legal Issues
Delo’s past legal issues have drawn attention to his donations. In 2022, he pleaded guilty to violating the Bank Secrecy Act in the United States. He was later pardoned by U.S. President Donald Trump in 2025, along with other BitMEX co-founders Arthur Hayes and Samuel Reed. Delo has publicly stated that he views the case as “a regulatory failing that isn’t even a crime in the UK.”
Party Scrutiny and Funding Controversies
The timing of Delo’s substantial donations coincides with wider scrutiny of Reform UK’s funding. Last Friday, two party officials, Dan Jukes and James Orr, stepped down following Channel 4 footage that appeared to show them arranging funding for party polling. Nigel Farage, the leader of Reform UK, has stated that the party has “taken no illegal money.”
Further complicating the party’s financial landscape is a separate donation of £5 million from Christopher Harborne, a Thailand-based stakeholder in Tether. The Parliamentary Commissioner for Standards is currently considering whether Farage should have declared this personal gift.
Regulatory Questions and Uncertainties
There are ongoing uncertainties regarding the regulatory compliance of these donations. A key question is whether Ben Delo had been registered on the UK electoral register for the required 12 months to make donations exceeding £100,000 in a year, a rule implemented in March. The Electoral Commission has stated it is in touch with the Metropolitan Police regarding the funding allegations, though the police have not yet opened an inquiry.
Reform UK has expressed confidence that it may not be required to return Delo’s £4 million donation. Farage has attributed the controversy surrounding the funding arrangements to “loose pub talk” by individuals not authorized to speak on behalf of the party.
BitMEX, the exchange co-founded by Delo, is scheduled to close on September 23, following an announcement by its owner, HDR Global Trading, after a strategic review.
Why This Matters
Ben Delo’s recent large cash donations to Reform UK are significant but occur within a complex regulatory environment and amidst broader scrutiny of the party’s funding, with several uncertainties remaining.
Broader Context
Ben Delo is a BitMEX co-founder.
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