The crypto billionaires behind Reform’s eye-watering £72 million donations

The crypto billionaires behind Reform’s eye-watering £72 million donations Christopher Harborne has previously donated to the Brexit Party and the Conservatives, while Ben Delo was pardoned by Donald Trump just last year - Bookmark - CommentsGo to comments Reform UK has received £72m as two cryptocurrency billionaires have backed Nigel Farage’s party with major donations just days apart. Thai-based businessman Christopher Harborne, the party’s biggest donor to date, matched a record £36m donation just two days after fellow crypto tycoon Ben Delo. Mr Harborne confirmed his gift and said while he expected media speculation regarding his latest donation, which comes months after he donated £15m to the party and a separate £5m to Mr Farage, he wanted nothing in return. He added: “There will be a lot of media speculation regarding this donation. So what do I expect in return for my donations? Nothing. No peerage, no policy change, just a party that is ready for government.” Reacting to the donation in an official statement, Mr Farage said he was honoured and humbled that Mr Harborne and Mr Delo had “shown such confidence in Reform”. In previous years, Mr Harborne – a British businessman with a long affiliation to right-wing politics and Brexit – has made substantial donations to both the Tories and the Brexit Party, and even accompanied Boris Johnson on a trip to Ukraine when he was prime minister. Mr Delo, who has already given £8m to Reform UK, previously announced he was moving back to Britain to help "build a war chest" for Reform to fight the next election. Who is Ben Delo? Mr Delo is the co-founder of BitMEX, a cryptocurrency exchange and trading platform due to shut down on 23 September. Born in Sheffield, he was educated at the comprehensive Lord Williams's School and graduated with a double first-class honours degree in mathematics and computer science from the University of Oxford in 2005. As well as his work in cryptocurrency, the 43-year-old considers himself a philanthropist after he signed the Giving Pledge in 2019, promising to give away the majority of his wealth during his lifetime. Since stepping down from BitMEX, he has dedicated himself to causes “related to free enquiry and academic freedom, mathematics education and research, neurodiversity and young people with autism, and fostering collaboration across the Commonwealth” according to his foundation. How has he made his money? Mr Delo moved to Hong Kong in 2012 to work for JP Morgan, where he first started experimenting with Bitcoin. Between 2014 and 2019, he built BitMEX, which became a leading online derivatives platform that at its peak handled more than one trillion dollars in trading volume annually. In 2018, The Times reported he was the UK's youngest self-made billionaire. Why was he pardoned by Donald Trump? Mr Delo was convicted in the US four years ago over failings in an anti-money laundering programme in his business. He had been sentenced to 30 months of probation after his guilty plea in US district Court in Manhattan but was pardoned by Donald Trump last year. After he was pardoned, he said in a statement, according to CNBC: “The US Department of Justice wrongfully targeted BitMEX and its co-founders. “This full and unconditional pardon by President Trump is a vindication of the position we have always held – that BitMEX, my co-founders and I should never have been charged with a criminal offence through an obscure, antiquated law. “As the most successful crypto exchange of its kind, we were wrongfully made to serve as an example, sacrificed for political reasons and used to send inconsistent regulatory signals. “I’m sincerely grateful to the president for granting this pardon to me and my co-founders. A legal wrong has been righted today and despite the distress I have been through over the past few years, I’m pleased to have cleared my name and to be able to continue my life and philanthropic work without the burden of an unfounded conviction.” Who is Christopher Harborne? Mr Harborne is a British businessman and a leading cryptocurrency investor in his early sixties. He was educated at Westminster School, an elite private school near parliament, before studying at Downing College in Cambridge and receiving an MBA at the prestigious business school INSEAD. He currently resides in Thailand and holds Thai citizenship under the name Chakrit Sakunkrit. Where has his wealth come from? Earlier in his career, Mr Harborne worked as a management consultant at McKinsey and Co before relocating to Asia to run a research company. He is now the chief executive of Sherriff Global Group, which trades in private planes, and the owner of AML Global, a firm that sells aviation fuel. Additionally, Mr Harborne has had a shareholder stake in the defence tech firm Qinetiq, which has previously been awarded Ministry of Defence (MoD) contracts. As well as his aviation businesses, he is a technology investor and set up a company, Singular AI Consulting Limited, and is now a shareholder of the cryptocurrency Tether. What is his involvement in politics? The businessman has donated on several occasions to right-wing parties, including a £6m donation to the Brexit Party in 2019 and a £3m donation shortly before the 2019 general election. Since 2001, he has also made smaller donations to the Tories, amounting to around £15,000 per annum. In November 2022, Mr Harborne donated £1m to the private office of Boris Johnson, one of the biggest donations ever made to an individual British politician. He subsequently acted as an adviser to the former prime minister on his trip to Kyiv in September 2023 to meet Volodymyr Zelensky. Reform UK has denied Mr Farage’s promotion of Tether, the cryptocurrency Mr Harborne is a shareholder in, and support for deregulation of cryptocurrency in the UK are linked to the donation. When asked about the link, a spokesperson for the party said: “No. [It is] because [Harborne] supports Reform UK, just like he supported the Brexit Party.” Why is there an investigation into Mr Harborne’s £5m gift? A parliamentary investigation is currently underway following a £5 million gift received by Mr Farage from Mr Harborne. The probe into the alleged failure to register an interest was suspended after the Reform UK leader triggered a by-election after he resigned amid the scrutiny over his and the party’s finances. But it is now automatically running again after Mr Farage was returned as MP for Clacton in a race boycotted by the other main Westminster parties, who dismissed it as a political stunt. Under Commons rules, new MPs are required to register any gifts worth more than £300 they received in the previous 12 months, except where it “could not be reasonably thought by others” to relate to their political activities. Mr Farage has said the gift was not political and insisted he has done nothing wrong. He has also claimed the investigation is rigged against him, suggesting the MPs on the committee have already prejudged him as guilty. Join our commenting forum Join thought-provoking conversations, follow other Independent readers and see their replies Comments