Nigel Farage, the former UKIP chief, admitted he accepted a £5mn personal gift from crypto investor Christopher Harborne in 2024. The revelation surfaced after the Guardian exposed the transfer, just months before Farage pledged to slash taxes and regulation for digital assets if elected prime minister.

Reform UK, the party Farage now heads, unveiled a draft bill last May that would cut stamp duty on crypto trades from 24% to 10% and create a state‑owned bitcoin reserve. Harborne, who amassed most of his fortune through early crypto stakes including a sizable Tether position, has also donated £12mn to Reform, making him one of Britain’s biggest donors.

Opposition leaders branded the affair a clear conflict of interest. Labour chair Anna Turley said Farage was given the money while keeping it secret and now promises a massive crypto tax cut. Reform insists no rules were broken, citing Farage’s retirement from frontline politics at the time of the unconditional gift in April 2024 deemed.

Regulators warn the situation could trigger parliamentary censure, including suspension or a by‑election. Meanwhile, the crypto bill proposes cutting capital gains tax on transactions and establishing a national bitcoin reserve, positioning the UK as a potential haven for digital assets. Investors will watch how the scandal impacts Reform UK’s credibility and the broader crypto‑policy debate.