Nigel Farage has been reported to the UK’s financial watchdog over his links to billionaire crypto investor and Reform UK donor Christopher Harborne but cryptocurrency is not part of its current remit.
The Labour Party has urged the Financial Conduct Authority (FCA) to investigate whether the Reform leader’s public advocacy on cryptocurrencies and stablecoins may have benefited Harborne and other donors.
Cryptoassets are not currently within the FCA’s remit for regulation, with a spokesperson telling The i Paper they will not be “fully within our regulatory regime” until October 2027.
Its remit does, however, extend to financial promotions – which would also include cryptocurrency – and Labour has asked for a probe into whether Farage has fallen foul of those rules.
Labour’s referral follows reports that Farage used a private meeting with the Bank of England to urge governor Andrew Bailey to drop plans for a state-run cryptocurrency that could be costly for Harborne.
The regulator will respond to the letter from Anna Turley, the chair of the Labour Party, within 15 days.
The FCA is understood to be considering whether it can investigate any part of Labour’s complaint.
In a letter to the FCA, the Labour chair said Farage “has publicly praised the stablecoin Tether, attacked measures that could limit the growth of private stablecoins, and argued that the United Kingdom should become a global centre for cryptoasset activity”.
She continued: “At the same time, he and his political party are both being funded directly by people with financial interests in cryptocurrencies.
“I therefore urge you to investigate Nigel Farage’s apparent efforts to use his public role to benefit those who have contributed to him financially.”
Farage is currently being investigated by the Parliamentary Standards Commission over whether he broke the rules by failing to declare a £5m gift from Harborne.
Parliamentary rules require MPs to declare any “personal benefit” they have received in the 12 months before taking office and to register them within one month of their election.
Farage argues the payment was an “unconditional” gift not connected to his political activity, was given to him before he became an MP, and is needed to pay for private security.
This week, he told the BBC: “It’s not the public’s business” to know the details of how he spends the money, and also told LBC: “I can do what I want with it. I can put it on the horses.”
Harborne, a Thailand-based businessman and a significant shareholder in Tether, one of the world’s largest stablecoins, has donated more than £22m to Reform UK.
Farage has invested £215,000 in crypto firm Stack BTC, which purchased £2m in bitcoin earlier this year.
He has received £72,000 in gifts or benefits from Harborne, as well as £30,000 in earnings from Blockworks, a data and software platform for crypto markets, according to analysis by The i Paper of the register of MPs’ financial interests. He has declared £7,400 in earnings from BTC Inc, a bitcoin-focused media and technology company.
Reform’s donations include £30,000 from Oscar Townsley, the founder of bitcoin derivatives trading firm A1X, and £10,000 from Daniel Masters, the chairman of digital asset investment firm CoinShares.
Some of the crypto policies Reform is considering include making bitcoin part of the UK’s official reserves allowing tax payments to be made with cryptocurrencies and lowering capital gains tax on crypto sales.
Economists previously told The i Paper that those policy plans would enrich bitcoin and crypto investors but would pose risks to the UK economy that would leave taxpayers with big bills.
A Reform spokesperson said at the time: “Reform UK’s Cryptoassets and Digital Finance Bill represents international best practice in a range of areas and contains robust safeguards against abuse.”
Reform UK has been contacted for comment in response to the FCA report.
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