Nigel Farage has been referred to the Financial Conduct Authority (FCA) over claims his cryptocurrency advocacy has benefited his billionaire backer, Christopher Harbone.
The Reform UK leader has previously insisted the millions donated by the Thailand-based crypto investor was gifted to him and the party with the expectation of “absolutely nothing in return at all”.
But the Chair of the Labour Party has now written to the financial regulator calling for an investigation into whether Mr Farage’s efforts to promote cryptocurrencies and stablecoins may have benefited Mr Harborne.
“Mr Farage’s public advocacy for stablecoins and cryptoassets raises issues within the FCA’s remit,” the letter reads.
“He 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. 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.”
The letter, written by Chair of the Labour Party Anna Turley, refers to reports Mr Farage used a private meeting with the Governor of the Bank of England, Andrew Bailey, to argue against a proposed central bank digital currency and restrictions on stablecoins.
The letter claims the introduction of a central bank digital currency could reduce the demand for other cryptocurrencies, such as Tether, in which Mr Harborne reportedly holds shares in.
A day before the meeting with Mr Bailey in September 2025, he specifically referred to Tether as an example of a stablecoin in an interview with LBC.
“I'm going to go tomorrow [to the Bank of England] to say this. You know, Tether is a stablecoin,” he said.
“Stablecoins are the way which money goes from conventional currencies through into cryptocurrencies and back again. Tether is about to be valued as a $500 billion company, you know, stablecoins, crypto, this world is enormous.
“I’ve been urging for years that London should embrace it, we should become a global trading centre for this stuff under proper regulation.
“And the governor of the Bank of England earlier this week indicated that nobody, no individual should be allowed to have more than £10,000 worth of stablecoins, to which some of my friends have said, ‘Why don’t we just emigrate?’
“Why is the Bank so out of touch? Why is it behaving like a dinosaur? Why not get with the 21st century? These new technologies aren’t going away. They’re here.”
The letter goes on the say Tether had been pursuing a fundraising round in the same month the interview took place.
Mr Harborne’s donations to Mr Farage and Reform UK have been a subject of particular controversy for the party, after he gifted it £9m last August – the biggest single donation in history to a political party from a living person – and a further £3m this year.
Mr Farage’s recent disclosure of the £5m “gift” from the crypto entrepreneur has also prompted an investigation by Westminster’s standards watchdog into whether Mr Farage broke Commons rules by not declaring it after his election in 2024. The investigation is still ongoing.
Reform UK and the FCA have been approached for a comment.
