UK Liberal Democrats Urge FCA Probe into Nigel Farage's Cryptocurrency Promotion

Liberal Democrats Call for FCA Investigation The Liberal Democrats have called for the UK Financial Conduct Authority to investigate Nigel Farage's promotion of a £2m cryptocurrency purchase.

The party wants the regulator to examine whether Farage's actions amount to attempted interference in the cryptocurrency market or attempted market abuse. This follows Farage's appearance in a promotional video to mark Stack's latest investment. Farage is a shareholder in the British Bitcoin company Stack.

3% of Stack's shares through his investment vehicle Thorn In The Side Ltd. Farage has put £215,000 into Stack. In the promotional video to announce Stack's £2m Bitcoin purchase, Nigel Farage appeared alongside the company's chair Kwasi Kwarteng.

Kwasi Kwarteng served as UK chancellor for 38 days during Liz Truss's premiership. Stack was co-founded by Paul Withers. Paul Withers is the owner of Direct Bullion, for which Nigel Farage is a brand ambassador.

The gold trading company Direct Bullion has paid Nigel Farage £226,200 for promotional work, according to the MPs register of interests. A spokesman for Nigel Farage described the event as a photo call. Nigel Farage bought £2m of crypto on behalf of Stack and not personally, according to his spokesman.

' The BBC approached Stack for comment.

Labour Criticizes Farage's Involvement Labour described Nigel Farage's involvement in the venture as a bid to line his own pockets.

Reform UK is currently the only party at Westminster known to have received donations in digital currency. In October last year, Nigel Farage said the party had already received a couple of crypto donations. Reform UK's website says it does not accept anonymous donations and any donations above £500 are subject to checks.

In the UK, parties must check donations over £500 are from permissible sources, which include people listed on the UK electoral register. A spokesman for Farage told the BBC that all parties need donations to run campaigns and Labour taking money from the trade unions is just one example.

Starmer Announces Crypto Donation Ban Keir Starmer said he will ban donations in cryptocurrency to UK political parties in response to a review of foreign financial interference.

The Bbc reported on these developments involving Farage and cryptocurrency promotions.

Background on Farage's Crypto Ties Farage's promotion ties into his broader advocacy for digital currencies.

His investments and promotional roles link Stack to other ventures like Direct Bullion. The calls for investigation highlight scrutiny over political figures' financial interests in emerging markets.