finance
Labour Party Chair Refers Nigel Farage to Financial Regulator Over Crypto Advocacy
The Chair of the Labour Party has asked the Financial Conduct Authority to examine whether Nigel Farage's public support for cryptocurrencies and stablecoins benefited a major donor. The request follows millions in donations from a Thailand-based crypto investor to Farage and Reform UK.
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The Chair of the Labour Party has written to the Financial Conduct Authority requesting an investigation into whether Nigel Farage's advocacy for cryptocurrencies and stablecoins may have benefited a donor who contributed millions to him and Reform UK.
The letter states that Farage publicly praised the stablecoin Tether, opposed limits on private stablecoins, and argued that the United Kingdom should become a global center for cryptoasset activity. It notes that Farage and his party receive funding from individuals with financial interests in cryptocurrencies.
The donor gave £9 million to Reform UK last August, the largest single donation from a living person to a British political party, and an additional £3 million this year. Farage separately disclosed a £5 million gift from the same donor, prompting an ongoing investigation by Westminster's standards watchdog into whether he violated Commons disclosure rules after his 2024 election.
A day before a September 2025 meeting with Bank of England officials, Farage told LBC that he planned to cite Tether as an example of a stablecoin and urged London to embrace the sector under proper regulation. The letter states that Tether was pursuing a fundraising round in the same month.
Reform UK and the Financial Conduct Authority have been approached for comment. The standards investigation remains open.
