The political party Reform UK in the United Kingdom has secured a record donation of £9 million (approximately $12 million) from early cryptocurrency investor Christopher Harborne.
This amount marks the largest single political donation by a living individual in Britain, arriving just months before the local elections set for May, as reported by the BBC on Thursday, citing newly released data from the Electoral Commission.
Harborne, a British citizen currently residing in Thailand, has a track record of supporting UK political initiatives. He has previously contributed to the Conservatives during Boris Johnson’s tenure and to the Brexit Party, which is now known as Reform UK, in the 2019–2020 campaign cycle, according to the report.
This donation surpasses the previous record of $10.7 million made by supermarket heir Lord David Sainsbury to the Liberal Democrats in 2019.
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Harborne’s connections to crypto
Harborne, who identifies as a “digital nomad,” is recognized for his investments in cryptocurrency. He possesses an almost 13% stake in Tether, the firm behind the USDt (USDT) stablecoin, which is linked to compensation stemming from a 2016 Bitfinex hack. He states that he does not hold any executive positions at either company.
Last year, Harborne initiated a defamation lawsuit against The Wall Street Journal over a 2023 article alleging his involvement in illegal activities at Tether and Bitfinex. He contended that the media wrongly accused him of “committing fraud, laundering money, and financing terrorism.”
The article asserted that Bitfinex struggled to maintain banking access in late 2018 and resorted to intermediaries and shell companies, as documented in internal memos. References to Harborne were later excised.
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The UK considers restricting crypto political donations
The historic donation arrives as the UK contemplates banning cryptocurrency contributions to political parties. The proposal is reportedly under discussion as part of a new Elections Bill aimed at enhancing trust in politics and tightening campaign financing regulations.
This year, Reform UK became the first political party to accept cryptocurrency donations. The party is leading in the polls, currently projected at around 27% nationally, significantly ahead of Labour and the Conservatives, both below 20%.
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