LABOUR have asked the UK financial watchdog to investigate whether Nigel Farage’s support for cryptocurrency has benefitted the billionaire donor who secretly gave him £5 million.
Crypto-billionaire Christopher Harborne, who is based in Thailand and is also known by the Thai name Chakrit Sakunkrit, has also donated more than £25 million to Reform UK, the political party which Farage leads.
The businessman was an early investor in prominent cryptocurrency Bitcoin, and is reported to own a stake in Tether, a company which issues a so-called “stablecoin” with the same name.
Farage and his deputy Richard Tice met with Bank of England governor Andrew Bailey in October 2025, and directly raised cryptocurrency.
Farage is currently being investigated by Parliament’s standards commissioner over the £5m from Harborne gift, which critics say he should have declared but Farage has insisted was unconditional.
Anna Turley, the chair of the Labour Party, has written to the Financial Conduct Authority (FCA), asking it to investigate whether Farage’s public pronouncements about Tether and other cryptocurrencies may have been intended to benefit his donor.
In her letter, she said: “Mr Farage’s public advocacy for stablecoins and cryptoassets raises issues within the FCA’s remit.
“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.”
She added: “I believe there is a legitimate public interest in ensuring that communications relating to cryptoassets are transparent, compliant with applicable regulatory requirements, and assessed consistently regardless of the status or prominence of the individual concerned.”
Farage has previously insisted that Harborne wants nothing in return for his donations to Reform UK, and he has repeatedly denied wrongdoing over the £5m gift, insisting it was unconnected to his political activity.
Earlier this week, the Reform UK leader said he could spend the money "on Ferraris" if he wanted to.
On Tuesday, he told the BBC he believed the gift to be “a wholly private matter”.
But he appeared to concede he could be facing a parliamentary sanction, adding: “The standards commissioner may take a different view.”
Reform did not respond to a request for a response.
An FCA spokesperson said: “Parliament has extended the FCA's remit to bring cryptoasset activities fully within our regulatory regime from October 2027.
“We have received the letter and will respond directly.”
