Reform UK has received an additional £4 million from British crypto billionaire Ben Delo, who was previously based in Hong Kong. The party expressed confidence that Delo will not be affected by the new overseas donor cap.
Background on Ben Delo
Delo was convicted in the US in 2022 for failing to implement adequate anti-money laundering controls in his cryptocurrency business, BitMEX, before being pardoned by Donald Trump. This latest donation brings his total contributions to Reform UK to £8 million, making him the party's second-largest donor after Christopher Harborne, a Thailand-based crypto investor who has contributed £15 million since the last election.
New Donation Regulations
The Electoral Commission has introduced a cap on donations from overseas donors, which requires them to be on the UK domestic electoral register for at least 12 months to avoid a £100,000-a-year limit. Delo was initially expected to fall under this cap after he mentioned in the Telegraph that he made his first donation since the cap was enacted. However, a source from Reform UK indicated that they believe Delo may have been registered longer than previously thought, allowing the party to retain his latest donation.
Political Context
Andy Burnham's government is contemplating implementing an annual cap on donations from both UK and overseas donors. This comes after the launch of a new taskforce aimed at addressing the issue of mega-donors in the UK. Despite this, the government did not introduce a cap in the recent elections bill due to concerns from trade unions about their ability to donate.
