Nigel Farage has been reported to the UK Parliament’s requirements watchdog over allegations that he lobbied the Financial institution of England on cryptocurrency coverage in ways in which may benefit one in all his largest political backers, a significant investor in stablecoin issuer Tether.
Abstract
- Nigel Farage has been reported to Parliament’s requirements watchdog over alleged Tether-related lobbying.
- Labour MPs have questioned Farage’s assembly with the Financial institution of England over crypto coverage.
- Donations from Tether investor Christopher Harborne stay underneath separate parliamentary scrutiny.
In response to The Guardian, Labour MP Phil Brickell has requested Parliamentary Commissioner for Requirements Daniel Greenberg to examine whether or not the Reform UK chief breached parliamentary guidelines by participating with the Financial institution of England after receiving monetary assist from British billionaire Christopher Harborne.
Beneath parliamentary guidelines, MPs are barred from lobbying ministers or public officers on behalf of people who’ve paid them throughout the earlier 12 months.
Brickell informed The Guardian that Farage publicly supported Tether, criticized proposed limits on stablecoins, and promised to problem the Financial institution of England’s place earlier than assembly Governor Andrew Bailey. Brickell additionally claimed Farage later stated he had persuaded the central financial institution to melt its method.
Criticism facilities on Financial institution of England crypto assembly
On the heart of the criticism is a non-public assembly held in September 2025 between Farage and Bailey. In response to The Guardian, Farage urged the Financial institution to desert plans for a UK central financial institution digital foreign money, also known as “Britcoin,” a proposal he has beforehand stated he would quite go to jail than assist.
Quickly afterward, Farage publicly claimed he had influenced the Financial institution’s pondering. Final week, the Financial institution of England dropped a proposed £20,000 restrict on particular person stablecoin holdings, a restriction Farage had repeatedly criticized.
In the meantime, Labour MP Joe Powell has written individually to Bailey in search of particulars of the assembly. In his letter, Powell argued that selections affecting the UK’s monetary system, together with these involving a digital pound, must be made independently and within the public curiosity quite than by personal discussions that might profit particular person buyers, in accordance with The Guardian.
The Financial institution of England stated the September assembly fashioned a part of its routine engagement with political figures. The central financial institution acknowledged that Bailey and Farage held completely different views on the digital pound however has not launched minutes or extra particulars from the assembly.
Harborne donations draw extra scrutiny
Brickell has argued that the case extends past cryptocurrency coverage as a result of it raises questions on whether or not an MP who has acquired tens of millions from a single donor ought to promote insurance policies that might improve the worth of that donor’s investments.
Harborne, a British businessman based mostly in Thailand, owns a 12% stake in Tether, the corporate behind the USDT stablecoin, and ranks sixth on the Sunday Instances Wealthy Record.
In response to The Guardian, Farage accepted an undeclared £5 million ($6.7 million) reward from Harborne earlier than standing within the July 2024 normal election. As a result of Farage had not but introduced his candidacy for Parliament, the cost was not declared to parliamentary authorities on the time.
The report additionally stated Harborne later made two separate £25,000 political donations to Farage in January 2025 and February 2026 to fund journeys to the USA and the Chagos Islands. Throughout the identical interval, Reform UK reportedly acquired one other £15 million ($20.1 million) from Harborne. Greenberg is already conducting a separate investigation into whether or not the sooner £5 million reward ought to have been declared.
Farage and Harborne have each stated the billionaire anticipated nothing in return. Farage has described the cost as unconditional and a non-public matter, though The Guardian famous that his clarification has modified over time, starting from funding his private safety to rewarding his position within the Brexit marketing campaign earlier than later saying he was free to spend the cash as he wished. Reform UK has rejected the allegations as “utter garbage,” whereas Labour has accused Farage of avoiding correct scrutiny.
Farage has lengthy positioned himself as a supporter of digital property, beforehand calling for the UK to ascertain a strategic Bitcoin reserve and advocating decrease capital beneficial properties taxes on cryptocurrency investments.
