UK Lawmaker Calls For Probe Into Nigel Farage’s Crypto Ties After $2.7M Stack BTC Promotion
A UK lawmaker has requested the monetary authorities to research Nigel Farage’s promotion of a Bitcoin (BTC) treasury agency, elevating considerations about potential market abuse and conflicts of curiosity because of the politician’s potential ties to the crypto trade.
Farage’s Stack BTC Video Prompts Scrutiny
On Monday, UK Liberal Democrat deputy chief Daisy Cooper asked the Financial Conduct Authority (FCA) CEO, Nikhil Rathi, to research Reform UK chief and Member of Parliament (MP) Nigel Farage over his ties to the crypto trade.
In the letter, the lawmaker highlighted Farage’s latest look in a promotional video for crypto treasury agency Stack BTC, through which he’s additionally an investor, exhibiting him buying roughly £2 million in Bitcoin.
As reported by Bitcoinist, the Reform UK chief purchased 37 BTC, price round $2.7 million, on Monday on behalf of the corporate, turning into the primary sitting British MP and occasion chief to publicly again Bitcoin, Stack BTC famous.
Despite the triumph for crypto in British Politics, Cooper considers that Farage’s Bitcoin promotion, alongside his repeated help for digital property, “raises extraordinarily severe questions on potential market abuse, a battle of curiosity, and publicity of strange folks to monetary hurt.”
The lawmaker highlighted Farage’s campaigns to increase using digital property within the UK, together with establishing a Bitcoin reserve fund, lowering capital beneficial properties tax on crypto property from 24% to 10%, and enacting authorized safeguards to stop banks from terminating accounts related to digital foreign money transactions.
“Taken collectively, these info beg the query whether or not Mr Farage is selling cryptocurrencies via his political platform in an effort to inflate crypto values for his personal monetary profit, in addition to that of his occasion and his interior circle of donors,” Cooper argued.
She emphasised that “proudly owning and buying and selling cryptocurrencies is a superbly authentic exercise when performed consistent with all related guidelines and rules.” However, Cooper famous that Farage is an influential determine and no politician “needs to be exploiting their platform to doubtlessly enrich themselves or particular vested pursuits.”
Based on this, the lawmaker considers that the FCA wants to ascertain “if that is one other space through which the Reform UK chief is seeking to copy the Donald Trump playbook,” citing the US first family’s worthwhile crypto initiatives and the conflict-of-interest calls from a number of democratic lawmakers over the previous 12 months.
She urged the FCA CEO to research whether or not Farage’s actions quantity to “interference within the cryptocurrency market, whether or not they might represent tried market abuse, and whether or not his public statements might have uncovered strange folks to monetary hurt.”
UK Moves To Ban Crypto Donations
In the letter, Cooper additionally listed the $18 million crypto donations that Reform UK acquired in 2025 as a significant concern. Last 12 months, Reform UK turned the primary British political occasion to just accept Bitcoin donations.
She highlighted the $12.2 million donation from Christopher Harborne, a significant investor in Tether, the issuer of the world’s largest stablecoin, USDT. Harborne’s contribution turned the most important political donation of its variety in UK historical past, drawing scrutiny from regulators.
Last month, the UK authorities announced measures to limit political donations made in cryptocurrency and restrict the quantity that British residents residing overseas can contribute to political events.
Until lately, British legislation didn’t impose any restrictions on donations to political events in the event that they originated from people registered on the UK electoral register or from UK-registered organizations, reminiscent of commerce unions.
Nonetheless, an impartial evaluation into international monetary affect in British politics concluded that the specter of international monetary interference is “actual, persistent and sustained.” The evaluation advisable stronger investigative and felony instruments to fight interference by international states.
With not less than two-thirds of Reform UK’s funds reportedly originating from abroad donors, the brand new restrictions would considerably scale back one of many occasion’s most profitable funding sources.
