Reform UK leader Nigel Farage has been formally reported to Parliament’s standards watchdog over allegations that he lobbied the Bank of England on cryptocurrency policy in a manner that could financially benefit his largest donor, a billionaire holding a 12% stake in stablecoin issuer Tether.
The Complaint
Labour MP Phil Brickell, who chairs the parliamentary group on anti-corruption and responsible tax, has asked Parliamentary Commissioner for Standards Daniel Greenberg to examine Farage’s dealings with the central bank. UK parliamentary rules prohibit MPs from approaching officials or ministers on behalf of individuals who pay them, for 12 months following such a payment.
‘Before meeting the governor of the Bank of England, Farage openly championed Tether, criticised proposed restrictions on stablecoins and vowed to challenge the Bank’s approach,’ Brickell told the Guardian, adding that Farage ‘has since claimed credit for persuading the Bank to soften its position.’
A second Labour MP, Joe Powell, has separately written to Bank of England Governor Andrew Bailey requesting details of the meeting, arguing that financial system decisions ‘must be made in the public interest and on the basis of rigorous, independent assessment, not shaped behind closed doors to benefit individual financiers.’
The Bank Meeting
The complaint centres on a private meeting held in September 2025, at which Farage reportedly urged Bailey to abandon plans for a central bank digital currency, known colloquially as ‘Britcoin’, an idea Farage has said he would ‘go to prison to block.’ Farage subsequently claimed credit for pushing the Bank toward a softer stance. Last week the Bank dropped a proposed 20,000 pound cap on individual stablecoin holdings that Farage had publicly attacked.
The Bank of England described the September meeting as part of its routine engagement with political figures, acknowledged that Farage and Bailey held differing views on the digital pound, but has not released any minutes.
The Undeclared Gift
The donor at the centre of the complaint is Christopher Harborne, a British, Thailand-based billionaire who holds a 12% stake in USDT issuer Tether and ranks sixth on the Sunday Times Rich List.
Farage accepted an undeclared 5 million pound ($6.7 million) personal gift from Harborne prior to standing in the July 2024 general election, at a time when he had not announced plans to run as an MP. The gift was not declared to parliamentary authorities.
Harborne also made two 25,000 pound political donations to Farage in January 2025 and February 2026, covering trips to the United States and the Chagos Islands. Reform UK separately received a further 15 million pounds from Harborne between last August and February 2026.
Greenberg is already conducting a separate investigation into whether Farage should have declared the 5 million pound personal gift.
Farage’s Response
Farage and Harborne have both said the billionaire wanted nothing in return. Farage’s account of the gift has shifted across public statements: from a contribution toward his personal security, to a reward for his Brexit campaigning, to money he says he can spend however he wishes. He has called it ‘unconditional’ and ‘a purely private matter.’ Reform UK has dismissed the broader allegations as ‘utter rubbish.’ Labour has previously accused Farage of evading scrutiny over the matter.
Farage has previously described himself as a ‘champion’ for the cryptocurrency sector, calling for the UK to establish a Bitcoin strategic reserve and pushing to lower capital gains taxes on digital assets.
No wrongdoing has been established. The referral is a complaint for the Commissioner to consider, and no finding has been made against Farage.
