The UK's Labour Party has formally accused Reform UK leader Nigel Farage of evading scrutiny over a £5 million ($6.7 million) gift from crypto billionaire Christopher Harborne, a major Tether investor. Labour chair Anna Turley sent a letter calling for a clear account, noting Farage's shifting explanations—first claiming it was for personal security, then calling it a reward for Brexit campaigning. The parliamentary standards commissioner has launched an inquiry into whether the money funded political activity. Prime Minister Starmer challenged Farage at PMQs, questioning why the gift was kept secret. Harborne, worth $24.4 billion, holds a 12% stake in Tether and has donated £12 million to Reform UK overall. The donations have made Reform the best-funded party, with additional contributions from BitMEX co-founder Ben Delo. The controversy raises concerns over foreign influence and political donation transparency, with the government considering caps on large donations.

Key facts

• Labour chair Turley accused Farage of shifting accounts and evading scrutiny over £5M gift.
• Crypto billionaire Harborne (Tether) gave Farage £5M in 2024, later described as Brexit reward.
• Parliamentary commissioner investigates whether gift funded political activity.
• Harborne donated £12M total to Reform UK, making it best-funded party.
• Prime Minister Starmer challenged Farage to explain why gift was kept secret.