Lib Dems call for inquiry into Farage Bitcoin deal
Lib Dems call for inquiry into Farage Bitcoin deal
The Liberal Democrats have urged the UK financial regulator to examine Nigel Farage’s role in promoting a £2m cryptocurrency investment. As Reform UK’s leader, Farage is a shareholder in Stack, a British Bitcoin company, and featured in a promotional video celebrating its latest purchase. The party’s inquiry focuses on whether his actions might constitute “attempted interference in the cryptocurrency market” or “market abuse.”
Farage’s spokesperson clarified that the event was a “photo call,” stating: “Mr Farage is embracing the 21st century. He bought the [£2m of] crypto on behalf of Stack and not personally.” The leader has invested £215,000 in the firm, giving him 6.3% ownership through his Thorn In The Side Ltd vehicle.
“This raises real concerns that Nigel Farage could be using the Donald Trump playbook to put his own financial interests above the public good,” said Liberal Democrat deputy leader Daisy Cooper. “He might be luring people into high-risk schemes for his own gain.”
Labour has accused Farage of leveraging his political position to benefit personally. Party chair Anna Turley remarked: “Nigel Farage is hyping up a former Tory chancellor who crashed the economy, in a bid to line his own pockets. Reform are more interested in themselves than in standing up for working people.”
“We cannot allow political leaders to treat the financial markets like a personal piggy bank to line their own pockets,” Cooper added. “The FCA must investigate whether his plans to cash in on crypto could amount to market abuse.”
The Financial Conduct Authority (FCA) confirmed it will review the matter and respond directly. Stack, co-founded by Paul Withers, also owns Direct Bullion, for which Farage serves as a brand ambassador. The gold trading firm reportedly paid him £226,200 for promotional work, as noted in the MPs register of interests.
Reform UK’s stance on crypto donations has drawn attention. Keir Starmer has proposed banning digital currency contributions to UK political parties, a move relevant to Reform UK, which is the sole Westminster party known to accept such funds. Last May, Farage announced the party would accept Bitcoin donations, and in October, he noted a few had already been received.
Reform UK’s website states it does not accept anonymous donations, requiring checks for amounts over £500. In the UK, parties must verify that all contributions above this threshold come from permissible sources, such as individuals registered on the electoral roll. Farage’s spokesperson argued: “All parties need donations to run campaigns,” citing Labour’s union funding as an example.
Bitcoin, a form of digital currency, operates without physical form and is traded via computer networks. The promotional video featuring Farage and Stack’s chair Kwasi Kwarteng, who briefly led the UK as chancellor during Liz Truss’s tenure, highlights the political and financial connections in the cryptocurrency space.
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