Lib Dems call for inquiry into Farage Bitcoin deal
Lib Dems Demand Probe into Farage’s Bitcoin Investment
The Liberal Democrats have requested an investigation into Nigel Farage’s role in promoting a £2 million cryptocurrency purchase. The leader of Reform UK is a shareholder in British Bitcoin firm Stack and featured in a promotional video to highlight its recent investment. The party’s inquiry centers on whether his actions could constitute “attempted interference in the cryptocurrency market” or “attempted market abuse.”
A representative for Farage clarified the event as a “photo call,” stating: “Mr Farage is embracing the 21st century. He bought the [£2 million] crypto on behalf of Stack and not personally.” Farage’s personal stake in the company includes £215,000 invested through his vehicle, Thorn In The Side Ltd, which grants him 6.3% ownership.
“This raises real concerns that Nigel Farage could be using the Donald Trump playbook to prioritize his own financial interests over the public good,” said Liberal Democrats deputy leader Daisy Cooper. “He might be enticing people into high-risk schemes for personal gain.”
The US president has actively supported cryptocurrencies, even hosting a crypto summit at the White House. Cooper added: “The FCA must determine if Farage’s crypto plans could lead to market abuse and a conflict of interest. We can’t let political leaders treat financial markets as personal piggy banks.”
A Financial Conduct Authority spokesperson noted: “We will review the letter and respond directly.” Stack, co-founded by Paul Withers, also owns Direct Bullion, for which Farage serves as a brand ambassador. The MPs register of interests reveals that Direct Bullion has paid him £226,200 for promotional efforts.
Labour Party chair Anna Turley criticized Farage’s involvement, stating: “Nigel Farage is hyping up a former Tory chancellor who crashed the economy, all to line his own pockets. Reform UK is more self-serving than advocating for working people. While Labour cleans up the Tories’ mess, Farage is aligning with the architect of Liz Truss’s disastrous mini-budget.”
Keir Starmer has announced plans to ban cryptocurrency donations to UK political parties, following a review of foreign financial influence. This measure is particularly significant for Reform UK, the sole party at Westminster known to have received crypto donations. Last May, Farage declared his party would accept Bitcoin contributions. In October, he mentioned that a few such donations had already been received.
Reform UK’s website states it does not accept anonymous donations, requiring checks for amounts over £500. In the UK, political parties must verify that donations above this threshold come from permissible sources, including individuals on the electoral register.
A Farage spokesperson told the BBC: “All parties need donations to run campaigns. Labour taking money from trade unions is just one example.” The BBC has sought Stack’s comment on the matter.
Bitcoin, a form of digital money, lacks physical form and is traded via computer networks. The promotional video for Stack’s £2 million Bitcoin investment featured Nigel Farage alongside its chair, Kwasi Kwarteng, who briefly served as UK chancellor during Liz Truss’s premiership.
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