Lib Dems call for inquiry into Farage Bitcoin deal
Liberal Democrats Demand Scrutiny of Farage’s Cryptocurrency Deal
The Liberal Democrats have demanded that the UK’s financial regulator examine Nigel Farage’s advocacy of a £2 million cryptocurrency investment. The Reform UK leader is a stakeholder in British Bitcoin firm Stack and featured in a promotional clip celebrating the company’s latest venture. The party has urged the Financial Conduct Authority (FCA) to assess whether his actions could constitute “unlawful influence on the crypto market” or “potential market manipulation.”
“Mr Farage is embracing the 21st century. He bought the [£2 million of] crypto on behalf of Stack and not personally,” said a spokesperson for Farage, framing the event as a “photo call.” The leader holds £215,000 in the company and owns 6.3% of its shares via his investment entity Thorn In The Side Ltd.
Labour has accused Farage’s involvement in the scheme of being “a move to enrich himself.” The BBC has sought comments from Stack on the matter. Bitcoin, a digital currency, operates without physical form and is exchanged through decentralized networks.
In a video announcing Stack’s £2 million Bitcoin acquisition, Farage stood beside the company’s chair Kwasi Kwarteng, who briefly served as UK chancellor during Liz Truss’s tenure. “I’ve long been a political champion for Bitcoin, foreseeing its impact on future finance,” Farage stated in a press release.
Liberal Democrats deputy leader Daisy Cooper raised concerns about Farage possibly adopting the Donald Trump strategy to prioritize personal profit over public welfare. “The FCA must investigate if his crypto plans risk market abuse and a conflict of interest,” she said, criticizing the use of financial markets as a “personal piggy bank.”
A FCA representative confirmed: “We will review the letter and respond directly.” Stack was established by Paul Withers, who also owns Direct Bullion. Farage serves as a brand ambassador for the gold trading company, which compensated him £226,200 for promotional efforts, as listed in the MPs’ register of interests.
Labour Party chair Anna Turley accused Farage of aligning with a former Tory chancellor linked to economic turmoil. “Reform UK favors self-interest over working-class support,” she said, pointing out that Farage is associated with the architect of Liz Truss’s controversial mini-budget.
Keir Starmer has proposed banning crypto donations to UK parties, addressing a review on foreign financial influence. This measure is significant for Reform UK, which is the sole Westminster party accepting digital currency contributions. Last May, Farage announced his party’s openness to Bitcoin donations. Earlier this year, he confirmed receiving “a few” such contributions.
Reform UK’s website states it does not accept anonymous donations, requiring verification for amounts over £500. In the UK, political parties must confirm that donations exceeding this threshold originate from approved sources, including individuals registered on the electoral roll.
A Farage representative noted that “all parties need donations to operate campaigns,” citing Labour’s acceptance of trade union funds as an example. The article concludes with an invitation to subscribe to the Politics Essential newsletter for daily political insights and analysis.
