Lib Dems call for inquiry into Farage Bitcoin deal
Lib Dems demand scrutiny of Nigel Farage’s £2 million Bitcoin deal
The Liberal Democrats have urged the UK’s financial regulator to examine Nigel Farage’s role in promoting a £2 million cryptocurrency investment. As a shareholder in British Bitcoin firm Stack, Farage featured in a promotional video celebrating the company’s latest funding round. The party claims his actions might constitute “attempted interference in the cryptocurrency market” or “market abuse.”
A spokesperson for Farage dismissed the criticism, calling the event a “photo call” and stating: “Mr Farage is embracing the 21st century. He purchased the [£2m] crypto on behalf of Stack, not personally.” The leader of Reform UK holds 6.3% of Stack through Thorn In The Side Ltd, having invested £215,000 in the company.
“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 risky investments for personal gain.”
Labour accused Farage of exploiting the venture to “line his own pockets,” pointing to his brand ambassador role with Direct Bullion, which paid him £226,200 for promotional work. The party’s chair, Anna Turley, added: “Nigel Farage is hyping up a former Tory chancellor who caused economic turmoil, all to boost his own finances. Reform UK seems more focused on self-interest than supporting working people.”
Stack was co-founded by Paul Withers, who also owns Direct Bullion. The FCA confirmed it will review the matter, stating: “We will assess the letter and respond directly.” Meanwhile, Keir Starmer announced plans to restrict cryptocurrency donations to political parties, targeting Reform UK, which is the sole Westminster party to have received such contributions.
Last May, Farage’s party declared it would accept Bitcoin donations. By October, he claimed a “couple” of crypto contributions had already been received. Reform UK’s website notes it requires donors above £500 to undergo verification, aligning with UK rules that mandate checks for large contributions from permissible sources.
A Farage representative told the BBC: “All parties need donations to fund campaigns. Labour taking money from trade unions is just one example.” The BBC is seeking Stack’s response to the allegations. Bitcoin, a digital currency, operates without physical form and is traded via computer networks.
President Donald Trump’s support for cryptocurrencies, including a White House summit on the topic, has drawn comparisons to Farage’s approach. Cooper emphasized the need for transparency, warning against political leaders treating financial markets as personal resources.
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