Nigel Farage faces watchdog probe over alleged Tether lobbying

Nigel Farage has been reported to the UK Parliament’s standards watchdog over allegations that he lobbied the Bank of England on cryptocurrency policy in ways that could benefit one of his largest political backers, a major investor in stablecoin issuer Tether.

Summary

• Nigel Farage has been reported to Parliament’s standards watchdog over alleged Tether-related lobbying.
• Labour MPs have questioned Farage’s meeting with the Bank of England over crypto policy.
• Donations from Tether investor Christopher Harborne remain under separate parliamentary scrutiny.

According to The Guardian, Labour MP Phil Brickell has asked Parliamentary Commissioner for Standards Daniel Greenberg to investigate whether the Reform UK leader breached parliamentary rules by engaging with the Bank of England after receiving financial support from British billionaire Christopher Harborne.

Under parliamentary rules, MPs are barred from lobbying ministers or public officials on behalf of individuals who have paid them within the previous 12 months.

Brickell told The Guardian that Farage publicly supported Tether, criticized proposed limits on stablecoins, and promised to challenge the Bank of England’s position before meeting Governor Andrew Bailey. Brickell also claimed Farage later said he had persuaded the central bank to soften its approach.

Complaint centers on Bank of England crypto meeting

At the center of the complaint is a private meeting held in September 2025 between Farage and Bailey. According to The Guardian, Farage urged the Bank to abandon plans for a UK central bank digital currency, often referred to as “Britcoin,” a proposal he has previously said he would rather go to prison than support.

Soon afterward, Farage publicly claimed he had influenced the Bank’s thinking. Last week, the Bank of England dropped a proposed £20,000 limit on individual stablecoin holdings, a restriction Farage had repeatedly criticized.

Meanwhile, Labour MP Joe Powell has written separately to Bailey seeking details of the meeting. In his letter, Powell argued that decisions affecting the UK’s financial system, including those involving a digital pound, should be made independently and in the public interest rather than through private discussions that could benefit individual investors, according to The Guardian.

The Bank of England said the September meeting formed part of its routine engagement with political figures. The central bank acknowledged that Bailey and Farage held different views on the digital pound but has not released minutes or additional details from the meeting.

Harborne donations draw additional scrutiny

Brickell has argued that the case extends beyond cryptocurrency policy because it raises questions about whether an MP who has received millions from a single donor should promote policies that could increase the value of that donor’s investments.

Harborne, a British businessman based in Thailand, owns a 12% stake in Tether, the company behind the USDT stablecoin, and ranks sixth on the Sunday Times Rich List.

According to The Guardian, Farage accepted an undeclared £5 million ($6.7 million) gift from Harborne before standing in the July 2024 general election. Because Farage had not yet announced his candidacy for Parliament, the payment was not declared to parliamentary authorities at the time.

The report also said Harborne later made two separate £25,000 political donations to Farage in January 2025 and February 2026 to fund trips to the United States and the Chagos Islands. During the same period, Reform UK reportedly received another £15 million ($20.1 million) from Harborne. Greenberg is already conducting a separate investigation into whether the earlier £5 million gift should have been declared.

Farage and Harborne have both said the billionaire expected nothing in return. Farage has described the payment as unconditional and a private matter, although The Guardian noted that his explanation has changed over time, ranging from funding his personal security to rewarding his role in the Brexit campaign before later saying he was free to spend the money as he wished. Reform UK has rejected the allegations as “utter rubbish,” while Labour has accused Farage of avoiding proper scrutiny.

Farage has long positioned himself as a supporter of digital assets, previously calling for the UK to establish a strategic Bitcoin reserve and advocating lower capital gains taxes on cryptocurrency investments.