Ben Delo has suddenly become one of the most important names in British politics without running for election. The entrepreneur and cryptocurrency billionaire has announced a record donation of 36 million pounds —about 42 million euros at the current exchange rate— to Reform UK, the party led by Nigel Farage, which seeks to challenge Labour and Conservatives in the upcoming general elections.
The contribution represents the largest known individual donation in British political history and is designed to provide Reform UK with the equivalent of one million pounds monthly until the elections scheduled for 2029. Delo claims he aims to achieve a “fair fight” against the two major traditional parties and allow Farage's party to dedicate more resources to developing policies and building a structure capable of governing.
From Oxford to becoming a billionaire with cryptocurrencies
Delo, 42, studied Mathematics and Computer Science at the University of Oxford, where he obtained the highest joint qualification in both disciplines. He then worked as a software engineer at IBM and developed high-frequency trading systems for financial companies like GSA Capital and JP Morgan, before making the definitive leap into the world of cryptocurrencies.
In 2014, he co-founded BitMEX, a platform specialized in cryptocurrency derivatives that would become one of the largest in the world. Delo is also related to the development of the so-called perpetual swap, a type of derivative without an expiration date that became one of the most used products in the crypto market.
The success was extraordinarily rapid. In 2018, when BitMEX reached the peak of the cryptocurrency exchange market, Delo was considered the youngest self-made billionaire in Britain, with a fortune exceeding 1 billion dollars.
A conviction in the United States and Trump's subsequent pardon
However, his business trajectory was marked by the legal troubles of BitMEX in the United States. In 2022, Delo pleaded guilty to violating the Bank Secrecy Act by failing to establish and maintain an adequate anti-money laundering program on the platform. As part of the agreement reached with the U.S. Attorney's Office, he agreed to pay a fine of 10 million dollars.
The U.S. Department of Justice then stated that those responsible for BitMEX allowed U.S. customers to continue operating on the platform despite existing regulatory obligations. Delo was ultimately sentenced to a period of probation and, years later, Donald Trump pardoned the co-founders of BitMEX in 2025, including the British businessman.
The conviction has now returned to the center of the debate due to the magnitude of its financial intervention in British politics. Delo has previously argued that his case was related to a regulatory breach and has emphasized that the conduct for which he was prosecuted in the United States does not constitute the same crime under British legislation.
He had already donated eight million pounds to Reform UK
The donation of 36 million is not his first contribution to Farage's project. Delo had already donated eight million pounds to Reform UK during 2026, becoming one of the main funders of the party before the new announcement. Only between April and June, one of his contributions of four million represented approximately 75% of all the money raised by Reform UK during that quarter.
With the new contribution, the businessman further strengthens his financial weight in a formation that wants to break the traditional dominance of Labour and Conservatives. Delo has explained that he has become politically involved because he believes that the United Kingdom is going through a process of deterioration and that Reform can become a real alternative for government.
Farage has publicly celebrated the businessman’s commitment and has presented it as a show of confidence in Reform UK's ability to compete for government.
The donation comes at a particularly delicate moment for Farage
The move also comes amid scrutiny over the funding of Reform UK. The Metropolitan Police opened an investigation this week into possible violations of the rules prohibiting political donations from foreign sources, following an undercover journalistic investigation. The party denies having committed irregularities and has suspended two of Farage's collaborators while examining what happened.
The new contribution from Delo is, however, a donation from a British citizen and has been presented by Reform as fully compliant with electoral regulations. The businessman had resided for years in Hong Kong, but has returned to the United Kingdom, a relevant element at a time when the Government is tightening restrictions on certain contributions from British citizens residing abroad.
The magnitude of the 36 million pounds has reopened, however, a broader debate about to what extent a single large fortune should be able to finance a political party. Several MPs have called for stricter limits on large private donations, while Reform argues that it needs sufficient resources to compete with political organizations that have been building national structures for decades.
From effective altruism to financing Farage
Delo's political facet contrasts with much of his previous public profile. In 2019 he signed The Giving Pledge, the initiative led by Bill Gates, Melinda French Gates, and Warren Buffett whereby some of the world's largest fortunes commit to donating at least half of their wealth to philanthropic causes.
His projects have focused on areas such as mathematical research, neurodiversity, academic freedom, and the prevention of risks that may affect future generations. In 2026 he also committed up to 20 million pounds for the London Institute for Mathematical Sciences.
Now, however, Delo has decided to transfer part of his enormous financial capacity directly to the electoral arena. The 36 million pounds, nearly 42 million euros, make the BitMEX magnate a decisive figure for the accounts of Reform UK and give Nigel Farage an unprecedented economic capacity to prepare for his next assault on Downing Street.