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Regulator asked to examine Farage's cryptocurrency role
The Liberal Democrats have formally requested that the UK's Financial Conduct Authority investigate whether Nigel Farage's recent promotion of a £2 million Bitcoin purchase breaches market-abuse rules or constitutes attempted interference in the cryptocurrency sector.
Farage's stake and public endorsement
Reform UK leader Nigel Farage holds a 6.3 % share in Stack, a British Bitcoin firm, through his investment vehicle Thorn In The Side Ltd. He has personally invested £215,000 in the company. On Tuesday, Farage appeared in a promotional video marking Stack's £2 million Bitcoin acquisition, standing alongside the firm's chair, former Conservative chancellor Kwasi Kwarteng.
In a press release issued alongside the video, Farage stated: "I have long been one of the UK's few political advocates for Bitcoin, recognising the role digital currencies will play in the future of business and finance."
Lib Dem allegations and Labour criticism
Liberal Democrat deputy leader Daisy Cooper said Farage's actions "raise real concerns that he could be using the Donald Trump playbook-prioritising personal financial interests over public good and potentially luring people into high-risk schemes for his own gain."
"The FCA must investigate whether Farage's plans to cash in on crypto could amount to market abuse and a conflict of interest. We cannot allow political leaders to treat financial markets like a personal piggy bank."
Daisy Cooper, Liberal Democrat deputy leader
Labour Party chair Anna Turley described the venture as "a bid to line his own pockets" and accused Farage of "hyping up a former Tory chancellor who crashed the economy."
Farage's response and wider financial ties
A spokesman for Farage said the event was merely a "photo call" and clarified that Farage "bought the £2 million of crypto on behalf of Stack, not personally." The spokesman added that Farage "is embracing the 21st century."
Beyond Stack, Farage serves as a brand ambassador for Direct Bullion, a gold-trading firm owned by Stack co-founder Paul Withers. According to the MPs' register of interests, Direct Bullion has paid Farage £226,200 for promotional work.
Regulatory and political context
The FCA confirmed it would "review the letter and respond directly."
Labour leader Keir Starmer has pledged to ban cryptocurrency donations to UK political parties following a review of foreign financial interference. Reform UK is currently the only Westminster party known to accept such donations; Farage announced in May 2025 that the party would accept Bitcoin contributions and later revealed it had already received "a couple" of crypto donations.
Reform UK's website states that it does not accept anonymous donations and that any contribution above £500 is subject to checks to ensure it comes from a permissible source, such as individuals listed on the UK electoral register.
A Farage spokesman responded: "All parties need donations to run campaigns. Labour taking money from trade unions is just one example."
What cryptocurrency is
Bitcoin is a form of cryptocurrency-digital money that exists only on computer networks and has no physical form. Transactions occur directly between users without intermediaries such as banks.
