Israel’s Bank Leumi has teamed up with Galaxy Digital to bring cryptocurrency trading to its mobile banking ecosystem, with an anticipated launch in early 2027. The deal would allow eligible customers to buy, hold, and sell Bitcoin, Ether, and Solana via Leumi’s existing trading interface.

Leumi said customers of the bank and its mobile banking arm, Pepper, will be able to access the service through a dedicated area in the Leumi Trade app. If the timeline holds, Leumi would become the first Israeli bank to offer direct digital asset trading to customers through its platform.

Key takeaways

• Bank Leumi plans to enable cryptocurrency trading for Bitcoin, Ether, and Solana through the Leumi Trade app.
• The service is expected to launch in early 2027 for Leumi and Pepper customers.
• Galaxy Digital will provide trading via GalaxyOne Institutional, while its custody infrastructure platform (formerly GK8) will support Leumi’s digital asset infrastructure.
• Galaxy’s wider performance has included a recent quarter with a reported $85 million net loss, though its digital assets segment still posted adjusted gross profit growth.

Leumi Trade expands into digital assets

The partnership centers on integrating crypto trading directly into Leumi’s customer experience. Under the agreement, Leumi customers will be able to access the purchase, holding, and sale of three major cryptocurrencies—Bitcoin (BTC), Ether (ETH), and Solana (SOL)—through a dedicated section of the Leumi Trade app.

Leumi’s announcement frames the offering as a broad retail and business upgrade: the bank said it serves millions of customers across its retail and commercial operations. For users, the main practical difference is convenience—rather than routing activity through separate crypto platforms, customers would be interacting with crypto functions inside a familiar banking app.

Galaxy Digital’s infrastructure powers the rollout

Leumi said it will use GalaxyOne Institutional for trading and related services. On the custody side, Galaxy will support the bank’s digital asset infrastructure using its custody infrastructure platform, previously known as GK8.

This division of responsibilities matters because crypto trading at banks typically depends on two pillars: reliable execution and secure asset management. By separating trading services from custody infrastructure within Galaxy’s stack, the partnership is set up to cover both areas that often determine whether institutional-grade crypto operations can be scaled for retail clients.

At the same time, the early-2027 schedule underscores that such integrations can be complex—especially when the goal is to connect consumer-facing banking workflows with digital asset custody and market-facing trading systems.

Why the timing and “first” claim are meaningful

Leumi’s statement that it would become the first Israeli bank to offer digital asset trading services to customers positions the move as a potential competitive inflection point. If it delivers, Leumi would be attempting to translate the broader growth of crypto into a regulated banking distribution channel.

However, readers should note that the claim is specific: the “first” status is tied to offering trading services to customers through the bank’s own platform. That doesn’t preclude other routes to crypto access in Israel, but it does highlight the bank-distribution angle—bringing trading capability into mainstream financial UX.

From an investor and market structure perspective, bank-led distribution can change how crypto products are packaged and who bears operational friction. It may also affect liquidity flows by concentrating customer activity into regulated intermediaries rather than purely crypto-native venues, though the exact market impact will depend on how volumes scale after launch.

Galaxy’s financial backdrop and what to watch

The Leumi partnership follows Galaxy Digital’s previously reported struggles in the broader market environment. Earlier coverage noted that Galaxy reported an $85 million net loss in the second quarter, which the company said was largely linked to declining digital asset prices. Even so, Galaxy stated its digital assets business generated $66 million in adjusted gross profit, up 34% from the prior quarter.

Galaxy Digital is led by Mike Novogratz and began trading on the Nasdaq in May 2025 under the ticker GLXY, according to an investor release from the company. Earlier company coverage described its listing plans, and Yahoo Finance shows GLXY trading at $21.38 on Friday morning, up about 2% on the day but down roughly 25% over the past year, based on the data cited.

For Leumi customers, these numbers are not directly determinative of whether the crypto app launches smoothly. But for the broader market, they offer context: Galaxy is taking on a new banking integration while working through the volatility and drawdowns that have characterized parts of the crypto cycle.

What to watch next will likely include whether Galaxy’s institutional services and custody infrastructure are able to support a consumer-facing launch on schedule, and how Leumi structures the customer experience once the service goes live. Since the expected launch is still more than a year away, the next concrete signals for users and industry observers will be product rollouts, regulatory readiness, and any beta phases or phased feature releases inside Leumi Trade.

Until then, the partnership is best understood as a forward-looking bet on mainstream distribution: if Leumi Trade’s crypto access launches as planned, it could mark a meaningful step toward bringing large-bank channels into the day-to-day tooling of crypto buyers and sellers in Israel.

Israel’s largest bank has partnered with Galaxy to offer Bitcoin, Ether, and Solana trading through its investment app from early 2027.

Galaxy announced the partnership with Bank Leumi on Aug. 14, saying the planned service will let customers buy, hold, and sell three cryptocurrencies without leaving the bank’s capital markets application.

The service is expected to become available in early 2027 and will cover customers of both Leumi and PEPPER, its mobile banking arm. Users will find the trading tools inside a dedicated, secured section of the Leumi Trade app, according to the announcement.

Bank Leumi, which describes itself as Israel’s leading financial institution, serves millions of households, small businesses, and corporate clients. Once the service goes live, it will become the first bank in Israel to provide digital asset trading directly to customers, the companies said.

Bank Leumi crypto trading will begin with three assets

Bitcoin, Ethereum, and Solana will form the initial asset list, giving customers access to the three networks through an existing banking interface rather than a separate crypto exchange or self-custody wallet.

The announcement did not disclose trading fees, minimum purchase amounts, or whether the bank will add more assets after launch. Galaxy and Leumi also did not specify whether all customers will receive access at once or whether the service will begin with a phased rollout.

By placing the service inside Leumi Trade, the bank will combine crypto transactions with the application customers already use for capital markets activity. Bank Leumi said the arrangement will provide access through a regulated banking framework, while Galaxy will supply the systems needed to execute trades and support the underlying assets.

Maya Ravia, head of strategy at Bank Leumi, said the initiative would expand the financial services available to customers and provide “simple, secure, and regulated access” to digital asset trading.

“We believe that digital assets are gradually becoming an integral part of the global financial system, and it is our role to enable customers to benefit from this development within a reliable, secure, and regulated banking framework.”

Rather than building every part of the service internally, Leumi will use two Galaxy products for separate functions. GalaxyOne Institutional will provide trading and related services, while Galaxy’s Custody Infrastructure platform will support the bank’s digital asset operations.

Galaxy will provide trading and custody infrastructure

GalaxyOne Institutional combines services including crypto trading, financing, staking, custody and research for banks, asset managers, and other professional clients. Under the Leumi agreement, the platform will handle the trading side of the bank’s planned offering.

For custody infrastructure, Leumi has signed a separate agreement covering the Galaxy platform, formerly known as GK8. Galaxy acquired GK8 from bankrupt crypto lender Celsius in 2023 and later incorporated the technology into its institutional infrastructure business.

Lior Lamesh, CEO of Galaxy Israel, said the company is building a single platform that links trading and custody for banks. He described Leumi as the first Israeli bank to bring digital asset trading to its customers.

“The future of finance will run on open, programmable rails, and we believe the banks that move first will define the era that follows,” Lamesh said.

Galaxy did not disclose the value or duration of either agreement. The announcement also provided no details about how customer assets will be held, whether the bank will use segregated wallets or what withdrawal options may be available.

Bank Leumi’s selection of Bitcoin and Ether gives customers access to the two largest cryptocurrencies by market capitalization. Solana’s inclusion places a third network alongside them at launch, although the announcement did not say whether staking will be offered for ETH or SOL.

Galaxy has added more banks to its institutional network

The Leumi agreement follows several 2026 deals through which Galaxy has supplied crypto infrastructure or services to established financial institutions.

Earlier in August, crypto.news reported on BNY adding Galaxy’s staking infrastructure to its Digital Asset Custody platform. The planned service will allow eligible institutional clients to hold and stake supported assets through one servicing model, subject to regulatory review.

BNY said Galaxy would act as both an infrastructure provider and a design partner. Clients would keep their assets within BNY’s custody framework while using Galaxy’s systems to participate in proof-of-stake networks, although the companies had not disclosed the supported assets or launch date.

In June, Galaxy also entered a Morgan Stanley arrangement for eligible wealth-management clients holding Bitcoin, Ether, and Solana. Under the referral setup, clients can lend at least $5 million in digital assets to Galaxy and receive shares in spot crypto investment products, including the Morgan Stanley Bitcoin Trust.

The companies said the process can reduce crypto-to-exchange-traded-product onboarding times by as much as 75%. Morgan Stanley clients previously faced a $25 million minimum for the service before Galaxy lowered the threshold to $5 million under the referral arrangement.

Galaxy’s work with Leumi differs in customer scope because it places direct buying, holding, and selling functions inside a retail-facing bank application. The BNY agreement focuses on staking for eligible institutions, while the Morgan Stanley arrangement serves high-net-worth clients moving existing crypto exposure into investment products.

U.S. investors can access Galaxy through Nasdaq

Although the Leumi trading service is intended for the Israeli bank’s customers, Galaxy is a New York-headquartered public company whose Class A shares trade on Nasdaq under the GLXY ticker. American investors can therefore gain equity exposure to the company supplying Leumi’s trading and custody infrastructure, though the firms did not disclose the agreement’s expected financial contribution.

Galaxy also operates regulated digital asset services in the United States. In May, its GalaxyOne Prime NY subsidiary secured a BitLicense and a Money Transmission License from the New York State Department of Financial Services.

The approvals allow the subsidiary to provide digital asset trading and custody services to hedge funds, registered investment advisers, and family offices in New York. At the time of the approval, Galaxy said its platform managed about $9 billion in client assets and held more than 50 licenses across its international regulatory network.

New York’s framework requires licensed digital asset companies to meet capital, compliance, and cybersecurity requirements. Galaxy became the second company to receive a BitLicense in 2026, following payments company Strike, while other license holders include Coinbase, Circle, Robinhood, and PayPal.

Outside its digital asset operations, Galaxy also develops data center infrastructure in the United States. The company’s Helios campus in Texas anchors a planned pipeline with more than 5.7 gigawatts of potential capacity, according to its Aug. 14 announcement.

Bank Leumi was founded more than 120 years ago and operates without a controlling shareholder. The bank said its customer base covers individuals, small and medium-sized businesses, and large corporations through physical branches and digital services.

UK Reform leader Nigel Farage is set to face renewed scrutiny from the UK Parliament’s standards watchdog after the Parliamentary Commissioner for Standards reopened an investigation into whether he properly disclosed certain financial interests.

According to the Parliamentary Commissioner for Standards’ public register, Farage is currently under investigation for “failure to register an interest” tied to donations and benefits reportedly connected to the crypto industry, after an earlier pause followed his resignation from Parliament and later resumption after he returned as an MP.

Key takeaways

• The Parliamentary Commissioner for Standards says Farage is under investigation for “failure to register an interest” involving crypto-linked donations and gifts.
• The probe was paused when Farage resigned as an MP and resumed after he was reelected in the Clacton by-election.
• Coverage of the matter points to claimed gifts reportedly funded by Christopher Harborne and staff/security arrangements involving George Cottrell.
• If the commissioner finds a breach of parliamentary rules, Farage could face suspension, potentially triggering another by-election.

Parliamentary standards watchdog restarts Farage probe

As of Friday, the UK Parliamentary Commissioner for Standards website lists Farage as “currently under investigation” for failing to register an interest. The issue relates to alleged benefits and donations described as running into the millions of dollars and connected to two individuals tied to the crypto sector.

The investigation had been temporarily halted in July after Farage stepped down from Parliament, but it restarted once he regained a seat. Earlier coverage highlighted that Farage resigned as an MP amid the controversy surrounding crypto donations, then later returned to Parliament following his reelection in Clacton.

What the standards probe is expected to examine

The commission is expected to look at whether Farage complied with UK parliamentary disclosure obligations regarding financial interests and benefits received in the relevant period.

In the commissioner’s listing, the scrutiny centers on Farage receiving gifts reportedly involving Christopher Harborne, described in reporting as a crypto billionaire, who was said to have given Farage $6.7 million. The listing also points to arrangements supporting Farage’s staff and security being funded by George Cottrell, described in reporting as a convicted fraudster linked to a crypto casino.

Under UK rules, new MPs must register financial interests within a month of their election, and they must also disclose relevant benefits received in the preceding 12 months. The rules are aimed at ensuring that Parliament can assess any potential conflicts of interest as soon as lawmakers take office.

Why the disclosure question matters politically and procedurally

Farage’s probe could carry real procedural consequences. If the standards investigation concludes that he violated parliamentary regulations, the commissioner’s findings could lead to suspension from Parliament. That, in turn, can open the door to another by-election.

The by-election that brought Farage back to the Commons followed his earlier resignation. In that contest, he won with 63% of the vote, according to BBC coverage, defeating satirical candidate Count Binface, who received 27%. None of the other major parties took part, and UK Prime Minister Keir Starmer—then still Labour’s leader—criticized Farage’s approach as a “desperate stunt.”

While Farage has previously characterized the donations as rewards or gifts given “on an unconditional basis,” the parliamentary process is likely to focus less on labels and more on whether the benefits were disclosed according to the letter of the rules.

Broader debate over crypto-linked political donations

The Farage controversy has also fed into a wider discussion in the UK political sphere about whether donations with crypto connections create opportunities for undue influence.

Reporting on the parliamentary fallout said Labour lawmakers proposed making a moratorium on crypto donations—implemented in March—permanent. That push is framed around concerns about potential influence from foreign actors.

According to the International Bar Association, unincorporated associations in the UK are allowed to give more than $675 directly to politicians. The same analysis warns that this structure can create loopholes where funds may operate as a “conduit” for “foreign or dark money.” The tension here is straightforward: even if individual payments are not formally prohibited, disclosure gaps and complex funding channels can make it difficult for voters and regulators to understand who is truly behind political support.

What to watch next

For investors, traders, and builders who pay attention to how regulation and political risk intersect with crypto, the immediate question is whether the commissioner’s review results in a finding of non-compliance—and, if so, what sanctions Parliament ultimately applies. The next milestone will be how the standards investigation substantiates the disclosure timeline and whether the alleged benefits are treated as registrable financial interests under UK rules.

President Donald Trump is expected to be in attendance when the administration’s new innovation committee — a crowd of crypto CEOs and leaders of prediction market and AI companies — sits for a White House meeting on Wednesday, said people briefed on the planning.

The chief executives of companies such as Coinbase, Ripple, Gemini, Robinhood, Polymarket and Kalshi are members of the new Innovation Advisory Committee at the Commodity Futures Trading Commission, but before they attend their first committee meeting on Thursday, the crypto CEOs will gather for the White House meeting, said the people, who asked not to be named, and participants have been told Trump is planning to attend.

The meeting, expected to be held at the Eisenhower Executive Office Building next door to the White House, is meant to get a policy dialogue started in some of the leading arenas for U.S. innovation. The roster at that meeting was also expected to include CFTC Chairman Mike Selig and other advisers, the people said. One of them added that Treasury Secretary Scott Bessent and Secretary of Commerce Howard Lutnick may attend.

White House spokespeople didn’t immediately respond to requests for comment on the plans.

Tokenization-linked stocks have fallen as much as 11.2% after legal and market concerns reportedly delayed the SEC’s planned innovation exemption for blockchain-based securities.

According to fresh reports on Friday, the Securities and Exchange Commission was preparing to delay its innovation exemption again after the White House and Wall Street firms raised concerns about its legal basis and possible effect on securities markets.

The exemption was expected to reduce regulatory barriers for companies issuing and trading tokenized securities on blockchain networks. SEC officials were reportedly ready to disclose at least part of the plan alongside a separate meeting on Regulation Crypto before the agency canceled the session late Thursday.

According to reports, White House officials were concerned that the exemption could complicate congressional negotiations over the Digital Asset Market Clarity Act. SEC staff were also examining whether the agency had sufficient legal authority, economic analysis, and procedural support to grant relief covering major changes to securities trading.

The Securities Industry and Financial Markets Association, whose members include large broker-dealers and investment banks, had raised separate concerns, the report said. SIFMA questioned how blockchain venues would comply with existing equity-market rules, including brokers’ duty to seek the best available execution for customers.

Tokenization stocks extend their Friday losses

Bullish (BLSH) led the selloff, falling 11.2% to $24.42 by about 2:32 p.m. ET on Friday. The stock opened at $26.57 and reached an intraday low of $24.36, erasing gains recorded after the company released its second-quarter results.

Bullish is expanding into tokenized securities infrastructure through its planned acquisition of transfer agent Equiniti. Transfer agents maintain ownership records and process transactions such as share issuance, transfers, and dividend payments, making the business relevant to companies that want to represent regulated securities on blockchain networks.

Figure Technology Solutions (FIGR) traded 1.2% lower at $31.51 after moving between $30.65 and $33.04 during Friday’s session. Based on market data, the latest price was about 6.7% below Thursday’s session high of $33.78, although the stock had recovered from the steeper decline cited earlier in the day.

Coinbase (COIN) dropped 3% to $149.30, extending its decline from roughly 2% in early trading. The exchange has been developing a tokenized equities product and recently secured regulatory permission to establish an international tokenization hub in Abu Dhabi.

Circle Internet Group (CRCL) fell 4.8% to $71.79, after trading as low as $71.20. In addition to issuing the USDC stablecoin, Circle operates USYC, a tokenized money-market fund with approximately $3 billion in assets.

Securitize (SECZ) was down 1% at $5.65 after recovering from a Friday low of $5.17. Its shares had plunged about 27% during Thursday’s session after the company missed earnings estimates, though they briefly reversed a 5% decline early Friday.

Securitize reported second-quarter revenue of $14.4 million, down 5% from the previous year, and a net loss of $21.7 million. The company works with BlackRock on BUIDL, a tokenized Treasury fund, and serves as the transfer agent and tokenization platform supporting the product.

SEC exemption faces another regulatory delay

Market participants have been waiting for the innovation exemption to clarify how approved companies could issue and trade tokenized securities under temporary relief from parts of the existing regulatory framework.

SEC Chair Paul Atkins previously said a proposed structure could allow issuers to work with transfer agents or other tokenization providers before making securities available through approved blockchain venues. Investors would pass through a permitting process, while the temporary exemption would give the agency time to consider permanent rules.

Legal and ownership questions had already delayed the project once. In May, crypto.news covered an earlier delay after exchange officials and other market participants questioned whether third parties should be allowed to issue stock-linked tokens without consent from the underlying public company.

Part of the debate involves the difference between issuer-backed securities and synthetic products. An issuer-backed token can represent ownership of an actual share and preserve rights such as dividends and voting. A synthetic token may track a stock’s price without giving its holder ownership of the underlying security.

Securitize CEO Carlos Domingo supported taking more time when the earlier delay emerged, saying regulators needed to ensure the exemption applied to the correct instruments. Bullish CEO Tom Farley also backed an issuer-led model under which public companies would control the issuance of blockchain-based versions of their shares.

Friday’s reported setback introduces additional questions about procedure. Industry sources said that Wall Street firms wanted changes of this size handled through formal notice-and-comment rulemaking instead of an exemption, which could expose the agency to legal challenges over the limits of its statutory authority.

Canceled SEC meeting adds to policy uncertainty

Separate from the tokenization exemption, the SEC canceled its Aug. 14 meeting on a proposed offering framework for certain investment contracts involving crypto assets.

The agency said an unforeseen scheduling issue forced the cancellation and did not announce a replacement date. Commissioners had been scheduled to decide whether to publish the Regulation Crypto proposal, which would have opened a public rulemaking process rather than immediately creating binding requirements.

Federal regulatory records still list the SEC’s crypto-assets proposal, identified as RIN 3235-AN38, as pending review. The Office of Information and Regulatory Affairs received it on Aug. 12, and the proposal has no statutory deadline.

Atkins has previously described three possible routes under Regulation Crypto: a temporary exemption for startups, a separate fundraising exemption, and a safe harbor for investment contracts. Illustrative figures provided by the SEC chair included a startup exemption lasting as long as four years with a limit of about $5 million, along with another route allowing projects to raise as much as $75 million over 12 months.

No published proposal has confirmed those periods or financial thresholds. If commissioners later approve the document for publication, the SEC would still need to collect public comments before considering final rules.

The delay has also brought congressional action back into focus. Senate Majority Leader John Thune filed cloture on the motion to proceed with the CLARITY Act on Aug. 7, but the Senate adjourned without voting on the bill. The procedural vote is scheduled to ripen on Sept. 15 after lawmakers return.

Tokenization infrastructure continues developing

Regulatory delays have not stopped traditional exchanges and crypto companies from building systems for blockchain-based securities.

NYSE has continued work on onchain settlement infrastructure designed to support round-the-clock trading, immediate settlement, fractional shares, and stablecoin funding. The exchange also participated in a Depository Trust Company pilot that processed production transactions across several asset classes.

Nasdaq received SEC approval in March for a pilot that allows tokenized stocks to trade alongside conventional securities. NYSE is working with Securitize on a separate marketplace for tokenized stocks and exchange-traded funds.

Coinbase and its Base network have also been developing 1:1-backed tokenized equities intended to represent ownership of underlying shares. Coinbase has said its model would include dividend payments and shareholder rights, although the company has not provided a launch date or a final list of supported stocks.

Outside the United States, Coinbase’s Abu Dhabi authorization allows it to arrange investment transactions and provide custody for tokenized securities within the Abu Dhabi Global Market. The company says eligible holders will retain shareholder rights, including dividends and voting, while transfers will remain subject to sanctions screening.

Crypto.com launched tokenized derivatives tracking 1,500 U.S. stocks and ETFs for eligible customers in the European Economic Area and other approved markets in August. According to the exchange, the instruments offer synthetic price exposure rather than ownership of the underlying shares, meaning holders do not receive voting rights or direct legal ownership.

Nigel Farage has returned to the UK Parliament with 63.34% of the Clacton by-election vote, restarting an investigation into a $6.7 million gift and other support from two crypto-linked figures.

The UK Parliament’s Parliamentary Commissioner for Standards listed Farage on Friday as the subject of an investigation into a possible “failure to register an interest,” with the case reopening after his return as Clacton’s Member of Parliament.

Farage resigned from his seat in July while the inquiry was active, causing the commissioner to pause the case because parliamentary standards investigations apply to sitting MPs. His victory in Thursday’s by-election has restored his status as an MP and allowed the inquiry, first opened on May 13, to continue.

Nigel Farage probe covers gifts from two crypto-linked figures

Parliamentary officials are examining a £5 million about $6.7 million personal payment that Farage received from Christopher Harborne, a billionaire investor who holds a stake in stablecoin issuer Tether. Based on the exchange rate used in earlier reports, the payment was worth about $6.7 million.

Harborne gave Farage the money before the Reform UK leader entered Parliament following the July 2024 general election. Farage initially described it as a “reward” for his work campaigning for Brexit before later calling it an unconditional personal gift.

During a livestream announcing his resignation in July, Farage said he had “done nothing wrong.” He maintained that Harborne provided the money without political conditions and said part of it covered personal security costs following threats against him.

The inquiry also covers staff, security, transport, and accommodation reportedly supplied by longtime Farage adviser George Cottrell. In July, crypto.news reported on the benefits after The Sunday Times said Cottrell had funded drivers, security workers, social media personnel, and access to a rented five-story property near Buckingham Palace.

Farage responded that he had “followed the rules” because he received the benefits before becoming an MP. He also called the newspaper’s investigation a “hit job,” while a Reform UK source said Farage generally lived at his own home and did not regularly use the London property.

According to the newspaper, Farage registered one benefit linked to Cottrell after entering Parliament: travel, accommodation, and security valued at less than £9,300 for an event in Belgium. Much of the other reported support was not listed in the register of members’ financial interests.

Reelection has started a new disclosure period

House of Commons rules require newly elected MPs to register their current financial interests within one month. Members must also report registrable benefits, apart from earnings, that they received during the 12 months before their election.

Farage’s new term therefore creates another registration period covering the year before Thursday’s vote. The commissioner will determine whether the Harborne payment or the benefits linked to Cottrell fall within the disclosure rules and whether Farage complied with them.

A finding against Farage would not automatically remove him from Parliament. Under UK recall rules, a House of Commons suspension lasting at least 10 sitting days, or 14 calendar days when sitting days are not specified, can open a recall petition.

Voters would then have six weeks to sign the petition. According to the UK Electoral Commission, the seat becomes vacant, and a by-election follows only if at least 10% of eligible Clacton voters support the recall. A recalled MP can stand again.

Farage secured 22,239 votes, or 63.34%, in Thursday’s contest, while satirical candidate Count Binface finished second with 9,455 votes, or 26.93%. Turnout reached 44.4%, compared with 58.7% in the constituency during the 2024 general election.

Labour, the Conservatives, the Liberal Democrats, and the Green Party did not field candidates. Keir Starmer, who was prime minister when Farage resigned, described the by-election as a “desperate stunt,” while the ballot attracted 34 independent, minor-party, and novelty candidates.

Crypto donors have increased Reform UK’s funding

Scrutiny of Farage’s personal finances has accompanied a rise in donations to Reform UK from people connected to the digital asset industry. In June, previous coverage showed that the party raised $9.4 million from Harborne and BitMEX co-founder Ben Delo during the first quarter of 2026.

The two donors supplied about 28% of the $32.2 million received by all registered UK political parties during the quarter. Harborne gave Reform UK $4 million in January after contributing $12.1 million in 2025, while Delo provided $5.4 million through two payments.

Reform UK reported $12.5 million in total first-quarter donations, compared with $8.1 million for the Conservative Party and $5.5 million for Labour. Farage’s party had also become the first Westminster party to accept Bitcoin donations before the government restricted political contributions made with digital assets.

Neither Harborne’s £5 million personal payment to Farage nor the reported benefits from Cottrell were described as cryptocurrency transfers. Their relevance to the crypto sector comes from the donors’ business and investment connections rather than the payment method used.

Cottrell’s history also provides a direct U.S. connection. U.S. authorities arrested him in 2016 on 21 charges related to an alleged money-laundering scheme, according to The Sunday Times. He later pleaded guilty to one wire fraud charge under an agreement and served eight months in prison.

U.S. federal rules take a different approach to political cryptocurrency contributions. Federal Election Commission guidance permits political committees to receive Bitcoin, but campaigns must record it as an in-kind contribution and comply with contribution limits, donor eligibility rules, and disclosure requirements.

UK lawmakers seek permanent crypto donation restrictions

Political concern about digital asset funding has continued outside the Farage investigation. The UK introduced a temporary moratorium in March after lawmakers and a government-commissioned review raised concerns about tracing the source of political crypto contributions and identifying possible foreign influence.

In July, Labour MPs proposed a permanent ban through amendments to political donation rules. Labour MP Liam Byrne said the proposed restrictions were intended to strengthen protections against political influence funded by wealthy donors.

Earlier recommendations from Matt Western, chair of Parliament’s Joint Committee on the National Security Strategy, called for political parties to process permitted crypto donations through Financial Conduct Authority-registered service providers. His proposals also included source-of-wealth checks, a ban on mixer-linked funds, and conversion of accepted cryptocurrency into pounds within 48 hours.

The International Bar Association has identified separate gaps that extend beyond cryptocurrency. Under UK political finance law, donations and loans above £500 must come from permitted sources, including registered voters, UK companies, and eligible unincorporated associations.

According to the association, an unincorporated group may give as much as £37,270 to a political party without registering with the Electoral Commission. Individuals or companies can fund such groups, allowing foreign or otherwise prohibited donors to use them as conduits for political money.