Report: Reform UK's Farage Received Undisclosed Benefits from Convicted Crypto Fraudster
George Cottrell, an aristocratic figure behind a cryptocurrency casino, allegedly provided Nigel Farage, leader of Reform UK, with personnel, security services, and use of a London residence.
According to The Sunday Times, Nigel Farage, the leader of Reform UK, allegedly received various gifts from a cryptocurrency entrepreneur with a fraud conviction in the United States, which were not disclosed to the public.
The publication revealed on Saturday that George Cottrell, an aristocrat who has been involved in an offshore cryptocurrency casino and has served as a trusted adviser to Farage for over a decade, provided the politician with personnel, security services, transportation, and lodging.
In a statement released on Sunday, Farage maintained that he had "followed the rules" regarding the benefits received from Cottrell, which were provided prior to his election to parliament in July 2024, and dismissed The Times' investigation as a "hit job."
This marks the second occasion on which Farage has been confronted with allegations of unreported benefits from affluent individuals connected to cryptocurrency, a sector he has championed during his time in parliament and one that is experiencing heightened regulatory oversight, with the Treasury having imposed a temporary prohibition on political contributions made using cryptocurrencies in March.
In May, a parliamentary ethics watchdog initiated an investigation into whether Farage neglected to declare a gift worth 5 million British pounds ($6.7 million) from Christopher Harborne, a cryptocurrency billionaire who holds a partial ownership stake in stablecoin giant Tether.
Farage has maintained his position that declaring Harborne's gift is unnecessary, asserting that the funds were provided to cover personal security expenses before he assumed the role of MP.
Cottrell's reported gifts include security, use of house
According to The Sunday Times' investigation, Cottrell, who has involvement in a gambling platform known as Tether.bet that utilizes the Tether (USDt) stablecoin, supplied Farage with drivers and security personnel consisting mainly of former military servicemembers.
Additionally, Cottrell is said to have recruited and financially supported three staff members to assist with the Reform leader's social media presence and, following the election, has allowed Farage to utilize a rented five-story residence located near Buckingham Palace. A source within Reform told The Times that Farage predominantly stayed at his personal residence and did not regularly make use of the property.
Upon entering Parliament, Farage documented only a single benefit received from Cottrell, valued at less than 9,300 British pounds ($12,400) for transportation, security services, and lodging to participate in an event held in Belgium.
In 2016, authorities in the US arrested and charged Cottrell with 21 criminal offenses in connection with his participation in a money laundering scheme. Following a plea agreement, he entered a guilty plea to a single wire fraud charge and served eight months behind bars.
Farage reported over alleged crypto lobbying
The investigation by The Times comes on the heels of a Friday report in The Guardian stating that the standards commissioner was being urged to examine whether Farage had lobbied the Bank of England to abandon its plans for a digital currency.
Phil Brickell, a Labour MP who chairs a parliamentary anti-corruption group, filed a complaint against Farage with the commissioner, alleging that he "claimed credit for persuading the Bank to soften its position" regarding a central bank digital currency.
According to Brickell, Harborne "stood to benefit from opposition to a state-backed digital currency that could compete with private stablecoins."
This is not simply a debate about cryptocurrency. It is about whether an MP who has received millions from one individual should be lobbying for policies that could increase the value and profitability of that [Reform] donor's investments.
Phil Brickell
Cryptocurrency has been strongly supported by Farage and Reform, with the political party releasing draft legislation last year aimed at transforming the UK into "the world's premier hub for cryptocurrency."
Reform also became the first political party in the UK to accept contributions in Bitcoin (BTC). Furthermore, Farage has put forward proposals to reduce capital gains taxes on cryptocurrency from 24% to 10% and has advocated for the Bank of England to establish a Bitcoin reserve.