Reform UK leader Nigel Farage has denied wrongdoing after reports said he accepted gifts he did not publicly disclose from crypto entrepreneur George Cottrell, who was convicted of fraud in the United States. According to Cointelegraph, The Sunday Times reported on Saturday that Cottrell provided Farage with staff, security, transport, and accommodation, and has been a close adviser to him for more than 10 years. Farage said in a statement on Sunday that he “followed the rules” regarding the gifts, which he received before he was elected a member of parliament in July 2024, and described the report as a “hit job.” The allegations come as the crypto sector faces increasing regulatory scrutiny in the UK, including a Treasury move that temporarily banned political donations made in cryptocurrencies in March.
The report said Cottrell is involved in an offshore crypto casino and a gambling site called Tether.bet that uses the Tether (USDt) stablecoin. The Sunday Times said Cottrell provided drivers and security personnel, primarily former soldiers, and recruited and paid for three staff members to assist with Farage’s social media. It also reported that since the election, Cottrell has let Farage use a rented five-story house near Buckingham Palace, though a Reform source told the newspaper that Farage almost always stayed at his own home and did not routinely use the property. Farage registered only one benefit from Cottrell upon entering Parliament, described as a benefit of less than 9,300 British pounds for travel, security, and accommodation to attend an event in Belgium. Cottrell was arrested in 2016 and charged in the US with 21 offenses tied to a money laundering plot; he later pleaded guilty to a single wire fraud charge under a plea deal and spent eight months in prison.
The Sunday Times report follows separate scrutiny involving another crypto-linked figure. A parliamentary standards watchdog opened an inquiry in May over whether Farage failed to declare a 5 million British pounds gift from crypto billionaire Christopher Harborne, who partly owns stablecoin issuer Tether. Farage has argued he did not need to declare Harborne’s gift because it was given to pay for personal security before he became an MP. The Times report also came after The Guardian reported on Friday that the standards commissioner was urged to investigate whether Farage lobbied the Bank of England to drop its digital currency plans. Labour MP Phil Brickell said Farage “claimed credit for persuading the Bank to soften its position” on a central bank digital currency and argued Harborne “stood to benefit” from opposition to a state-backed digital currency that could compete with private stablecoins.
Farage and Reform have promoted crypto policy in Parliament, including publishing draft legislation last year aimed at making the UK “the world’s premier hub for cryptocurrency.” Reform was also the first UK political party to accept donations in Bitcoin, and Farage has proposed cutting capital gains taxes on crypto from 24% to 10% and called for the Bank of England to create a Bitcoin reserve.
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