Written by Turner Wrightstaff writerReviewed by Robert Lakinstaff editor

Written by Turner Wrightstaff writer

Reviewed by Robert Lakinstaff editor

Nigel Farage to resign from UK Parliament amid crypto “gift” scandal, will stand in by-election

Latest NewsPublishedJul 7, 2026

Nigel Farage Resigns Amid Crypto Gift Scandal

The leader of the UK’s Reform party, Nigel Farage, has announced his resignation as a member of Parliament and will stand in the by-election that could replace him. This decision comes after reports of “gifts” from figures tied to crypto ventures, including crypto billionaire Christopher Harborne and George Cottrell, a convicted fraudster linked to a crypto casino. Farage has denied any wrongdoing, stating that he has not broken the law or misused public money.

Farage’s ties to the crypto industry are well-established, having spoken at the Bitcoin 2025 conference and investing in a London-listed Bitcoin treasury company. The $6.7 million gift from Harborne has sparked controversy, with Farage initially calling it a “reward” for his Brexit campaigning efforts. He claims that the gifts were given “on an unconditional basis” and will use Harborne’s gift to fund his security due to threats and attacks.

Crypto Influence in Politics

The crypto industry’s influence in politics is not limited to the UK, with money from crypto companies and figures tied to the industry potentially impacting US races in the midterm elections. According to a report, the crypto industry has spent around $189 million to support candidates favorable to digital asset policies in the 2026 election cycle. This highlights the need for transparency and regulation in the industry, particularly when it comes to earning and passive income through crypto investments.

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Source: Nigel Farage

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Related: Crypto billionaires bankroll Nigel Farage’s pro-crypto party

The UK lawmaker confirmed that he was the subject of two probes by the UK’s parliamentary standards commissioner following reports of what he called “gifts” from Harborne and Cottrell, which he claimed were given “on an unconditional basis.”

He said that he would use Harborne’s gift for funding related to his security, describing threats and attacks, and that the by-election triggered by his resignation would give voters the opportunity to choose whether or not he will continue to represent them:

“I’ve decided that the people of Clacton should be the judges of my actions […] I will be putting my name forward to stand in this by-election.”

According to The London Standard, the election determining Farage’s fate as an MP could take weeks or months given the logistics of his stepping down and calling for a by-election. He won in Clacton with 46.2% of the vote in July 2024 against the Conservative and Labour candidates.

Countdown to US elections with crypto money hanging over candidates

While Farage faces probes in the UK, money from crypto companies and figures tied to the industry could continue to influence US races in November’s midterm elections.

According to a June report from US consumer advocacy group Public Citizen, the crypto industry had spent about $189 million to support candidates considered favorable to digital asset policies as part of the 2026 election cycle. Meanwhile, US President Donald Trump faces criticism from many lawmakers over his 2025 financial disclosures, which included reporting $1.4 billion in earnings related to crypto.

Magazine: Nobody knows if quantum secure cryptography will even work

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

• UK Government
• Politics
• Corruption
• Donations
• Elections
• Regulation

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