Lib Dems call for inquiry into Farage Bitcoin deal

Lib Dems Urge FCA to Investigate Farage’s Bitcoin Deal

Concerns Over Political Influence in Crypto Market

The Liberal Democrats have urged the UK financial regulator to examine Nigel Farage’s role in promoting a £2 million cryptocurrency investment. As Reform UK’s leader, Farage is a shareholder in Stack, a British Bitcoin firm, and participated in a marketing video to highlight the company’s recent acquisition. The inquiry focuses on whether his actions constitute “attempted interference in the cryptocurrency market” or “market abuse.”

“Mr Farage is embracing the 21st century. He bought the crypto on behalf of Stack, not personally,” stated a spokesperson for the politician.

Farage’s personal stake in the company includes £215,000 invested through his firm Thorn In The Side Ltd, granting him 6.3% ownership. Labour has criticized the venture as a “bid to line his own pockets,” accusing Reform UK of prioritizing self-interest. The BBC has sought Stack’s response to the allegations.

Bitcoin, a digital currency, operates without physical form and is traded via computer networks. In the ad campaign video, Farage appeared with Stack’s chair Kwasi Kwarteng, who briefly served as UK chancellor during Liz Truss’s leadership. Farage’s press release emphasized his long-standing support for Bitcoin, noting its potential in shaping future finance.

“This raises real concerns that Nigel Farage could be using the Donald Trump playbook to prioritize his financial interests over the public good,” said Liberal Democrats deputy leader Daisy Cooper. “We cannot allow political leaders to treat financial markets as a personal piggy bank.”

Cohesive with the US president’s crypto advocacy, Cooper highlighted the need for scrutiny into Farage’s possible conflicts of interest. An FCA representative confirmed they would review the case and provide a direct response. Stack, co-founded by Paul Withers, also owns Direct Bullion, where Farage serves as a brand ambassador. The company has paid him £226,200 for promotional efforts, per the MPs’ interests register.

Labour’s chair, Anna Turley, accused Farage of aligning with a former Tory chancellor linked to economic instability. “While Labour is cleaning up the Tories’ mess, Farage is cozying up to the architect of Liz Truss’s disastrous mini-budget,” she added. Keir Starmer has pledged to ban crypto donations to UK political parties, a move relevant to Reform UK, which accepts digital currency contributions.

Reform UK’s website states it does not accept anonymous donations, requiring checks for amounts over £500. The party must verify donors are listed on the UK electoral register. Farage’s spokesperson noted that all parties rely on donations, citing Labour’s union-backed funding as a comparable example.