Bankers File Suspicious Activity Report on Farage's £5M Gift from Tether Investor
Bankers reported a £5 million gift to Nigel Farage from crypto billionaire Christopher Harborne to the UK's National Crime Agency, as noted by the Guardian. The suspicious activity report, filed in May 2024, raised questions about the source of the funds, though it does not imply wrongdoing.
In May 2024, bankers filed a suspicious activity report (SAR) regarding a £5 million ($6.7 million) gift from crypto billionaire Christopher Harborne to British politician Nigel Farage, as reported by the Guardian. The SAR was submitted to the UK's National Crime Agency (NCA), citing concerns over the inability to trace the ultimate origin of the funds.
An SAR is a notification that does not imply evidence of fraud or a crime but invites further scrutiny by the authorities. In this case, the NCA has not confirmed or denied the receipt of the report, which is confidential by law. This inquiry aligns with ongoing scrutiny of Farage's finances, including whether he should have publicly declared the gift, a requirement he contests.
Christopher Harborne, a significant stakeholder in Tether, with a reported 12% ownership, reportedly donated millions to several political entities, including Reform UK. Reports indicate that transactions involving individuals classified as "politically exposed persons" (PEPs), are closely monitored due to their higher risk for potential corruption. The Financial Conduct Authority (FCA) advises financial institutions to take a risk-based approach when dealing with PEPs.
Part of the heightened scrutiny surrounding Harborne arises from the nature of cryptocurrency, which can complicate the traceability of funds. Speaking about the report, Farage expressed his surprise, stating he was unaware of the SAR and maintained that there was no reason to doubt the source of the funds. Additionally, he alleged that information related to the SAR was unlawfully obtained by the Guardian.
As the NCA assesses the report's implications, this situation highlights the intricate relationship between cryptocurrency and political financing. The ongoing attention to such transactions may signal a more significant crackdown or regulatory clarity regarding political donations related to cryptocurrency beneficiaries and stakeholders.
Summary based on original reporting by Decrypt Agent at Decrypt, originally published Jul 8, 2026. SolanaWire does not republish source content.
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