Two cryptocurrency billionaires donated a combined $72 million to Nigel Farage’s Reform UK in two days, exceeding the total annual donations received by each of Britain’s major political parties. The donations come as the UK government considers tighter restrictions on political funding.

Delo donates £36 million, followed by Harborne

Ben Delo, co-founder of BitMEX, announced a £36 million ($48 million) donation to Reform UK on Friday. The contribution is believed to be the largest individual donation in British political history. Combined with the donation that followed, it has also been described as one of the most significant sums ever given to a UK political party.

On Saturday, Christopher Harborne, who is based in Thailand, gave the party an equal amount. Harborne, a Tether investor who had already donated £15 million to Reform since the last election, said he acted out of a “competitive spirit” and did not expect anything personal in return.

Delo’s £36 million contribution is four times larger than his previous donations to the party, which totaled £8 million. The donation is structured as payments of £1 million ($1.3 million) per month until August 2029, the latest date by which the next general election can be held.

However, the full amount was prepaid in case the government introduces restrictions on large donations, according to the Associated Press. Reform said it would use the funds to hire “the brightest and best minds” for policy development and 400 campaign managers.

Different explanations for the donations

The two donors offered different explanations for their support of Reform UK.

Harborne said in an interview that he backs the party because he believes its economic policies will attract the investment needed to develop the economy and fund public services, including healthcare and education.

Delo, meanwhile, presented his contribution as a challenge to the political establishment. He reportedly said the donation was intended to break up the “cartel” formed by the two major parties that have dominated UK election politics for a century.

“While people talk about the health of ‘our democracy,’ doing all they can to make sure it is a cartel, I just want a level playing field,” Delo said.

Opposition parties criticized the donations. The Liberal Democrats, the third-largest party in the House of Commons, called on Prime Minister Andy Burnham to restrict political contributions.

“Farage wants to bring Trump’s America to our shores by buying his way into power,” Liberal Democrat spokeswoman Lisa Smart said. “He treats Downing Street like it’s a square on a Monopoly board.”

UK rules impose no limit on donations from eligible donors

Current UK rules do not limit how much a UK-based donor can give to a political party, making contributions of this size possible. Donations made in cryptocurrency have been prohibited in the country since March, but neither Delo’s nor Harborne’s contributions was made in crypto.

Other restrictions are narrower. The Labour Party has capped donations from British expatriates at £100,000 and plans to apply the same limit to citizens who have recently returned to the UK. Since March, anyone donating more than £100,000 a year must have been registered on the electoral roll for 12 months. Delo, who was born in Sheffield, has said he plans to return from Hong Kong.

The scale of the weekend’s donations stands out across the UK political sector. British political parties collected £64.8 million in donations during the whole of last year, according to Electoral Commission figures. That comparison has made the donations part of the wider debate over whether current rules adequately govern large political contributions.

Reform funding already under investigation

The donations arrive as Reform faces scrutiny over its fundraising. The Metropolitan Police said on Wednesday that it had begun investigating allegations that the party received donations from foreign donors, which is illegal under UK law.

The investigation followed a Channel 4 News undercover report from the party’s annual conference the previous week. According to the report, senior officials discussed ways to conceal foreign money.

Farage is also facing a parliamentary investigation over an unreported £5 million ($6.7 million) gift from Harborne that he received before entering the House of Commons. Farage has said the money was a personal gift unrelated to politics.

The donations have drawn broader attention amid calls for changes to the rules governing political funding. The Guardian reported on Harborne’s matching donation.