Lib Dems Demand FCA Probe into Farage's Bitcoin Promotion
The Liberal Democrats are urging the UK's financial services regulator, the Financial Conduct Authority (FCA), to launch an inquiry into Nigel Farage's promotion of a "2m cryptocurrency acquisition. Farage, leader of Reform UK and a shareholder in the British Bitcoin company Stack, featured in a promotional video marking the investment, prompting accusations of "attempted market abuse" or "attempted interference in the cryptocurrency market".
A spokesperson for Mr Farage characterised his involvement as a "photo call", stating that he "bought the crypto on behalf of Stack and not personally". Farage holds a 6.3% stake in Stack through his investment vehicle, Thorn In The Side Ltd, having invested "215,000.
Concerns Over Conflicts of Interest
Daisy Cooper, Deputy Leader of the Liberal Democrats, voiced significant concerns, suggesting Mr Farage might be "using the Donald Trump playbook to put his own financial interests above the public good". She questioned whether his actions could amount to a conflict of interest or market abuse, demanding an FCA investigation. "We cannot allow political leaders to treat the financial markets like a personal piggy bank to line their own pockets," Cooper asserted.
The FCA confirmed it would "review the letter and respond directly".
Labour has also weighed in, with party chair Anna Turley describing Farage's involvement as a "bid to line his own pockets". She highlighted Farage's association with Kwasi Kwarteng, former Chancellor, who appeared alongside him in the promotional video. Labour leader Keir Starmer has indicated plans to ban cryptocurrency donations to UK political parties, a policy particularly pertinent to Reform UK, which has openly accepted such contributions.
Farage's spokesman defended the party's acceptance of donations, stating that "all parties need donations to run campaigns" and drawing a comparison to Labour's funding from trade unions.
