Restore Britain Party Refunds Anonymous Cryptocurrency Project Donations After Regulatory Scrutiny
Restore Britain, the political party launched by former Reform UK MP Rupert Lowe, has confirmed it has returned all donations from the cryptocurrency project known as Britain Token. This action follows concerns raised with the Electoral Commission regarding the payments.
Labour MP Phil Brickell urged the watchdog to investigate these donations, which were purportedly made by the anonymous creators of the digital currency. The Electoral Commission stated it is reviewing the information but has not initiated a formal investigation.
A spokesperson for Restore Britain asserted the party "already refunded every single penny received from this organisation, going above and beyond any necessary rules to ensure that we are fully compliant."
Britain Token, a 'memecoin' reportedly created in February, had claimed on its website to have donated approximately GBP#26,000 to Lowe's party. While not directly affiliated, the project publicly supported Restore Britain's policies. Donations to UK political parties made in cryptocurrency are not currently unlawful, though the UK government announced last month its intention to legislate a ban, citing the potential for anonymity to obscure the true origin of funds.
Restore Britain, established in February, advocates for policies such as low taxation and strict border controls, including the deportation of all undocumented migrants. The party has garnered public endorsement from American billionaire Elon Musk and currently registers 3% in recent YouGov polling.
Brickell's communication to the Electoral Commission contended that Britain Token "does not appear to have any legal status or recognised existence, and therefore cannot constitute a permissible donor." He noted that the donations appeared to have been converted into traditional currency before being processed through the party’s online portal. UK regulations mandate that parties verify donations exceeding GBP#500 originate from permissible sources and that anonymous contributions are prohibited.
The value of Britain Token has subsequently collapsed, with a new version of the cryptocurrency now active on a different platform. The allocation of proceeds from this new iteration remains unclear.
Restore Britain's spokesperson criticised the Electoral Commission for allegedly "leaking supposed damaging information in order to smear us," and indicated the party would file a formal complaint, characterising the alleged action as "an outrageous abuse by the 'impartial' regulator." The Electoral Commission has not commented on this accusation.