The UK’s Liberal Democrats have called on the Financial Conduct Authority (FCA) to investigate Nigel Farage over his ties to Bitcoin treasury firm Stack BTC, following the company’s disclosure of a 37 BTC purchase and promotional material featuring the Reform UK leader, who is also a shareholder.
In a letter to the FCA, deputy leader Daisy Cooper urged regulators to examine whether Farage may have breached market rules by appearing in promotional content while holding a financial stake in the firm.
“The FCA must investigate whether Farage’s plans to cash in on crypto could amount to market abuse and a conflict of interest,” Cooper wrote, adding that political leaders should not treat financial markets as a means for personal gain.
Stack BTC said Monday it purchased 37 Bitcoin for around $2.7 million as part of its treasury strategy. In a related video, Farage stated that a Bitcoin treasury company must hold Bitcoin to operate.
The situation highlights growing scrutiny over the intersection of crypto and UK politics, as Farage deepens his involvement with Stack BTC and lawmakers push for tighter oversight of digital asset donations. An FCA spokesperson said the regulator will review the letter and respond directly.
Farage expands role with Stack BTC
Farage, leader of Reform UK, has strengthened his ties with Stack BTC in recent months. In March, he disclosed a $286,000 investment for a 6.31% stake in the company via his media vehicle, Thorn In The Side.
The firm, chaired by former UK Chancellor Kwasi Kwarteng, holds more than 68 BTC acquired at an average price of $72,400, according to its website.
Cooper’s letter also cited a record £9 million (about $12 million) donation to Reform UK from early crypto investor Christopher Harborne, as well as Farage’s advocacy for crypto-friendly policies.
“Taken together, these facts raise questions about whether Mr Farage is promoting cryptocurrencies through his political platform to boost their value for personal and political gain,” she wrote.
The UK is moving toward restricting crypto’s role in politics, with proposals to ban digital asset donations to political parties.
A recent review, known as the Rycroft Review, recommended a moratorium on cryptocurrency donations, warning they could create risks of foreign interference in UK elections.
The government has since backed the proposal, with Prime Minister Keir Starmer confirming plans for a temporary ban until stronger safeguards are established.
Several members of Parliament—including the chair of the security committee—have also been advocating for a full ban on crypto donations within the year.
